Cardano Records Sharp Spike as Broader Market Record Mild Pullback
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The second week of the year saw an almost 10% increase in the price of Cardano (ADA). After a previous month-long slump, ADA is now growing for a second straight week. Since the start of 2023, the price of Cardano has increased by over 30% overall.
Charles Hoskinson, Cardano’s CEO, suggested waiting until Improvement Proposal 1694 had been implemented in response to the positive news in the Cardano community. The blockchain programmer claims that this development would “unlock” the community and enable millions of users to collaborate on growth and utility.
Just you wait until CIP 1694 and the MBO unlocks the community. Millions of people working together for growth and utility
— Charles Hoskinson (@IOHK_Charles) January 8, 2023
Cardano Improvement Proposal 1694 is a proposal to ascend to the Voltaire phase, where the name of the French philosopher conceals a voting and treasury system that should make Cardano a self-sustaining and entirely democratic blockchain. According to the Cardano roadmap, the phase is the last, or fifth, stage of network development.
Network Activity Boosting Cardano Price
In other news, a number of things are reportedly contributing to ADA’s renewed bullish momentum, with network development appearing as one of the most important. One such factor is the steady expansion of smart contracts on the network. For instance, as of January 8, there were 4,803 Plutus smart contracts, up 780 from the previous month of December.
In general, Cardano aims to continue the momentum that started in 2022, when nearly every fundamental network activity experienced growth. Meanwhile, ADA has seen a spike in whale accumulation as high-net-worth investors bet on a potential price rally.
Additionally, as the year progresses, more development initiatives are likely going to work in favor of ADA by highlighting the benefits of the network. Also, there are two stablecoins scheduled for release in the first quarter of 2023, which will likely exert additional bullish pressure on the cryptocurrency.
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