Cardano Continues to Surge After 1.5 Mainnet Release, Up 15% Over 7 Days ๐จ This article is 5 years old...
Cardano Continues to Surge After 1.5 Mainnet Release, Up 15% Over 7 Days
2 min read
Updated: Nov. 7, 2019 at 2:21 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After the successful release of its 1.5 mainnet, Cardano (ADA) has broken out from its normal trading range, reaching 2019 highs. It appears that after consistently meeting development and restructuring the Cardano Foundation that cryptocurrency enthusiasts are beginning to take notice.
Recent Trading Activity
Previously, Cardano was trading between $0.0363 and $0.0534 over the last three months. Within hours of the 1.5 release, the upper bound of this range was once again tested with Cardano jumping from $0.0502 to $0.0537, a 7 percent increase. Within 48 hours ADA broke out of its normal trading range and hit $0.0549, triggering a round of sell-offs:
Once these sells were exhausted, within 14 hours the price of Cardano returned to previous resistance around $0.0530, shortly before breaking through this resistance to reach 2019 highs of $0.0587; ADA has not traded at these prices since November of 2018.
That said, the coin is still only trading at a fraction of its January 2018 all-time highs of $1.33. The coin is currently trading at roughly 1/22 of these highs now.
Factors Behind the Movement
What appears to be the largest factor behind the price movement is the successful release of Cardanoโs 1.5 mainnet.
The release represented the final stages of the projectโs โByronโ phase of development, which notably included an intermediary consensus protocol for the projects move to โOuroboros Genesis,โ an improved proof-of-stake consensus protocol. The update also included a number of other improvements, mostly around the projectโs primary cryptocurrency wallet, Daedalus.
Other factors influencing the price could be the delayed impact from restructuring the Cardano Foundation. Michael Parsons, the former CEO the Cardano Foundation, resigned following months of tumult between IOHK, Emurgo, and the Foundation in December.
Between the three branches of Cardanoโs government, the Foundation was tasked with โdriving adoption, releasing news, conducting evangelism, and marketing the project.โ
However, the community claimed that the Cardano Foundation failed in most of its responsibilities, with one petition claiming it โfailed to build and lead a competent organization.โ Cardano founder Charles Hoskinson and Emurgo CEO Ken Kodamaย agreed.
In response to the resignation, Hoskinson said the community is โwaking up the Foundation and getting it where it was supposed to go,โ indicating the Cardano is ready to more actively participate in community building and marketing. Three months later, perhaps ADA is seeing the benefits of a stronger Cardano Foundation and better marketing.
Overall, it appears that Cardano has been focused on the long-term viability of the project. Beyond mere marketing, the project seems to prioritize improving the utility of its blockchain and the soundness of its technology. Now, it looks like it is paying off.
Cardano Market Data
At the time of press 2:21 am UTC on Nov. 7, 2019, Cardano is ranked #12 by market cap and the price is down 4.71% over the past 24 hours. Cardano has a market capitalization of $1.04 billion with a 24-hour trading volume of $88.62 million. Learn more about Cardano ›
Crypto Market Summary
At the time of press 2:21 am UTC on Nov. 7, 2019, the total crypto market is valued at at $241.14 billion with a 24-hour volume of $112.32 billion. Bitcoin dominance is currently at 68.20%. Learn more about the crypto market ›
Mentioned in this article
Latest Cardano Stories
You might also enjoy...
In this article
Cardano
$0.46932
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
EMURGO
EMURGO Ventures is a wholly owned investment subsidiary of parent company EMURGO Ptd.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
Ken Kodama is the CEO of EMURGO – the official commercial & venture arm of Cardano.