Cardano Community Celebrated A Surge In ADA’s Price – The Coin Outperformed Bitcoin
Cardano was recently in the spotlight when Charles Hoskinson said that his team is currently working with a consortium in the EU to address use cases for DLT.
The group’s efforts point to one of the hottest tech trends in 2020, and the companies are going on with the exploration of DLT based tech.
ADA in the crypto market
Cardano’s price recently surged significantly, but now, the coin is trading in the red.
As you probably already know, last year was filled by massive expectations regarding the price of ADA, and the coin seems to have failed all of them.
Ahead of the Cardano Shelley update predictions were revealing that we would be witnessing a massive rise in the price of the ADA token.
It was expected that the price would rise a lot following the update, but this did not happen.
It’s worth noting that the bearish pressure in the market contributed to the fall, and more than that, many Cardano investors sold their coins because they were not sure of what would happen after the Cardano Shelley upgrade.
A couple of days ago, on Tuesday, the price of ADA surged by more than 16% against the USD.
The community celebrated and expected a bullish wave, but things seem to have calmed now at the moment.
What caused the surge in ADA’s price?
The surge in price is believed to be due to Cardano staking, adoption efforts made by the Cardano Foundation, and also positive feedback from Weiss ratings.
You may recall that a while ago, Weiss released a report revealing that Cardano is better than EOS as a decentralized blockchain.
Traders believed that this surge in price would last for a longer time, and it was even more exciting to see ADA outperforming Bitcoin, as Smartereum noted.
Anyway, at the moment of writing this article, ADA is trading in the red and the coin is priced at $0.054645.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.