Cardano News Today – Cardano ADA Surges to New Yearly High in Parabolic Bull Run – July, 7th, 2020

  • Cardano ADA Crosses the $0.1000 Level for the First Time Since Last Year
  • Thanks to the Cardano Shelley Mainnet Launch, the Token is Most Likely Going to Move Higher 

Cardano News Today – The Cardano ADA token has been on fire since the beginning of the year rising by more than 200% against the USD. This morning, the token finally moved above the $0.1021 level for the first time since last year. At the same time, the token reached a yearly high against the BTC at 1,120 satoshis. The price recovery of Cardano ADA is incredibly impressive since Bitcoin and many other major tokens have only gained little against the USD. XRP has fallen by more than 9% since the beginning of the year. So, you can understand why the surge in the price of ADA is rising.

Cardano News Today – Cardano ADA Reaches New Highs But the Bull Run is Just Beginning

The marketing director at IntoTheBlock, Daniel Ferraro, said that ADA’s parabolic bull run is most likely due to the Cardano Shelley upgrade. He isn’t the only one who thinks this is the case. Almost everyone in the cryptocurrency community believes that Shelley is behind ADA’s bull run. The Cardano Shelley mainnet launch is going to make the Cardano blockchain around 50 to 100 times more decentralized than the previous version of the blockchain. Thanks to Shelley, staking will be introduced and at least 1000 staking pools will be permitted on the network. So far, more than $13 billion in ADA tokens have been staked on the blockchain.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.144

On the 1st of July, the first node was launched on the Cardano Shelley mainnet and the hard fork is scheduled to happen on the 29th of July. After the Shelley upgrade is completed, all Cardano ADA holders will be able to earn staking rewards and delegate coins at will no matter the size of their holdings. The passive income investors will be able to make on the network will keep increasing. So, they are expecting more people to join the blockchain.

At the time of writing, the price of the Cardano ADA token was $0.105458. It is up by 7.26% against the USD and up by 6.43% against Bitcoin BTC. The trading volume over a 24 hour period is $400,256,113 and the market capitalization is $2,734,209,539. The acquisition price for Cardano ADA is 11% lower than the market price. Shortly after the price of the token rose above the $0.1021 level, the ADA holders started to take their profits. So, the price of the token fell to the $0.0980 level. Thankfully, the bulls took control of the market again and the recovery started. If Cardano ADA keeps thriving, it will move higher against the USD. There is no telling how high the price of the token will go but the future is bright.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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