Why Cardano was trouncing other cryptos this weekend

The new model of what many consider to be a top "Ethereum killer" is about to be unveiled.

| More on:
Cardano cryptocurrency coin.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Few people were hot on cryptocurrency investments this sweltering weekend; Cardano (CRYPTO: ADA) was one of the rare exceptions. After its co-creator nailed a concrete date for a major upgrade of the blockchain platform, investors traded it up through the weekend. As of mid-afternoon Sunday, its value had risen by 4% over the preceding 24 hours.

So what

Friday morning, Cardano's co-founder, Charles Hoskinson, announced that that upgrade is going to occur on Thursday, Sept. 22. It will take the form of a hard fork, i.e., a new, separate, and non-backward-compatible blockchain from the original, which is titled Vasil.

The pop in Cardano's value was due in no small part to a cocktail of relief and hope. Vasil's launch was originally scheduled for June and subsequently experienced more delays.

Cardano has attracted much investor interest since its launch in 2017. Hoskinson was a co-founder of Ethereum, currently the leader in decentralized applications (dApps) and smart contracts. Cardano is being developed basically to be a faster and more efficient dApp and smart contract platform.

According to a post on the site of Input Output Global, the so-called "driving force" behind Cardano, Vasil "will bring significant improvements using Cardano's hard fork combinator (HFC) approach and enhance the network's performance by increasing throughput, script efficiency, and reducing latency in block transmission."

Now what

Crypto investors have been starved of good news lately, with negative macroeconomic trends such as inflation favoring assets considered to be relatively safer and less speculative. With its creators' goal of making a low-friction blockchain, perhaps even one that can usurp Ethereum, Cardano is already a compelling crypto play. Fresh news of the impending upgrade is getting investors that much more excited about its prospects.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Eric Volkman has positions in Ethereum. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on International Stock News

Warren Buffet
International Stock News

7 ways Warren Buffett changed my investing approach

I'm a big fan of Warren Buffett, and have been for many years.

Read more »

iPhone with the logo and the word Google spelt multiple times in the background.
International Stock News

Down 12% this year, should you buy Alphabet stock?

The Google owner is underperforming the Nasdaq Composite, which has rallied in recent weeks.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
International Stock News

Missed out on Apple in 2012? Buying Nvidia stock today could be your second chance

By now, it's clear that artificial intelligence (AI) is the next major technology platform.

Read more »

Robot humanoid using artificial intelligence on a laptop.
International Stock News

3 reasons Amazon stock looks like an incredible bargain right now

Here are three reasons Amazon stock looks like a rare bargain at current levels.

Read more »

Legendary share market investing expert and owner of Berkshire Hathaway Warren Buffett
International Stock News

Warren Buffett's $347 billion warning to Wall Street is ringing out loud and clear. History says this happens next.

Let's take a look.

Read more »

Warren Buffet
International Stock News

Warren Buffett nearly made his biggest investment since 2022. Here's what's holding him back.

Buffett said Berkshire came close to spending $10 billion, and he'd happily spend $100 billion.

Read more »

Happy man working on his laptop.
International Stock News

Here's why Amazon is a brilliant buy now (Hint: It's not e-commerce)

Fortunately for investors, cloud computing is going through a massive boom.

Read more »

A man looking at his laptop and thinking.
International Stock News

With Warren Buffett stepping down as CEO, will Berkshire Hathaway sell Apple stock?

Or will it find something else to invest in? Let's take a look.

Read more »