{"id":99801,"date":"2019-03-23T16:09:56","date_gmt":"2019-03-23T23:09:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=99801"},"modified":"2019-12-07T16:10:16","modified_gmt":"2019-12-07T16:10:16","slug":"ada-surges-8-overnight-are-crypto-investors-confident-in-cardanos-roadmap","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ada-surges-8-overnight-are-crypto-investors-confident-in-cardanos-roadmap\/","title":{"rendered":"ADA Surges 8% Overnight, Are Crypto Investors Confident in Cardano’s Roadmap?"},"content":{"rendered":"

ADA, the native crypto asset on the Cardano blockchain network, has increased by 8 percent on the day against both Bitcoin<\/a> and the US dollar, maintaining its momentum throughout the past week.<\/p>\n

Within less than two weeks the price of ADA has increased 35 percent. The price increase, since Mar. 14, is said to have been triggered by the launch<\/a> of the Cardano 1.5 mainnet.<\/p>\n

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1-Hour Price Chart of ADA (Source: Cryptowat.ch<\/a>)<\/figcaption><\/figure>\n

\u201cCardano 1.5 is important in preparation for moving to the Shelley development phase. This update brings a new consensus protocol, Ouroboros BFT, which is a key step in the transition from Ouroboros Classic, the current consensus protocol running the Cardano network, to Ouroboros Genesis, the protocol for the Shelley era,\u201d the IOHK team said<\/a>.<\/p><\/blockquote>\n

Ouroboros Genesis\u2014which is considered to be the ultimate upgrade to the proof-of-stake (PoS) consensus algorithm of Cardano\u2014will improve the security of the Cardano blockchain network significantly, enabling a more secure and efficient environment for developers and decentralized applications (dApps).<\/p>\n

Technical or a Fundamental Move for ADA?<\/h2>\n

Prior to the announcement of the release of the Cardano 1.5 mainnet, several technical analysts and traders in the crypto sector stated that based on technical analysis, considering the performance of ADA in recent months, that the asset is in an ideal position to rebound.<\/p>\n

From March to November 2018, the overwhelming majority of assets in the cryptocurrency market including ADA experienced drastic sell-offs.\u00a0Within 8 months ADA dropped from around $0.35 to $0.027, a decrease of more than 92 percent against USD.<\/p>\n

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Interest in “ada,” “bitcoin,” and “crypto” on Google Trends<\/figcaption><\/figure>\n

However, beginning February, Cardano gained momentum and showed signs of recovery with strong daily price movements.<\/p>\n

The recent price movement of ADA, specifically its 35 percent rally in the past 10 days, is mainly attributed<\/a> to the progress in the development roadmap of Cardano and its path towards establishing a secure PoS blockchain network.<\/p>\n

The transition from Ouroboros Classic<\/em> to Ouroboros BFT<\/em>\u00a0 was especially crucial as it marked the start of a new period in Cardano development called the Shelley, which is considered to be the last phase of development for the foreseeable future.<\/p>\n

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"We found that the best predictor of a cryptocurrency's exchange rate is the amount of developer activity around it." – @PirateOrg<\/a><\/p>\n

— Jameson Lopp (@lopp) July 5, 2017<\/a><\/p><\/blockquote>\n