Wed, Aug 19, 2020 8:50 PM

Cardano: Reaching New Highs In 2020

CJ watering the flowers with a watering can

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 $0,143301 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) noted, 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 chart

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, IOHK, 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, announced 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%. Prime XBT 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.