Will ADA Price Reach $0.5 As Cardano Midnight Testnet Goes Live?

Godfrey Benjamin
October 2, 2024
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Will ADA Price Hit $0.5 As Cardano Midnight Testnet Goes Live?

Highlights

  • Cardano Midnight testnet has gone live after months of development
  • The testnet is only available to developers for now
  • ADA price, down in downtrend may benefit in the long term

Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.

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The Cardano Midnight Testnet – Key Note To Developers

Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.

With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.

To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”

For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.

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How Will ADA Price Benefit?

When Midnight completes its testnet and finally goes live on mainnet, it is bound to enhance the appeal of ADA. Increasing demand from users may have a corresponding positive impact on ADA price.

As of writing, the price of the coin has nosedived and changing hands for $0.3543, down by 6.73% in 24 hours. This price fall is an not unexpected as the broader market has slipped into the bear zone lately. The fall has now derailed the positive streak of ADA price over the past week when the coin entered the top 10.

In reality, Cardano has entered the spotlight in no small way with the launch of Chang hard fork upgrade on the mainnet. While investors have not started pricing in the latest update as reflected in ADA price, the future appears bright for the coin.

Once this current price slump fades off, ADA price may retest the $0.5 mark. If the coin achieves this feat, it might chart a path for more rally ahead.

Read More: Here’s Cardano Price Crypto Market Cap Hits $5 Trillion

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.