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Cardano (ADA) Leads Crypto Market With Staggering 24% Gain in 4 Days
Cardano (ADA) was trading around $0.095 by 10:00 UTC on the crypto exchange Binance on Wednesday, up 8.52 percent since the Asian market opened, marking the asset’s most towering one-day performance since May 15.The upward price action pushed ADA’s market capitalization to $2.412 billion, or 0.95 percent of the global cryptocurrency market valuation. At its prime, ADA’s net assessment was $29.948 billion, per the data provided by CoinMarketCap.com.Cardano (ADA) Records 24% Gains in Last 4 Days | Image Credits: TradingView.comThe past 24 hours witnessed the ADA/USD instrument rising by close to 11 percent — from $0.084 to $0.093. Measure from an intraday top of $0.095, the pair surged by more than 24 percent in the last four days alone, posting daily sessions in green consecutively. In contrast, other leading cryptocurrencies such as Bitcoin and Ethereum showcased a weaker upside momentum.Shelly, Coinbase Listing Behind Latest Moves?The Cardano price rise follows a fresh wave of buying sentiment arising from optimistic market fundamentals. The Cardano team last month stated that it is working on Shelly, a core update which proposes to strengthen their blockchain’s prospects of decentralization. The new version reportedly employs a proof-of-stake consensus algorithm that governs individual nodes.Wait a second… where’d that blue line come from?!Great performance from Cardano lately.Past performance is not an indication of future results. $ADA @IOHK_Charles pic.twitter.com/Qv7wrGtsmB— Mati Greenspan (@MatiGreenspan) June 12, 2019It is not clear whether or not Shelly played an active role in prompting traders to buy ADA. But traders on social media admitted that they were exchanging hands to ADA ahead of Shell’s testnet on June 15. A Twitterati, for instance, said he converted his “XRP bag to ADA for Cardano.”“Now in a dilemma on what to do.” the Twitterati added. “Convert back to LTC or back to XRP after Shelly launch.“
Author: Davit Babayan
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