Cardano’s long-awaited Shelley update has started and with it the ADA cryptocurrency is now trading at prices not seen since June 2019
Cardano (ADA), being the eighth largest cryptocurrency by market value, has risen in price by almost 12% today. ADA is now trading for approximately $ 0.0930. This marks the highest peak the cryptocurrency has reached in a year. At the end of June last year, the ADA was trading at the $ 0.90 mark, which means it took about 12 months to recover the losses it has suffered since then.
In February 2019, Cardano was trading for just $ 0.071 per currency. In March this year, after the market crash in the so-called “Black Thursday” induced by the coronavirus, the ADA fell to $ 0.025.
It wasn’t until late May and early June this year that Cardano once again began to gain traction – not by coincidence at the same time that IOHK CEO Charles Hoskinson announced that the long-awaited Shelley update for the blockchain network would be launched coming soon.
On June 28, Input Output HK, a development studio behind the Cardano blockchain (ADA), released a technical explanation of Hardfork Combinator’s operations in the process of deploying the core Shelley network. According to official IOHK announcement at the Cardano (ADA) forum, the Hardfork Combinator concept was designed to avoid a chain split in its common understanding, allowing for a seamless transition from the semi-decentralized Byron phase to the main Shelley network.
Today’s massive price hike follows news that the Shelley update is in progress, as scheduled. ADA employees can now begin to transfer their funds to the updated Cardano wallets, which will make them eligible for “stakar” rewards on the main network as soon as they become available from 18 August. Shelley is scheduled to make Cardano’s network more decentralized and efficient for community members.
Cardano is by far the biggest winner today in terms of price movements in the top 10 cryptocurrencies, but the rest of the market is seeing small gains at the moment. Bitcoin was up 1.7%, while Ethereum was up 3.2% on the day.