LuckSide Crypto, a YouTube channel with more than 20,000 subscribers on YouTube, posted a video about the ongoing Cardano hard fork.
The presenter noted that the Cardano’s Alonzo hard fork is 50% complete. At the time of the video, 34% of staking pool operators reported node version 9.1, and 8% reported version 9.0. 18% of blocks were created by version 9.1, indicating preparation for the new era in Cardano.
The hard fork signifies a significant moment not only for Cardano but for the entire crypto space. The fork marks a move towards full decentralization, placing Cardano in discussions alongside Bitcoin in terms of decentralization and community control.
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Comparison with Bitcoin and Other Cryptos
Unlike Bitcoin’s Satoshi Nakamoto, who disappeared, Cardano’s founder, Charles Hoskinson, remains visible. Despite criticism, his presence does not negatively impact ADA.
The ongoing hard fork will enhance Cardano’s decentralization, making it immune to attacks and corruption, aligning with the original vision of crypto.
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Cardano is described as embodying the pure vision of what crypto was originally intended to be, more so than Bitcoin.
The hard fork is likened to making ADA a commodity, a real-world asset proxy, and an indestructible VC fund for tech themes.
According to the presenter, all these position Cardano at the center of significant changes in the crypto industry, potentially leading the next era of crypto.
Will ADA Price Explode?
The price of Cardano’s ADA has been bearish since March, dropping over 50% since then. The current price action is not showing major bullish signs.
The relative strength index is at 46, leaving room for further price drops. The 50-day, 100-day and 200-day simple moving averages are all above the price, and they could serve as resistance to significant upward growth.
Perhaps the completion of the hard fork could bring a significant change in the price action.
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