- Cardano moved to the 11th place in cryptocurrency rating.
- Cardano Foundation becomes a founding member of the industry organization.
Cardano ADA has been doing well recently. The coin surpassed Bitcoin SV and became the 11th largest coin with the market capitalization of $1.27M. The digital asset gained over 5% in recent 25 hours and nearly 15% in the past seven days. The impressive results make it one of the best performing cryptocurrencies out of top-20, along with Stellar and NEM.
The announcement that Cardano Foundation has become a founding member of the International Association for Trusted Blockchain Application (INATBA) might have catalyzed the price increase. INATBA will promote blockchain technology and cryptocurrency adoption in Europe.
Also, Charles Hoskinson, Cardano’s founder, posted Cardano engraved Ledger wallet, stating that he had received the first device that supports ADA coins. Ledger announced Cardano integration at the beginning of February.
Cardano’s technical picture
The coin has been growing steadily since December 15. ADA/USD bottomed out at $0.0273 and gained 73% since that time. Currently, ADA/USD is changing hands at $0.0485. The strong support is created by DMA50 at $0.0421, followed by psychological $0.0400. In the upside, the local resistance is seen at $0.0500 with the recent high registered at $0.0505. Once it is cleared, then the upside will gain traction with the next aim at $0.06.
Cardano’s ADA to Replicate the 60% Rise on Ethereum in February 2019?
The native token of Cardano of ADA cryptocurrency has surged 10% in 24 hours. The price of Cardano at around 1900 Hours UTC on 22nd March was $0.528. The price 24-hours later on 23 March is trading at $0.58. The 24-hour high in the price of Cardano is $0.5904.
The price of ADA/BTC was 0.00001249 BTC on 19th March when a bull signal with 50-Day Moving Average cross-over with 200-Day Moving Average line. The cryptocurrency is trading up by 16% since at 0.00001448 BTC at around 1900 Hours on 23rd March 2019.
Cardano Upgrades for the Future and Fixing Critical Issues
IOHK the parent organization behind the Cardano Project also announced its release of an update of the Cardano Mainnet. The news version Cardano 1.5.1 is designed to fix the issues in the previous release.
According to their press release:
The Cardano 1.5.1 release is a small update which fixes two issues:
- A data migration issue, and
- An issue causing log rotation for the frontend logs not to work.
IOHK has released Cardano 1.5.1 on the Cardano mainnet. The Cardano 1.5.1 release is a small update which fixes two issues. The update will be delivered via a prompt in Daedalus to all users shortly. To read more, click here: https://t.co/Fk3HZr4Aea
— Cardano Foundation (@CardanoStiftung) March 22, 2019
While this does not justify the price action on ADA, it indeed reaffirms the community’s belief who are looking forward to the Ouroboros-BFT upgrade where Cardano would necessarily implement PoS and would have increased the degree of decentralization of Cardano (ADA token) considerably.
“Today we release Cardano 1.5 on the Cardano mainnet. The Cardano 1.5 release is a milestone because it is the last major Cardano release of the Byron development phase, which we have been in since the launch of mainnet.”
- “Cardano 1.5 is important in preparation for moving to the Shelley development phase,” the post added.
The rise has shown similar characteristics to the surge in price before the Ethereum’s Constantinople update. During the month of the update, the price gained almost 60%. Nevertheless, there is a long road ahead for both the projects before their final updates are out. Hence, the price action seems to be solely driven by investor confidence.
Cardano’s 1.5 Mainnet has successfully been completed
Cardano has successfully released its 1.5 mainnet which marks a big step towards proof-of-stake consensus. The update also brings a number of optimizations mainly focused around the crypto wallet Daedalus, according to the announcement.
Cardano released its mainnet on March 21, marking the final stage of the project’s “Byron” phase of development with the second phase, Shelly, already in the pipeline. The update also includes performance improvements when rendering lists with a large number of transactions and wallet addresses, the addition of features for detecting insufficient disk space, and a new screen that visualizes the block storage consolidation process.
Cardano 1.5 has been released to the mainnet today! Daedalus users need to upgrade to Cardano 1.5 by installing Daedalus 0.13.0 by following prompts in Daedalus. For more information, check out the announcement here: https://t.co/Zfxcz2GjRJ
— Cardano Foundation (@CardanoStiftung) March 20, 2019
The update is significant because it introduces Ouroboros BFT, the new consensus protocol. This will be activated through a separate update and will replace Ouroboros Classic until the implementation of Ourboros Genesis, designed for Shelly. The Genesis mechanism combines the advantages of Proof-of-Stake with Proof-of-Work systems.
Given that Cardano 1.5 is technically a hard fork, the team reports that the update “will take place in a smooth and automatic way because this is a planned protocol upgrade whereby all parties of the current federated system have agreed to the change.”
The announcement caused a 5% spike in the price of Cardano. At the time of writing, Cardano is up over 7% trading at $0.057.
Cardano (ADA), Litecoin (LTC) & Digibyte (DGB) – The golden portfolio for Q2 of 2019
With over 1000 coins in the market, you can easily come up with a crypto portfolio that combines virtually any number of cryptos. However, not every portfolio can give you the results you want.
A combination of low-quality coins will only put you in the negative in this sideways trading market. While no one can predict how the market will perform, there are certain cryptos that have a high probability of giving you superior returns this year. For instance, a portfolio that has Cardano (ADA), Litecoin (LTC) and Digibyte (DGB) could make an investor lots of money in Q2 of 2019. Here’s why.
There is a lot of excitement around Cardano at the moment due to the Shelley release. Shelley will make Cardano a fully decentralized project, and investors will be in a position to stake ADA. While the process of Cardano decentralization has taken long, it is finally happening.
Cardano 1.5 has already been released, marking a crucial step towards Shelley. Investors expect lots of announcement about Shelley and other products to be made, during the Cardano summit on the 17th of April. This means that Cardano (ADA) is likely to start Q2 with a bang. Once staking is enabled, Cardano could easily emerge as a top performer all through Q2. Cardano is already showing signs of upside momentum, and has broken the psychological $0.05 resistance. This could be a signal of big things to come.
Litecoin (LTC) is one of the best performers in Q1 of 2019. It has gained by more than 100%, pushing from lows of $22 to its current price of $60. Going into quarter two, this momentum is likely to sustain. That’s because, with every passing day, Litecoin is getting closer to its halving in August. While the Litecoin halving may not have an immediate impact on supply and demand, there is lots of excitement around it.
In fact, it is one of the most awaited events in crypto space this year. Given that crypto prices are largely speculative, it then follows that as the halving date approaches, Litecoin (LTC) could see a significant surge in price. It could get an even bigger boost by its growing adoption, which is one of the highest in crypto. On this basis, one is unlikely to go wrong by having Litecoin in a crypto portfolio for the next 3 months.
Digibyte (DGB) is another potentially big performer in the coming quarter. Digibyte’s performance in Q2 will be driven largely by the adoption of its core features, and it is already happening. For context, AntumID is releasing a chrome extension that will allow users to log in to any website using DigiID. This is a big deal, and implies that people can start logging into major sites such as Facebook using DigiID. On top of that, amazing features such as Digiassets are expected to be released in Q2 of 2019. This gives Digibyte (DGB) the potential to make it big in the next 3 months compared to the rest of the market.