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Cardano [ADA] surges into top-10; overtakes Tron [TRX] on the back of mainnet release




Cardano [ADA] surges into top-10, overtakes Tron [TRX] on the back of mainnet release
Source: Pixabay

Cardano [ADA] broke into the top-10 after its massive double-digit price surge following a slew of announcements by the Cardano Foundation. The surge also pushed the coin above Tron [TRX] on CoinMarketCap.

For the better part of a week, Cardano rode a bull wave and exhibited a significant 20.43 percent hike in the 7-day window. After the release of the 1.5 mainnet, the coin shot up by a whopping 15.33 percent against the US dollar to become the biggest gainer in the top-20 coins.

The release was part of the concluding stages of the Byron phase of development, including an improved proof of stake protocol. This development will ensure better block storage, the inclusion of the Daedalus wallet for Linux, the Cardano testnet, and an increase of Rust tools and other features within the coin’s ecosystem. Furthermore, this update will not split the community or create a separate virtual currency, even though the update is classified as a “fork.”

The surge also follows the resignation of Michael Parsons, the Cardano Foundation’s former CEO. Charles Hoskinson, the Founder of the foundation had stated that the Cardano community was “waking up” and “getting where it was supposed to go.”

Other factors that may have contributed to the wild surge in Cardano’s prices include the speculation of a possible listing on the crypto exchange, Coinbase and the integration of the Ledger Hardware wallet to the Cardano Network.

The Cardano Foundation also became one of the founding members of the International Association for Trusted Blockchain Application (INATBA). As a member, Cardano will help to further the progress of blockchain technology and cryptocurrency adoption within Europe.

Source: Trading View

On 16 March, the coin was trading at $0.0501 and shot up by 6.58 percent to $0.0534 in less than 24-hours. Later, the coin shot up to $0.0548, before market correction forces dropped the price to $0.0513.

On 21 March, the coin skyrocketed by 15.2 percent to reach $0.0591. Following this rise, the coin dipped to $0.0571, before shooting up by 7.7 percent in a matter of 3 hours to reach $0.0615 by 0500 UTC on 23 March. At press time, the coin was trading at $0.0611, its highest price in over 4 months.

In terms of market capitalization, Cardano broke the $1.5 billion barrier at 1200 UTC on 22 March, which saw the market cap shoot up by 6.9 percent in 24 hours. The coin surged even further, recording a peak valuation of $1.59 billion, at 0530 UTC on 23 March. At press time, Cardano was valued at $1.58 billion, ahead of Tron by over $70 million.

ZBG took the top spot in terms of ADA trade volume, accounting for 28.58 percent via the trading pair ADA/USDT. Other notable exchanges with high Cardano volumes were Binance, UPbit, and Huobi Global.

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