Host of popular cryptocurrency analyst Coin Bureau is talking about Cardano upgrade approaching 2.08 million subscribers. The analyst says it is possible for this upgrade to be extremely bullish for the altcoin.
Vasil upgrade, which is very important for Cardano, is coming
cryptocoin.comAs you follow, the new Vasil upgrade for Ethereum rival Cardano is coming soon. The million-subscriber analyst reveals this is bullish for ADA. In a new video update, Coin Bureau’s alias Guy talks about Cardano’s upcoming Vasil upgrade. The analyst says that the upgrade will affect the price of ADA. In this context, the analyst makes the following statement:
Assuming all goes well, Vasil updates could be released on the main net in late July. As you know, Vasil test net started late last night.
However, the analyst also warns that if any serious issues are discovered, it could be a bearish trend. The analyst notes that such is the case with the Alonso testnet, which introduced Cardano’s smart contract functionality in September last year. Continuing to share his views, Guy says:
Cardano’s smart contract functionality was initially quite simple, to say the least. This meant that decentralized applications were very difficult to actually deploy.
“It is possible that this event will positively affect the altcoin price”
Last week, Cardano development firm Input Output Hong Kong (IOHK) announced that the transition from the teSust network to the main net will begin on July 3. Current market conditions may not allow a possible parabolic rally for ADA. However, it is possible that the upgrade is significantly bullish for its Ethereum rival. Guy comments:
The good news is that in this case, the prospects around the Vasil hard-fork seem a little more tame. If the enhanced scalability it is expected to bring exceeds the expectations of both users and developers, it could potentially make test net and especially main net a highly bullish event.
“Do not expect a rally in ADA price”
However, the analyst says, “Still, the sad truth is that we are in a crypto bear market.” Hence, little attention is paid to altcoins these days. Therefore, the analyst considers it highly unlikely that ADA will see a meteoric rise anytime soon.
According to CoinMarketCap data, Cardano is trading at $0.4659, up 2.3% on a daily basis. ADA ranks 8th by market capitalization. Meanwhile, the altcoin peaked at $3.10 about 10 months ago. Currently, ADA stands 85% off its all-time high.
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