The native token of Cardano of ADA cryptocurrency has surged 10% in 24 hours. The price of Cardano at around 1900 Hours UTC on 22nd March was $0.528. The price 24-hours later on 23 March is trading at $0.58. The 24-hour high in the price of Cardano is $0.5904.
The price of ADA/BTC was 0.00001249 BTC on 19th March when a bull signal with 50-Day Moving Average cross-over with 200-Day Moving Average line. The cryptocurrency is trading up by 16% since at 0.00001448 BTC at around 1900 Hours on 23rd March 2019.
Cardano Upgrades for the Future and Fixing Critical Issues
IOHK the parent organization behind the Cardano Project also announced its release of an update of the Cardano Mainnet. The news version Cardano 1.5.1 is designed to fix the issues in the previous release.
According to their press release:
The Cardano 1.5.1 release is a small update which fixes two issues:
- A data migration issue, and
- An issue causing log rotation for the frontend logs not to work.
IOHK has released Cardano 1.5.1 on the Cardano mainnet. The Cardano 1.5.1 release is a small update which fixes two issues. The update will be delivered via a prompt in Daedalus to all users shortly. To read more, click here: https://t.co/Fk3HZr4Aea
— Cardano Foundation (@CardanoStiftung) March 22, 2019
While this does not justify the price action on ADA, it indeed reaffirms the community’s belief who are looking forward to the Ouroboros-BFT upgrade where Cardano would necessarily implement PoS and would have increased the degree of decentralization of Cardano (ADA token) considerably.
“Today we release Cardano 1.5 on the Cardano mainnet. The Cardano 1.5 release is a milestone because it is the last major Cardano release of the Byron development phase, which we have been in since the launch of mainnet.”
“Cardano 1.5 is important in preparation for moving to the Shelley development phase,” the post added.
The rise has shown similar characteristics to the surge in price before the Ethereum’s Constantinople update. During the month of the update, the price gained almost 60%. Nevertheless, there is a long road ahead for both the projects before their final updates are out. Hence, the price action seems to be solely driven by investor confidence.
Do you think Cardano would rise further? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com