The price of Cardano (ADA) is now on fire

The price of Cardano (ADA) is now on fire

By stvleong | Steven Leong | 4 Jun 2020

When the price of Bitcoin decreased by $700 in minutes, the price of Cardano stayed steady. It is now surpassed by market cap into the top ten coins and is currently the industry leader.


Cardano (ADA) has recently been making a breakthrough in price gains when the rest of the industry is struggling to sustain their earlier dynamics. On the last day alone, Cardano won 6.7 percent to $0.087 and hit $0.09 for a brief period of just under a year. This happened while most other cryptocurrencies have either stagnated or only slightly improved since yesterday.


Cardano started its rise in mid-March, when it hit $0.02 following a big market crash the same month. Initially, growth progressed slowly until the end of May when it was announced that the long-awaited upgrade to Shelley 's network was probably due at the end of June. The latest update will see Cardano production company IOHK turn over the ownership of Cardano to the group, which can then participate by signing up for stake pools.


Shortly after the announcement, Cardano began to see a major interest increase, as crypto-monetary trade volumes increased from about 200 million dollars a day on 28 May to more than 660 million dollars today, equivalent to a 230% increase a week.

At the same time, ADA also saw its value grow significantly, rising from $0.055 in the news day to $0.0867 today — equivalent to a 57.6% profit a week. This growth was maintained during a sudden market dump on Tuesday that saw a sudden loss of approximately five percent in less than an hour of most cryptocurrencies, including Bitcoin ( BTC), Ethereum ( ETH) and Litecoin ( LTC). On the other side, Cardano shrugged it off.


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Steven Leong
Steven Leong

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