The first smart contract Cardano TestNet launch has taken the ADA prices up by over 9 percent, leading the top 20 cryptocurrencies in price gain. With its 2nd TestNet coming up in July, Cardano ADA Price might be in for a huge rise.
Cardano (ADA) leading the top 20 cryptos by going up by 9.47%
From its highest in January at $1.08, Cardano went down at $0.13 in mid-March. For the past few weeks, Cardano has been seeing a downward shift in its prices in tandem with the crypto market, dropping down to $0.17 level.
Today, Cardano registered the gains of $9.47 percent in the last 24 hours, at the time of writing. The green has entered the market again as ADA goes to $0.20 level. Ranking at 7th position, Cardano has the market cap of $5.1 billion.
Majority of cryptocurrencies are rising in value, however, Cardano is leading the top 20 cryptocurrency pack.
The price surge came at the time when Charles Hoskinson announced Cardano 1.2 release. The founder and CEO of Cardano took to Twitter to share the update. He also shared a video and talked about several other details such as delegation, stake pools, and TestNet.
Cardano ADA 1.2 updates & 2nd TestNet “IELE” to be launched in July
This update according to the Cardano team is the first time a complete semantics of Ethereum Virtual Machine (EVM) has been produced.
Gerard Moroney of IOHK shared his thoughts with:
“The KEVM TestNet, a correct by construction version of the Ethereum Virtual Machine (EVM) specified in the K framework. This technology, produced by Runtime Verification with the support of IOHK, is the first time that a complete formal semantics of the EVM have been produced. This is an important first in cryptocurrency that is a necessary step towards the promise of third-generation blockchains.”
The crypto community has been really enthusiastic and eager for this update that made several changes to the wallet along with fixing the bugs, Daedalus issue and much more.
After this launch, the second TestNet called IELE is set to be launched in July. IELE is a new virtual machine whose release means developers will be able to write, compile and execute the smart contract with better performance and improved security.
The first TestNet launch has brought a good rise in Cardano ADA price. The second update is expected to increase ADA’s market value which might even take its prices to the moon. It’s all wait and see for now about how June goes and what July brings forward!
What do you think of Cardano ADA 1.2 version? Do you think, with another update, we would be seeing a huge surge in its prices? Share your thoughts with us!
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.