This week has started quite well for Cardano. The blockchain’s native cryptocurrency, ADA, is now the seventh-biggest crypto by market capitalization, as its value surpassed that of Litecoin (LTC). This exceptional feat came after ADA eked out double-digit gains as investors await Shelley.
ADA Usurps Litecoin After 16% Rally
Today, ADA has surged 15.61%, which has resulted in ADA’s market cap becoming worth more than that of LTC, as per data provided by CoinMarketCap. At press time, ADA’s market cap stands at $2,945,887,970 while that of LTC hovers at $2,830,673,929.
Cardano has experienced some impressive growth in recent months on the back of the much-hyped Shelley update that is slated for July 29th. To put things to perspective, ADA has recovered close to 550% from Black Thursday lows, leaving bitcoin (BTC) and other top cryptocurrencies in the dust. In other words, the digital asset is now trading six times higher than it was during the March crash.
The monstrous rally follows investor interest skyrocketing ahead of the huge transition to a Proof-of-Stake (PoS) consensus algorithm. Worth noting that Shelley will bring more decentralization to the Cardano blockchain as well as set the stage for Goguen, which will introduce smart contracts.
The team has constantly assured the community that all the necessary plans have been set and there won’t be any more delays as they have strict deadlines. Just days ago, Cardano developer IOHK hosted a virtual summit where the CEO Charles Hoskinson spoke about the progress achieved so far and the plans for the coming months. The key takeaway: Shelley is on track for launch. For Cardano enthusiasts, the long wait could soon be over.
Will The Monstrous Rally Continue?
As it has been quite clear, ADA has been on a tear in the past weeks. But, it’s unclear whether the coin’s rally will continue in the near future. If the inbound Shelley upgrade proves to be a great success, the demand for ADA will increase and its price will continue booming.
Meanwhile, Amsterdam-based crypto pundit Michaël von de Poppe recently postulated that ADA has effortlessly broken past resistance levels and is likely headed higher. He sees the coin reaching the 1200-1215 satoshis region soon.