Cardano: Reaching New Highs In 2020

About Cardano coin

Cardano Reddit page claims ADA is the first decentralized public blockchain platform “to evolve out of a scientific philosophy and a research-first driven approach.” Cardano (ADA) cryptocurrency price chart echoed most of the other altcoins, peaking in late 2017 — early 2018 and crashing down after that. From the high of $1,2 per 1 ADA, the price dropped to 3 cents. It currently trades at about and is still growing. Despite the dump, the project is developing, and multiple statements about new partnerships and development ideas for the entire Cardano infrastructure appear on the network.

So far, many of the initiatives haven’t been translated into action, but the project has advanced in the development of the blockchain, according to its roadmap. Cardano ADA, like many other crypto-related enterprises, is designed to send and receive digital money. Besides, the Cardano project itself employs a hi-tech platform for launching fintech applications, which resembles a more technically advanced version of Ethereum.

ADA Cardano news

In 2020, Cardano’s price keeps reaching new highs after the news about the launch of the transition to the long-awaited Shelley mainnet. After Cardano broke into uncharted frontiers, its investors decided to use a “buy the rumor, sell the news” strategy. Soon after the news about the rollout of the Shelley upgrade broke, ADA rates strengthened by about 20% over one week. The market capitalization of Cardano has by now grown to $3,715,371,206 , and by this parameter, the currency is in the 9th place in Coinmarketcap rating .

The price faced strong resistance in the $0.1550 area, where it made intraday highs during the Asian session. However, the overall technical picture continues to favor the bulls.

As crypto trader Cheds (@BigCheds), an additional technical support factor for the currency could be the breakdown of the upper border of the bullish pennant pattern formed on the daily chart. Potentially, this promises the pair continued growth.

Cardano (ADA) hard fork

A far more important fundamental factor behind ADA’s current growth, though, is the latest news about the Cardano ecosystem transition to the long-awaited Shelley protocol, which will completely decentralize the network introducing the Proof-of-Stake algorithm. Previously, the company behind the ADA project, has already stated that this will help Cardano become a genuinely revolutionary third-generation cryptocurrency (after Bitcoin and Ethereum) and offer users scalability and interoperability not inherent in any other protocol.

The day before, Charles Hoskinson, the co-founder of Cardano, that the IOHK team had initiated the Shelley hard fork process. The network update was expected to take about five days, and it was completed on July 29th. You can find all the relevant information at the Cardano forum.

Сardano price prediction

Cardano is one of the oldest third-gen cryptocurrencies that remains at the top. The team continues to work on increasing the speed and decentralization of the project. By going through the Shelley upgrade and the hard fork Cardano project is making all the right moves that are appreciated by both the media and the crypto-community. ADA fans leave hundreds of comments under Charles Hoskinson ‘s YouTube podcasts in the Cardano ecosystem and invest in their favorite cryptocurrency as well. According to the top 5 Cardano price predictions for 2021, the coin will grow by at least 100%. even states Cardano might bring a monster gain of 14,358% by 2025!

Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. We kindly ask traders to do their research.

Originally published at https://coinjoy.io.

--

--

--

Crypto enthusiasts👨🏼‍💻👨🏾‍💻 We are developing #Cryptocurrency news aggregator with multifunctional tools. Follow the news and joy! 🙏

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Sasha Ivanov’s AMA session: highlights

Twitter and Bitcoin, China and ETH, and NFT Scammers

You Don’t Have Much Time Left!

Asia’s tech news #143: Indonesian social commerce, Malaysia’s tech moves, Vietnam’s EV news…

Trading Journal for 4/28

P2PS maintains #2 position in the “Services league” for 3rd consecutive week.

Insure DAO, the insurance of the future

Why are small projects more potential than Ethereum and even Bitcoin?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
CoinJoy

CoinJoy

Crypto enthusiasts👨🏼‍💻👨🏾‍💻 We are developing #Cryptocurrency news aggregator with multifunctional tools. Follow the news and joy! 🙏

More from Medium

Three reasons why Cardano could be able to compete with Ethereum 2.0

Cardano is currently under a lot of buying pressure

Cardano is currently under a lot of buying pressure

What is Cardano $ADA?

WHY WE ARE BUILDING ON CARDANO BLOCKCHAIN