Cardano Hits 2020 High Following Its Network Upgrade

The price of ADA is all over the latest altcoin news, showing that it is one of the hottest altcoins out there. In fact, we can see how Cardano hits a 2020 high and tops the list of cryptocurrencies with a price of $0.097, the highest since June 2019.

The native token of the Cardano network, ADA, established this 2020 top on Wednesday as it surged to almost one cent for the first time in 13 months. These latest gains came as a part of a new uptrend which began in March 2020 but received a new boost from the network upgrade news of the coin.

Basically, the Cardano news now show that ADA is going to the moon before its top competitor Bitcoin. While BTC seems to be stagnating from gains and going up and down, ADA is one of the most stable cryptocurrencies at the moment.

The token also performed very well against Bitcoin, which is the top cryptocurrency that is now witnessing a pause over the last three weeks. The ADA/BTC exchange rate was up by 7.49% on the 24-hour adjusted timeframe.

If we take a look at the fundamentals, we will see that the gains in the ADA price came on the day when Cardano kicked off its much-anticipated network upgrade. This project will transform the network from the “Byron” blockchain into a much more and dynamic “Shelley” upgrade.

With all of this, the team behind ADA aims to become a key player as Cardano hits new 2020 high, focusing on the emerging supply chain and the decentralized finance sectors. Shelley could pave the way for the project to become a truly decentralized and scalable blockchain solution for the two industries.

Heard you guys wanted Shelley? https://t.co/X2qqu03z7F how about that?

— Charles Hoskinson (@IOHK_Charles) June 30, 2020

The founder of the coin, Charles Hoskinson, reiterated on the new launch of the Shelley node, adding that it is now live on the Cardano mainnet. In the blockchain news, he also addressed a hard fork which would take place at the end of July, followed by a full-staking launch on the new blockchain on August 18.

All in all, the anticipation of a better product and protocol is why Cardano hits 2020 highs, and how it could continue to rise in the coming weeks and months.