IOHK announced updates to the Cardano blockchain, is now the right time to buy ADA?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Nov 24, 2021
  • ADA’s trading volume increased by 61% in the last 24 hours.
  • With the latest updates to the Cardano blockchain, ADA has huge potential for growth.
  • This is the perfect time to buy Cardano (ADA) at its current price point.

Cardano ADA/USD is a proof-of-stake (PoS) blockchain platform specifically developed to be the go-to platform for decentralized application (dApp) creation. 

It has a multi-asset ledger and verifiable smart contracts. 

Updates to the Cardano blockchain as a catalyst for growth

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On November 9, we analyzed the value of the ADA token after its price breakout at the time.

The Cardano360 November edition was announced on November 19, with the event planned for November 25.

Input Output Hong Kong (IOHK) announced that after a successful start of Cardano’s smart contract era, they have plans on making the first step towards network adjustments that will support future growth.

According to the team, they are heading into what is known as the “Basho” phase, which is fully focused on optimization, scaling, and network growth.

This is made possible thanks to a secure, highly decentralized proof-of-stake (PoS) network that’s been firmly established, alongside core smart contract capabilities deployed. 

IOHK also mentioned Ouroboros, which is specifically designed to manage large volumes of data and transactions and scripts of different levels of complexity and sizes. 

According to the team, the Cardano network is using on average only around 25% of its capacity in total, with the current parameters.

These changes will take effect on the testnet on November 25, and after testing, they expect to apply changes to the mainnet as well, estimated to take effect on epoch 306, on December 1. 2021.

All of this has the potential to increase the value of the ADA token.

Should you buy Cardano (ADA)?

On November 24, Cardano (ADA) had a value of $1.694.

To get a better perspective as to what kind of value point this is for the token, we will go over its all-time high value as well as its performance in October.

In terms of the all-time high value of the token, Cardano (ADA) had a value of $3.09; a value it achieved on September 2, 2021. Here, we can see that the token was $1.396 higher in value at its all-time high, or by 82%.

The token’s highest point in October was on October 7, when it reached a value of $2.339.

Its lowest point, however, was on October 28, when it fell to $1.911. This marked a decrease in value of $0.428 or by 18%.

That said, if the ADA token reaches over the $1.8 barrier, it is a worthwhile investment as it has the potential to climb to $2.2 by the end of November. 

However, if it falls under $1.5, it might be worth reconsidering and taking a second look at the token.

Where to buy right now

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