After the announcement of Shelley mainnet launch, the crypto and blockchain community thought Cardano has shoved out all the cards it had until the announcement of Coinbase came in and euphoria rocked the Cardano community that Cardano ADA holders can now stake their assets on Coinbase crypto exchange.
However, the series of developments in the Cardano ecosystem did not only help the blockchain network, ADA price also witnessed a significant surge, registering a new all-time high yesterday.
Coupled with the ripples created in the industry prior to the launch, the deployment of the Shelly mainnet was quite a big one for Cardano ADA in the market as the cryptocurrency breaks a number of resistances up the ceiling.
In the last 35 days, Cardano (ADA) moved up the cryptocurrency table trice, outpacing three cryptocurrencies Tezos, EOS, and Binance Coin differently. Added to that, Cardano’s rise in the last few days made the cryptocurrency register a new high.
After IOHK signed the deal with Coinbase Custody yesterday, July 3, the upside rally displayed by Cardano in the market gained more momentum, and ADA surged to a one-year high of $0.1021, a value that was last recorded June 23, 2019.
At present Cardano is ranked the 8th largest cryptocurrency on the market table, thanks to the recent growth in the market cap of the cryptocurrency that managed to push ADA coin past Tezos, EOS, and Binance in less than two months.
However, at press time, ADA is now following the trend of Bitcoin, trading on the market chart downslope. While Bitcoin continues to fail in its attempt to break above the $10,000, falling further down to around $9,000 support level, a number of altcoins have also been affected.
Although, Cardano earlier tried to display the resistance to the overwhelming forces of Bitcoin trend that drags the market to its desired direction, the forces of the bear later deluged ADA, and it is priced $0.097315 at press time after shedding out about -2.5% from its value in the last 24 hours.
Nevertheless, ADA remains profitable on the 7 days and 30 days chart.
On July 2, Cardano announced a $20 million dev fund it acquired in partnership with Wave Financial Group.