Cardano Surpasses 50 Million Transactions Ahead of Vasil Date

Just hours before the Vasil upgrade, Cardano has seen a major breakthrough hitting 50,000,000 transactions and specifically 920,000 in a time frame of just 3 days.
According to expert Peter Brandt, ADA appears to be emulating BTC’s descending triangle and might be playing fast and loose to one significant decline.

Just hours before the most critical event on the Cardano network which will form the fundamental basis of the Vasil era. Strikingly, Cardano, one of Ethereum’s robust competitors has already started making headlines.

As the Cardano eagerly awaits the Vasil upgrade, the project has seen a major breakthrough in transactions. It has been revealed that the Smart contract project has managed to hit the 50 million spot in the number of transactions. Notably, about 920,000 of the total took place in the last 3 days.

The upgrade is set to be a colossal step to fulfilling its ambition and a major step on its roadmap which currently stands in the Goguen era. The glad tidings accord with the words of Cardano’s co-founder Charles Hoskinson who stated;

“It’s becoming more clear that the distance between us and everyone else is growing. We built Cardano to be the financial operating system of the world. We built it to bank the unbanked.”

ADA’s co-founder proceeds to say that “We built it as a community to give economic identity to those who don’t have it so we can have one global fair marketplace.” The gaffer terms it a “crazy mission” just days after a successful Ethereum merge which coincided with huge price expectations. Experts say that it’s a “short-term loss for long-term gains” situation.

ADA Might Be Looking at a Bearish Continuation Pattern

Peter Brandt, a widely followed veteran trader with a multitude of 675,000 followers on Twitter gave his point of view on ADA’s price. According to Peter, Cardano appears to be printing a descending triangle pattern. This suggests a downward movement for ADA. He further issues a spoiler alert stating that his prediction doesn’t have to come to pass.

“This is a fractal chart construction known as a descending triangle. If it continues in the fractal, ADA should have one more significant decline. ‘Should,’ not ‘must.’”

Peter’s prediction is followed by a side-by-side comparison chart of Cardano and Bitcoin (BTC).

Both charts portray though at different times, a descending triangle pattern. Cardano in the current time and Bitcoin in 2018. After being in a descending triangle pattern for about 10 months, Bitcoin plummeted by a whole 47% from around $6,000 to $3,200.

At the time of writing, Cardano’s native token ADA is aloft by 2.10% to $0.4572. This could be due to the increased number of ADA holders in recent months. Currently, the number of addresses holding between 10,000 and 100,000 ADA has shot up by 7%. ADA whales have not been left behind either, those with between 100,000 and 1 million ADA tokens have also been full-fledged by 2%.