Cardano, the blockchain project under IOHK, is one of the most progressive in the world. Apart from making technological developments, Cardano is also making waves and getting the attention of others in the industry. As part of an effort to pursue global adoption, IOHK just announced that Trezor, a hardware wallet that is used to store cryptocurrencies is making plans to support Cardano (ADA). The announcement was made on Twitter by Cardano’s Charles Hoskinson.
Cardano (ADA) Price Today – ADA / USD
Cardano (ADA) isn’t the only cryptocurrency that is now supported on Trezor. Other tokens that were announced include XLM, ZEC, XMR, ZEN and XLM. Cardano is currently the 9th cryptocurrency in the world with a market capitalization of over $221 million. This support by Trenzo Wallet comes shortly after Cardano got listed on OKEx and eToro. Getting listed on major exchanges is typically a sign of potential for a coin.
Clearly, IOHK has plans for Cardano and the native ADA token. More than once, Charles Hoskinson has talked about how they plan to develop Cardano and make it the highest performing blockchain in the industry. Cardano enthusiasts have waited patiently for the upcoming Shelly update that was announced back in August.
After the upgrade, Cardano will become fully decentralized and autonomous. This is because it will allow them to implement the Ouroboros protocol, enhanced wallet backend, incentive fees, light client mode, and use addresses that are human friendly. Also, the upgrade is going to come with a new and improved voting system that will make the voting process fair and beneficial to everyone within the Cardano community. While the exact date for the release of this update hasn’t been announced, it is expected to come soon according to charges Hoskinson.
Will These Developments Lead To A Growth In Price?
These developments are all going to build positive sentiment around ADA. However, the current state of the market is bearish. So, it’s difficult to feel the impact of the progress. Currently, Cardano (ADA) is trading in green at $0.073554. This shows that it is up by 0.28% against the USD and up by 0.01% against Bitcoin. The 24 hour trading volume is $9,979,765 and the market capitalization is $1,907,051,907. If it keeps trading in green through the weekend, next week might be marked with significant gains for the cryptocurrency.
While the announcement about being supported on Trenzo has contributed to the boost in price, this is just one out of many other announcements that have caused positive market sentiment for the cryptocurrency. KuCoin just announced that it will be listing Cardano (ADA). The Cardano Foundation also announced on Reddit that it will soon release a series of blogs that will have ample details about the long awaited transition to the Proof-of-Stake protocol from the current Proof-of-Work protocol.
Another reason for positive sentiment is the upcoming launch of Icarus. Icarus is a new smart contract feature that promises to change the game in the industry. The Icarus feature has gotten the green light it needs thanks to the security audit that was performed by an independent firm based in Switzerland called Kudelski Security.