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For those who think about Cardano (ADA) price, a new trend is now forming for more than 1 month. At the press time, ADA token is trading at $ 0,0819 according to CoinMarketCap source data.
If this impulse continues for another one or two weeks, there is a good chance that ADA reaches $ 0.1 or even more.
Be that as it may, over the past month, Cardano price rate has grown by more than 60% and this is a very good sign for the ADA market. The cryptocurrency is now ranked the 10th largest cryptocurrency on the market table, thanks to the growth witnessed in its market cap.
Source: Coinmarketcap.com
Earlier, last Sunday, June 7, Cardano surpassed Tezos in the market to be ranked the 10th largest cryptocurrency, but afterward, Tezos took back the 10th position. However, now that Cardano is back among the top ten cryptocurrencies, it is making efforts to retain the position for a long time or even grow higher.
Among the main reasons that influenced the price of cryptocurrency is the transition to a new version of the network – Shelley, as well as the transition to mainnet. Amid this news, the cryptocurrency rate continues to grow steadily.
The Major Update of Cardano is Coming
At the end of May, Charles Hoskinson, co-founder of blockchain startup Cardano, revealed the date of implementing Shelley mainnet.
When Shelley? Here you go pic.twitter.com/wW08DOFstW
— Charles Hoskinson (@IOHK_Charles) May 28, 2020
As planned, the transition was yesterday, June 9. To date, “any operator who wants to run a Cardano pool can start getting ready for mainnet staking & delegation later this summer.”
Today marks the start of our public #Shelley testnet, a hugely important milestone on our shared journey to Shelley mainnet. From right now, any operator who wants to run a @Cardano pool can start getting ready for mainnet staking & delegation later this summer #ShelleyTestnets pic.twitter.com/0NdTxXyMqL
— Input Output (@InputOutputHK) June 9, 2020
At the same time, Shelley mainnet launch will take place on June 30. Charles Hoskinson clarifies that in case of problems, the start date may be postponed. However, he appointed a deadline for July 7th. In turn, users need to update the software by July 20.
Shelley is the first great update to the Cardano blockchain since its launch more than two years ago. Entering the Shelley era means an even greater level of decentralization for the Cardano blockchain.
With the transition to Shelley, startup specialists intend to increase its decentralization. To do this, the developers used the Ouroboros consensus algorithm and several other tools, including a reward system.
Recall that in February, a hard fork was activated on the blockchain of the Cardano decentralized platform, the goal of which was to implement a new consensus algorithm. This update became the basis for the launch of the Shelley mainnet.
Hence, mainnet is one of the big reasons behind Cardano recent surge in the market.
Cardano Project Review
Cardano blockchain ecosystem is an effective technology platform for financial apps. Cardano uses an internal token that trades under the ticker ADA.
If you observe the trend of ADA token since Cardano creation, we can see that it acts as a good altcoin:
Source: Coinmarketcap.com
IOHK, the team behind Cardano project, is working to increase the transaction processing speed and expand the capabilities of the platform. If before the termination of the contract with IOHK, Cardano does not become a sustainable ecosystem, the project is unlikely to be able to function without the professional services of blockchain developers.
However, at the moment, the project keeps flourishing, as evidenced by the growth of the cryptocurrency price by more than 60% over the past month.
The relentless effort of the team is also an important factor behind the growth of the cryptocurrency. Earlier, Charles Hoskinson mentioned that if the team can continue to maintain its dedication and Cardano continues to adhere to its principle, the cryptocurrency can become as great as Bitcoin.