With the Shelley update just two weeks away, Cardano is on the rise and rebounding from a somewhat shaky weekend with a price increase of over 10%. Cardano (ADA), the 10th largest cryptocurrency by market capitalization, is one of the biggest winners today, as it skyrocketed by about XNUMX% since yesterday morning.
The cryptocurrency recently started to gain traction late last month, rising from $ 0,55 to $ 0,65 on May 29 after having spent the previous 30 days trapped in the low range of $ 0,50. By Friday, June 5, the coin had reached a monthly high of $ 0,89.
[amazon box="B01J66NF46"]Staking in Shelley around the corner
After a somewhat volatile weekend in which the coin dipped to around $0.70 on Monday, ADA is now trading above $0.78 per coin. All in all, the coin has seen some impressive gains in the past month. Cardano's price is rising and has been on a roll since the announcement of its upcoming Shelley upgrade , which, according to founder Charles Hoskinson, will make the asset's blockchain network more efficient and decentralized.
We are two weeks away from when Hoskinson first said the Shelley upgrade would begin, on June 30. Cardano, which uses a Proof of Staking consensus algorithm, will see its first ADA staking rewards available before August 18, according to a tweet from Hoskinson in May.
Cardano is not the only currency on the way today. Bitcoin, for example, has added more than 5% to its price after briefly falling below the $ 9.000 mark early Monday. It is currently trading for over $ 9.400 again, while Ethereum and Ripple are also up around 3% each since the early hours of today.
