Cardano (ADA) claims the seventh position in the crypto market based on the market cap after leaving behind Litecoin (LTC). It has outperformed major coins in the daily run as its price has increased by nearly 15% in the past 24-hours.
With the start of July, Cardano has hit hard by investors, and they have helped it to surge by nearly 33% in the last week. After an exponential rise on the part of cryptocurrency, its market cap has touched the figure of $2.9 billion.
226% YTD Gain
It is the best performing coin of 2020 because it has been surged by 228% since the beginning of the year, and it has also taken the first position in increasing market cap, even beating Bitcoin, Ethereum, and Bitcoin SV (BSV). In the yearly gain, the cryptocurrency has also left behind Chainlink (LINK), which is known to be increased by 210% since the start of the year.
On May 31, the coin was standing at rank 11, and by mid-June, it was at 10 ranking number. And today, the crypto project is enjoying the seventh rank, as shown by coin tracking site CoinMarketCap.
The price growth may be due to the upcoming much-anticipated update of the Cardano network. The update, Shelley, is set to occur at the end of this month, but its 1st node has been deployed successfully. The staking feature will active soon, which will enable users to get rewards on storing coins in their wallets.
Recently, IOHK CEO Charles Hoskinson announced the release of Shelley, which is very crucial for network decentralization and scalability. He said:
“With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.”
Cardano community is waiting for the update from July 2018, but now, it is becoming reality after July 2020. It will empower the network with various potential features, and the current rising price is proof.