Cardano ADA/USD is a blockchain platform that fills the role of being a development platform that powers decentralized applications (dApps) and non-fungible tokens (NFTs) and plays a major role in decentralized finance (DeFi).
It features a multi-asset ledger and enables verifiable smart contracts.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The ADA cryptocurrency is the native token used for the payment of transaction fees on Cardano and can also be staked as a means of earning rewards.
Cardano’s code repository and Grayscale’s allocation in ADA as catalysts for growth
According to data from Crypto Compare, Cardano’s code repository has seen a 12% increase in the number of contributions made ahead of the implementation of the Vasil hard fork.
Specifically, its commits on GitHub grew from 5,314 to 5,939 as the team is in preparation for the Vasil hard fork, scheduled for June 29.
Furthermore, as posted on Twitter on June 7, 2022, by Dan Gambardello, the Founder of CryptoCapitalVenture, Grayscale has increased its allocation towards Cardano (ADA) in their Smart Contract platform Ex-Ethereum Fund.
Cardano now stands at 32.33%. Grayscale is a cryptocurrency asset manager which offers investors exposure to smart contract blockchain networks while excluding Ethereum (ETH).
Alongside all of this, on June 6, 2022, the crypto enthusiast “Cardano Dan,” who is also the operator of “Cardano Dan’s Stake Pool,” pointed out that ADA closed its first weekly green candle in 9 weeks.
All of these updates and developments could lead to an increase in the overall value of the ADA cryptocurrency.
Should you buy Cardano (ADA)?
On June 8, 2022, Cardano (ADA) had a value of $0.631.
To get a better perspective about how the token has performed thus far, we will be going over its all-time high point of value, alongside its performance in May of 2022.
The all-time high point of value for the Cardano (ADA) cryptocurrency token was on September 2, 2021, when the token reached a value of $3.09.
When we go over the performance of the token throughout the previous month, Cardano (ADA) had its highest point of value on May 5 at $0.8969.
Its lowest point of value, however, was on May 12 at $0.407. Here we can see that the token decreased in value by $0.4899 or by 54%.
We can also see that from May 12 to June 8, the ADA token increased in value by 55%, or by $0.224.
With all of this in mind, ADA is a solid buy at $0.631, as it can reach a value of $0.9 by the end of June 2022.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:
- Etoro, trusted by over 13m users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Source: https://invezz.com/news/2022/06/08/cardanos-code-repository-increased-what-kind-of-future-does-ada-have/