Cardano made headlines not too long ago when it’s been revealed that Cardano’s impressive 2020 rally has resumed as Ripple’s native coin XRP joins the list of digital assets that are outpacing Bitcoin.

Speaking of Cardano, Charles Hoskinson is really confident that ADA will be securing its spot as a leading smart contract platform after the crypto surged. Now, ADA is placed on the 7th position on CMC.

At the moment of writing this article, ADA is trading in the red just like other important coins out there and the coin is priced at $0.124021.

Cardano still has room to grow

After ADA hopped on the sixth position on CMC during the past week,  it’s been revealed that Messari co-founder and CEO Ryan Selkis still believes traders could buy and stake more ADA.

The online publication Cointelegraph noted that in his newsletter, Seliks said lower staking rates for Cardano (ADA) could mean a higher reward payout for investors who are “wondering if they’re late to the party.”

Catalysts of ADA’s surge

He said that one of the catalysts for the token’s recent surge  — up 85% as of July 8 — this is Shelley, the upcoming possible hardfork upgrading its ecosystem.

“The potential discrepancy between staked and un-staked ADA however, could bode well for bulls even after Shelley goes live. While the initial staking percentage won’t be known until after launch, Cardano’s incentivized testnet saw participation from ~40% of the reported supply,” he said.

He continued and explained that “If this carries over to mainnet, Cardano’s staking rates will be significantly lower than other large-cap networks like Tezos (80%) and Cosmos (71%).”

In other news, it’s been also reported that investors are flocking to Cardano (ADA) as the protocol gets ready to transition into a PoS consensual algorithm.

Even if the network is expanding to levels that have not been seen in three years, the uptrend seems to be approaching overbought territory.

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