Cardano News Today – Cardano ADA Surges to the Moon, Up by Over 224% YTD With Higher Highs on the Way – July 8th, 2020 

  • Cardano ADA’s price is up by more than 30% in the last 24 hours and up by 224% YTD
  • Crossing the $0.1000 Has Promoted a Parabolic Bull Run for ADA Allowing it to Outperform the Market 
  • Cardano ADA is now the 6th largest cryptocurrency on CoinMarketCap 

Cardano News Today – Cardano ADA is surging to the moon. The token has gained more than 30% in less than 24 hours and it shows no signs of weakness. The surge in price allowed ADA to move from the 10th position to the sixth position on CoinMarketCap. If the bulls continue to control the market, ADA might enter the top five for the first time in more than two years. ADA is currently leading the altcoin rally as Bitcoin only gains momentum slowly. The altcoins are recovering but not as fast as ADA. The Cardano community is overwhelmed with excitement as the Shelley upgrade is responsible for the surge in price and there is a strong chance that the token will keep recovering against the USD.

Cardano News Today – Cardano ADA Kicks Litecoin and BSV to the Curve Taking the 6th Position on CoinMarketCap

Cardano’s progress since the beginning of the year has been outstanding. The token has been primarily bullish against the USD and has maintained a steady upward trajectory. It is the best performing token on CoinMarketCap and it has gained by over 224% since the beginning of the year. It is most likely going to keep rising steadily. Everyone knows that the primary reason behind the surge is the Cardano Shelley mainnet launch. Ahead of the launch, the anticipation propelled buyers to buy and hold ADA. Some analysts believed that the token would face key resistance after the mainnet launch and the price would fall unexpectedly. However, this hasn’t happened. Rather than token is breaking key resistance levels and moving higher and higher against the USD.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.144

At the time of writing, the price of Cardano ADA was $0.132648. It is up by 25.49% against the USD and up by 25.39% against Bitcoin BTC. The trading volume over a 24 hour period is $1,073,703,039 and the market capitalization is $3,439,175,864. As the token is rising, so is the market capitalization, and trading volume. If it keeps rising, it will most likely move as high as $0.1350 before the end of trading today. This is the first time Cardano is crossing the $0.1000 level this year and it is a major recovery from the $0.023 lows the token tested a few months ago.

Does the positive price action of the Cardano ADA token automatically mean that the Shelley mainnet is as good as promised? The Cardano development team said that Shelley will make the blockchain 100 more decentralized among other things. Is this true and is it responsible for the rise in price? Could it all just be an unwarranted hype? The next few months following the launch will provide answers to these questions.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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