Following an impressive price display from Cardano (ADA) cryptocurrency, the acclaimed first scientific research-backed cryptocurrency has gotten an applaud from popular crypto rating Weiss.
Weiss rating noted that of the major coins in the market, Cardano is ‘one of the most bullish’ cryptocurrencies, as the coin continues to rally high on the market chart. Weiss said this is in correspondent to the present display of the cryptocurrency on the price chart.
The crypto rating platform averred that ADA continues to rise high in the market, achieving new highs in 2020, adding that the ADA may continue to rise.
While Cardano (ADA) continues to accumulate more values, many have attributed the growth of the cryptocurrency to the launch of the Shelley mainnet, a major upgrade in the Cardano ecosystem.
Cardano Announces Migration from Bryon to Shelley
On June 30, the Cardano blockchain team announced that it is upgrading its network from “Byron” to “Shelley” after running the node v 1.14.2 on Shelley public testnet for more than a week.
The team averred that they can now confirm the deployment of the new node to Cardano mainnet on June 30, and that will mark the first date in the rollout plan.
Following the transition of Cardano to Shelley, the cryptocurrency has recorded a significant rise in the market with a sizeable figure added to the value of ADA.
Through Shelley, Cardano aims at introducing smart contracts and improving the decentralization of the blockchain network. Cardano boasts that once the Shelley mainnet is released, its blockchain network will level with Bitcoin in terms of decentralization.
Cardano Intraday Price Analysis
The market looks fairly greenish with a number of cryptocurrencies including Bitcoin, flaunting slight positive gains, however, Cardano is far ahead of the major crypto assets in the market.
At press time, a unit of Cardano trades at $0.093341 having added over 10% against the US Dollar in the last 24 hours.
Since the last seven days, Cardano has been trending steadily on the upside trend of the market. However, the up rise has been more intense since the last 36 hours.
Due to the tremendous growth recorded in the last few days, Cardano’s rank on the market table keeps rising. After surpassing Tezos to take the 10th position on the last day in May, it took Cardano another 30 days to outstrip EOS from the 9th position.
At present, Cardano, according to CoinMarketCap, is ranked the 9th largest cryptocurrency in terms of market cap, thanks to its recent steady growth.