Cardano (ADA) Flashes Green as the Rest of the Cryptocurrency Market Bleeds

The cryptocurrency market headed south in the past several hours, erasing much of the gains recorded on August 20.

The cryptocurrency market took a downturn on August 21, with most leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), posting losses. However, Cardano’s ADA token bucked the trend, rising 4% to trade at around $0.35.

The uptick in ADA’s price follows an announcement from the Cardano team regarding the upcoming Chang Hard Fork upgrade. Tim Harrison, EVP of Community and Ecosystem Communications at Input Output, said that the upgrade is expected to go live on the mainnet on August 27, pending a final go/no go decision on August 23.

Cardano founder Charles Hoskinson also highlighted the upcoming update, saying that the “rocket is on the pad” and “governance is coming.” According to the official announcement, the next appropriate window for the hard fork is September 3.

The Chang Hard Fork is a major upgrade for the Cardano blockchain, marking a step towards full decentralization and community-driven governance. It is part of the Voltaire era of the team’s development roadmap, which focuses on implementing a sustainable and distributed governance framework. The upgrade aims to enhance transparency, security, and community participation.

Recent price increases have improved the situation for ADA investors, with around 22% now sitting on some paper profits, while over 75% are underwater, according to IntoTheBlock. In comparison, almost nobody invested in the token was in the green at the start of the month.

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