ADA, the native crypto asset on the Cardano blockchain network, has increased by 8 percent on the day against both Bitcoin and the US dollar, maintaining its momentum throughout the past week.
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 of the Cardano 1.5 mainnet.
1-Hour Price Chart of ADA (Source: Cryptowat.ch)
“Cardano 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,” the IOHK team said.
Ouroboros Genesis—which is considered to be the ultimate upgrade to the proof-of-stake (PoS) consensus algorithm of Cardano—will improve the security of the Cardano blockchain network significantly, enabling a more secure and efficient environment for developers and decentralized applications (dApps).
Technical or a Fundamental Move for ADA?
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.
From March to November 2018, the overwhelming majority of assets in the cryptocurrency market including ADA experienced drastic sell-offs. Within 8 months ADA dropped from around $0.35 to $0.027, a decrease of more than 92 percent against USD.
Interest in “ada,” “bitcoin,” and “crypto” on Google Trends
However, beginning February, Cardano gained momentum and showed signs of recovery with strong daily price movements.