Cardano has surged over the last week and is now up by nearly 60%, now ranking 10th on CoinMarketCap
Last week Cardano co-founder, Charles Hoskinson, announced that the network’s long-anticipated upgrade introducing its Proof-of-Stake (PoS) consensus would be going live in early July. The announcement referred to Shelley, a protocol upgrade incorporated in Cardano’s roadmap and which will see network participants stake their coins for rewards.
Since Hoskinson’s announcement on the Shelley update via a podcast, the price of the altcoin has spiked to see Cardano become one of the best performing tokens on the crypto market.
A look at the charts shows that the ADA/USD pair has gained nearly 60% since, and is currently ranked as the 10th largest cryptocurrency by market cap.
At the time of writing, Cardano has jumped 10% in the past 24 hours to see its market cap hit $2.2 billion. That puts it ahead of Tezos, with $2.1 billion, and EOS, with $2.5 billion, in market capitalisation.
Shelley is expected to launch by July 7 this year, likely the reason the token has surged from $0.055 to $0.088. It is the highest price Cardano has hit since June 2019 when the altcoin came close to breaching $1.00.
Intraday trading volumes have also surged in the past week, rising from about $108 million worth of trades on May 24, to over $880 million at the end of the month. Volumes are now around $665 million and could peak as Shelley draws closers.
The digital asset touched its all-time high price at $1.12 in January 2018.
Biggest protocol change in crypto
IOHK, which has been developing Cardano since 2017, has for
