Cardano’s Shelley launch causes a major price surge

Cardano’s Shelley launch causes a major price surge
Written by:
Ali Raza
8th July, 11:51
  • Cardano price skyrocketed in the last few days, and particularly after yesterday's Shelley launch.
  • ADA price surged to a 2-year high, currently at $0.13, which it last saw in mid-2018.
  • The project is winning the sympathies of the crypto industry, which is growing frustrated with Ethereum.

Cardano (ADA) saw a major surge following yesterday’s launch of its newest upgrade, Shelley. The project, which was already seeing a considerable price increase due to anticipation, skyrocketed by 25% in the last 24 hours.

In fact, ADA price surged from $0.0803 to its current $0.13279 in the last 10 days alone. Not only that, but the project’s price is currently the highest it has been in the last 2 years, since mid-2018.

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However, back then, ADA price was decreasing as a consequence of the crypto price crash that followed the massive bull run that took place in 2017. Now, on the other hand, ADA is rising once more, and many have used the opportunity to quickly buy ADA over the last several days.

Cardano’s daily trading volume currently sits at $1.1 billion, while its market cap skyrocketed to $3.44 billion. As a result, the coin climbed up the list of largest cryptocurrencies by market cap, jumping from the 8th place to the 6th spot.

Cardano delivers Shelley, Ethereum 2.0 still missing

This new development is hardly a surprise, considering the hype that has been building for quite some time now.

Cardano’s Charles Hoskinson revealed Shelley’s launch date only about a month ago. He also announced that any node operator who wants it can join the testnet and check out Shelley for themselves. This was possible since June 9th.

Now, however, Shelley became officially integrated into the project’s MainNet, which represents a massive step in Cardano’s evolution. It improved numerous aspects of the project’s blockchain, thus making it faster, more secure, and richer with new features.

Meanwhile, Cardano’s greatest competitor, Ethereum continues to disappoint when it comes to the launch of its own Ethereum 2.0. The upgrade was supposed to completely change Ethereum back in January of this year.

However, it never arrived, and even now, 7 months later, there is still no word when the launch might take place. So, as Ethereum struggles with its unsatisfied community and growing gas prices, ADA delivered on its own promise, thus gaining a lot more credibility than the second largest crypto.

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