Cardano's winning streak continues as ADA surpasses Litecoin and becomes the seventh largest cryptocurrency
This week has started quite well for Cardano. The native blockchain cryptocurrency, ADA, is now the seventh largest cryptocurrency by market cap, as its value surpassed that of Litecoin (LTC). This exceptional feat came after ADA made double-digit gains as investors wait for Shelley.
ADA gained 10.83% today
Today, ADA is up 10.83%, resulting in ADA's market capitalization being worth more than LTC's, according to data provided by CoinMarketCap. At press time, ADA's market capitalization is $ 2,945,887,970, while LTC's is around $ 2,830,673,929.
Cardano has seen impressive growth in recent months thanks to Shelley's much-hyped update scheduled for July 29. To put things in perspective, ADA has bounced back nearly 550% from the lows of Black Thursday, leaving bitcoin (BTC) and other top cryptocurrencies in the dust. In other words, digital assets are now trading six times higher than during the March collapse.
The monstrous recovery follows investor interest that shoots up before the big transition to a proof-of-stake (PoS) consensus algorithm. It's worth noting that Shelley will bring more decentralization to the Cardano blockchain, and will also set the stage for Goguen, which will introduce smart contracts.
The team has consistently assured the community that all necessary plans have been established and that there will be no further delays as they have strict deadlines. Just a few days ago, Cardano developer IOHK hosted a virtual summit where CEO Charles Hoskinson spoke about the progress made so far and plans for the coming months. The key conclusion: Shelley is on its way to launch. For Cardano enthusiasts, the long wait could end soon.
Will ADA performance continue?
As has become quite clear, ADA has been in tears for the past few weeks. But it is not clear if the recovery of the currency will continue in the near future. If the incoming Shelley update proves to be a great success, demand for ADA will increase and its price will continue to boom.
Meanwhile, Amsterdam-based cryptocurrency expert Michaël von de Poppe, post Recently the ADA has effortlessly broken past resistance levels and is likely to go higher. See that the coin will hit the 1200-1215 satoshis region soon.