This outstanding performance is generally attributed to a crucial announcement made by the CEO of IOHK, Charles Hoskinson, regarding the Proof-of-Stake (PoS) upgrade.
A couple of days ago, Hoskinson announced that the much-anticipated Shelley will be deployed by the end of June 2020. Since the announcement, Cardano (ADA) has managed over a 40% price increase, which aided the digital currency to displace a number of competing cryptocurrencies to occupy the 10th position in the market.
In the days following the news, Large Transactions Volume spiked, reaching over $7 billion, the highest level since February 2018.
Image Credit: Twitter
Based on 24 hours estimation, ADA remains the best performer among the top 10 cryptocurrencies. At the time of filing this report, ADA is trading at $0.084184, with an 8.72% price uptrend in the last 24 hours.
The rest of the cryptocurrencies in the market has only experienced marginal gains over the past hours. Cardano (ADA) is expected to continue this positive trend into the eventual launch of Shelley.
Upcoming Launch of Shelley
Cardano’s Shelley testnet is set for integration into mainnet by the end of this month. Going by the update made by the CEO of IOHK, Charles Hoskinson, Shelley will be rolled out for users sometime between 30th June and 7th July 2020. This release will bring the hard work of relatively 2 years to a profitable destination.
Shelley’s eventual launch is expected to bring about full decentralization of Cardano (ADA) network. The upgrade will grant users control of block validations and allow staking rewards for ADA holders, giving them the enablement to earn interest on their crypto stashes via the network.
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