Cardano (ADA) Leaps Higher as Testnet Anticipation Builds

Cardano (ADA) was among the top-performing cryptocurrencies on Sunday, rebounding sharply from a recent swing low ahead of a highly-touted testnet launch planned for July. According to Cardano founder Charles Hoskinson, users will be able to access a “mainnet-like experience” of the network sometime next month.

ADA Price Update

The value of Cardano’s ADA cryptocurrency peaked at $0.09751 on Sunday, edging closer to its yearly high from more than two weeks ago. At the time of writing, ADA was up 7.2% at $0.0941.

With the latest rally, ADA has more or less corrected from its Thursday swing low, which was part of a much wider market downturn. The ADA price bottomed at $0.8239 on Thursday, according to CoinMarketCap.

Cardano Price
The value of Cardano (ADA/USD) rebounds sharply from Thursday swing low. | Source: CoinMarketCap.

Cardano has more than doubled in value since the start of the year. In terms of market cap, its value stands at $2.4 billion, placing it 12th among active blockchain projects.

Trading interest in ADA has picked up sharply over the past week, with daily trade volumes reaching $204 million on Sunday. That’s a four-fold increase from week-ago levels.

Cardano’s ADA has a lifetime return on investment of 334%. The coin peaked at $1.33 on January 4, 2018. Its 52-week low is $0.0236.

Most major cryptocurrencies reported gains Sunday, bringing the total value of the asset class to $276.1 billion.

Cardano Testnet Coming

In a recent YouTube video, Cardano founder Charles Hoskinson updated users on the network’s development roadmap. Hoskinson said developers are planning to launch a single unified testnet of the highly anticipated Shelley upgrade by July. The testnet will be executed with the support of Emergo, a Japanese blockchain company.

The Shelley upgrade has been postponed several times due to a longer than expected research and development phase. Last month, Hoskinson assured the community that the delays weren’t due to a lack of effort or resources but part and parcel of a complicated development process.  He said there are more than 50 full-time engineers working on the Shelley project.

Shelley is expected to generate significant buzz around the Cardano network, one that will likely trigger a large price rally for ADA in the weeks and months leading to full implementation. Shelley proposes to upgrade Cardano’s consensus protocol to a proof-of-stake model. It will also create a fully decentralized network, a core principle of the Cardano project.

Very few projects are as highly regarded as Cardano. The decentralized network is driven by a research-first approach, which makes it one of the highest ranked blockchains on the market. Based on user activity, developer behavior and asset maturity, Cardano is second only to Ethereum (ETH) as far as large projects go, according to Flipside Crypto’s Fundamental Crypto Asset Score.

Read more: The Long-Term Bullish Case for Cardano (ADA)

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi