Cardano (ADA) was trading around $0.095 by 10:00 UTC on the crypto exchange Binance on Wednesday, up 8.52 percent since the Asian market opened, marking the asset’s most towering one-day performance since May 15.
The upward price action pushed ADA’s market capitalization to $2.412 billion, or 0.95 percent of the global cryptocurrency market valuation. At its prime, ADA’s net assessment was $29.948 billion, per the data provided by CoinMarketCap.com.
Cardano (ADA) Records 24% Gains in Last 4 Days | Image Credits: TradingView.com
The past 24 hours witnessed the ADA/USD instrument rising by close to 11 percent — from $0.084 to $0.093. Measure from an intraday top of $0.095, the pair surged by more than 24 percent in the last four days alone, posting daily sessions in green consecutively. In contrast, other leading cryptocurrencies such as Bitcoin and Ethereum showcased a weaker upside momentum.
Shelly, Coinbase Listing Behind Latest Moves?
The Cardano price rise follows a fresh wave of buying sentiment arising from optimistic market fundamentals. The Cardano team last month stated that it is working on Shelly, a core update which proposes to strengthen their blockchain’s prospects of decentralization. The new version reportedly employs a proof-of-stake consensus algorithm that governs individual nodes.
It is not clear whether or not Shelly played an active role in prompting traders to buy ADA. But traders on social media admitted that they were exchanging hands to ADA ahead of Shell’s testnet on June 15. A Twitterati, for instance, said he converted his “XRP bag to ADA for Cardano.”
“Now in a dilemma on what to do.” the Twitterati added. “Convert back to LTC or back to XRP after Shelly launch.“
If Shell’s testnet launch was not convincing enough, the rumors of Coinbase, a San Francisco-based cryptocurrency exchange, listing ADA-enabled pairs certainly improved the asset’s bullish bias. Seeking Alpha reported in their May article that investor sentiment has turned long on ADA ever since Coinbase hinted that it would integrate the cryptocurrency. The website noted:
“If it [Coinbase] lists it, ADA will be exposed to over 20 million cryptocurrency traders on Coinbase. With Coinbase having a clean security certificate and with insurance on its coins, having Cardano on the platform is an extra mile towards adoption and price appreciation.”
From the technical perspective, the ADA/BTC today broke above the resistance of a near-term trading range — a symmetrical triangle as presented by cryptocurrency YouTuber Quiten Francois.
ADA/BTC Breaks above Interim Symmetrical Triangle | Image Credits: Quinten Francois
“ADA is breaking out of its triangle,” said Francois. “A lot of other [altcoins] has the same setup. If Cardano confirms here, others will follow.”
A more sideways or bearish bitcoin, therefore, could signal an extended ballooning of the ADA market. As of now, the ADA/BTC instrument is looking to test 1,134 sats as its next bullish target, according to historical reversal levels presented in the chart above. If 1,134 is beaten, then ADA would extend its bias towards 1,213 and 1,297 sats — one after another.
Shelley Testnet launch marks the recent developments of Cardano
Shelley Testnet launch marks the recent developments of Cardano
In the wake of recent developments, stability has been observed among the majority of the altcoin. The Cardano Shelley testnet is being viewed as a major achievement in Cardano’s development. Moreover, there has been a steady climb of ADA from $0.8 to $0.1.The much-awaited Shelley testnet by the Cardano community, could be the reason for spiked interest in the ADA, along with the altcoin stability in the last twenty-four-hour window.
Shelley marks the beginning of a Proof-of-Stake Consensus protocol and a step in the direction of absolute decentralization for the network of Cardano. Moreover, the users will be enabled to test the out staking and allocation of roles taking to stake the pools and provide the required feedback to the Cardano team for the preparation of the wider phase of Shelley. As the phases of Shelley will progress, the users will be enabled to experience faster synchronization of the network, Cardano debit cards, alterations to wallet backend, quantum resistant signatures and light client support.
Shelley is being viewed as one of the most important events in Cardano’s history. With the inclusion of Shelley, the Cardano community is getting ready to take charge of the blockchain via staking. However, the community can take full control only when there is sufficient stake from community members, and there are a certain number of nodes.
Cardano (ADA) Stays On Top In the Wake Of Shelly Testnet Launch
Majority of altcoins have been a bit stable in the last few hours and even down for some, especially in the top ten cryptocurrencies. However, ADA has sustained its green candle regardless of the slight pullback, gaining 5.14% in the last 24 hours at the time of writing.
This is coming in the wake of Cardano’s Shelly testnet, a key achievement in the development of Cardano. Since the launch on 21 June, ADA has climbed almost steadily from $0.08 to the current $0.1.
As the Shelly testnet has been eagerly looked forward to by the Cardano community, it could have triggered interest in ADA as well as the sudden altcoin which has given it gains in the last 24 hours.
Shelly is a step towards full decentralization for the Cardano network. It marks the start of a Proof-of-Stake Consensus protocol and the testnet allows developers to implement new protocol features. Users will also be allowed to try out staking and delegation of taking roles to stake pools and provide the Cardano team with necessary feedback in preparation for the wider Shelly phase.
During this wider phase, users will see the core features of open Ouroboros decentralization and staking as well as faster network synchronization, changes to wallet backends, ADA debit cards, light client support, and quantum resistant signatures as the Shelly phase progresses.
Shelly is probably the most important period in Cardano’s history and the community has earnestly looked forward to it. It is Cardano’s first step to a fully decentralized system and allows many users, even non-technical ones to interact and contribute to the protocol either directly using their ADA or by delegating stakes.
With Shelly, the Cardano community is gearing up to take full control of the blockchain through staking, a blockchain consensus protocol that allows users to participate in validating transactions by staking the cryptocurrencies they hold on the blockchain.
The community will take full control when a certain number of nodes is reached and there is sufficient stake from members of the community.
With the Shelly roll-out and the coming altcoin season, Cardano and ADA may be seeing a better year in 2019 especially when the blockchain is finally handed over to the community in a Proof-of-Stake protocol. Feedback based on the current testnet will be used to improve on the final phase of Shelly for a much better experience, the team says.
Cardano Price Prediction: Cardano Foundation Launches Shelley Testnet Website, Market Reacts
Yesterday was a remarkable day in the cryptocurrency space. The prices of most digital currencies in the market skyrocketed with Bitcoin (BTC) being the pilot of it all. The price of Bitcoin (BTC) tested a new year-to-date high after it broke over the $11k level. A lot of altcoins also experienced a significant level of growth such as Ethereum (ETH), XRP (XRP), Binance Coin, Bitcoin Cash, Litecoin, NEO, Ubex (UBEX) and several others. Another digital currency that amassed enough gains also is Cardano (ADA). Cardano is the 11th largest digital currency by market according to CoinMarketCap, and the digital currency is responding positively to the bullish Cardano news and developments around it.
Cardano News Today: Cardano Foundation Finally Launches the Shelley Testnet Website – Cardano Price Prediction 2019
The Cardano project is still under development and Shelley is one vital, long-awaited phase of the development. The foundation has been working hard to improve and develop the blockchain of Cardano. According to a recent announcement by the Foundation, the Shelley testnet just went live. Per the announcement, the testnet website went live on the 21st of June and more features will be unveiled in the next couple of months.
Cardano (ADA) Price Today – ADA / USD
Cardano is regarded as the future of blockchain by some developers and digital asset investors. The blockchain project has been one of the most talked about in the industry over the past couple of years. This blockchain project was founded by Charles Hoskinson – Ethereum co-founder. The blockchain project recently released a new roadmap. According to the roadmap, the project is gradually migrating from Byron to the Shelley era. The official website of the project stated that the testnet of Shelley provides a way for developers and users in the Cardano community to experiment with staking.
Developers can now create a group of stake pools in Cardano; this would help the firm prepare for blockchain governance transfer from IOHK (Input-Output Hong Kong) to the Cardano community. The firm said that the stake pool testnet will be released on 3 different stages. The first stage will let users host a Rust self node and create the fundamental configuration of stake pools. In the second stage, several nodes will be connected to form a single unified testnet. Whereas, the third stage will see the initiation of delegation and incentives scheme.
Crypto Market Update: Will this Cardano News Today Have an Impact on Its Price? – Cardano Price Prediction 2019
Cardano has seen a series of developments over the past few years. The blockchain project has been growing at a fine pace. The price of Cardano is also responding to these developments, but not as some digital asset investors expect it to respond. However, Cardano is one of the best performing digital currencies in the market, and it is considered one of the best cryptocurrency to invest in 2019.
This development will have a significant impact on the price of Cardano, if not now, in the near future. As the blockchain of Cardano looks more attractive, it will experience an increase in use-cases. When more developers start using the blockchain, it would increase the value of the project, which would result in an increase in the price of the digital currency also. The crypto market is currently in a slight correction phase at the press time. Bitcoin (BTC) price is now below the $11k level. However, the price of Cardano is still surging higher. Can ADA break over the Cardano price prediction 2019 of $1?