The bearish action in the cryptocurrency market appears to have eased, but Cardano’s price remains largely unaffected. As a result, Cardano has slipped to the 9th spot in terms of market cap. However, things could change in 2023 as several planned network upgrades and developments may have a significant impact on the price of ADA.
Cardano recently entered the Basho Era, which focuses on scaling, and is expected to enter the next phase of its roadmap, Voltaire, in the coming weeks. The Voltaire Era focuses on good governance and will provide the necessary tools for the Cardano network to become self-sustaining. As part of this, ADA holders will be able to stake their tokens and participate in the governance of the network by voting on proposals.
The Cardano development team recently released their blockfront-backend-Ryo v1.1.1 update, which, although not a major upgrade, shows the team’s commitment to strengthening the ecosystem. In addition, the development activity on the Cardano network has risen significantly in recent days, indicating that the network is set to receive constant upgrades and developments in the future.
Besides, the daily on-chain transaction volume also witnessed an uptick, indicating a rise in activities within the network. Presently, Cardano (ADA) price is trading at $0.3148 with a slight jump of 1.40% in the past 24 hours.
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