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The price of Cardano (ADA), the 11th-largest cryptocurrency by market cap, is rising amid mixed price movements in the overall crypto market.
After days of consolidation, the ADA price showed signs of bullish momentum. This positive move comes as the broader cryptocurrency market faces uncertainty, making ADA’s price movement particularly significant.
Leading cryptocurrencies Bitcoin and Ethereum are suffering losses as investors await the release of the minutes of the latest Federal Reserve meeting. Bitcoin lost 1.99% in the last 24 hours, while Ethereum lost 2.54% in the same period. Several other cryptocurrencies suffered losses during this period.
At the time of writing, ADA is up 2% over the past 24 hours to $0.3515 and 3% on a weekly basis. The increase continues the recovery from Monday’s low of $0.327.
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Cardano’s ADA price surge coincides with a major milestone reached regarding the upcoming Chang hard fork. A proposed timeline for the activation of the upgrade was announced yesterday, creating excitement in the crypto community.
As the Chang 1 hard fork activation date approaches, the market is closely watching the ADA price to see if it can sustain its newfound bullish momentum.
Dates for Cardano Chang 1 announced
Intersect, a membership organization for the Cardano ecosystem, recently provided an update on the Chang hard fork and officially proposed the first dates for the Chang #1 hard fork on the production mainnet.
The target date for the mainnet hardfork is Tuesday, August 27th, with a final go/no-go decision scheduled for early Friday, August 23rd.
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According to Intersect, September 3rd is the next suitable window for the Chang hardfork after that date. However, current indications suggest that August 27th could be a realistic option, and that is exactly what the technical teams on the hardfork working group are aiming for.
Pre-production will begin with a hard fork on August 22. The Chang hard fork will introduce Plutus V3 and on-chain governance to improve the scalability and decentralization of the Cardano network.
