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Cardano (ADA) was among the best-performing cryptocurrencies on Sunday, rebounding from a recent dip before the highly anticipated testnet launch scheduled for July. According to Cardano founder Charles Hoskinson, users will be able to experience a "network experience" of the network next month.
ADA Price Update
The value of Cardano's ADA cryptocurrency peaked at $ 0.09751 on Sunday, coming close to its annual high for more than two weeks. At the time of writing, ADA was up 7.2% to $ 0.0941.
With the latest rebound, ADA more or less erased its Thursday low, which was part of a much wider market correction. The price of ADA peaked at 0.8239 USD on Thursday, according to CoinMarketCap.
Cardano has more than doubled in value since the beginning of the year. In terms of market capitalization, its value rises to $ 2.4 billion, making it the 12th largest active blockchain project.
The commercial interest in ADA has risen sharply over the past week, with daily trading volumes reaching $ 204 million on Sunday. That's four times higher than last week's levels.
The ADA of Cardano has a return on investment of 334% throughout its life. The coin peaked at $ 1.33 on January 4, 2018. Its lowest level in 52 weeks is $ 0.0236.
Most major cryptocurrencies posted gains on Sunday, bringing the total value of the badet clbad to $ 276.1 billion.
Cardano Testnet coming soon
In a recent YouTube video, Cardano founder Charles Hoskinson informed users of the network development roadmap. Hoskinson said the developers plan to launch a single Testnet unified from Shelley's highly anticipated upgrade by July. The testnet will be run with the support of Emergo, a Japanese blockchain company.
The Shelley upgrade has been postponed several times due to a longer-than-planned research and development phase. Last month, Hoskinson badured the community that the delays were not due to a lack of effort or resources, but were an integral part of a complicated development process. He said there were more than 50 full-time engineers working on the Shelley project.
Shelley is expected to generate significant interest around the Cardano network, a phenomenon likely to trigger a sharp rise in prices for ADA in the weeks and months leading up to full implementation. Shelley proposes to transform the Cardano consensus protocol into a proof of participation model. It will also create a fully decentralized network, a fundamental principle of the Cardano network.
Very few projects are as highly esteemed as Cardano. The decentralized network is based on a research-based approach, making it one of the highest ranked blockchains on the market. Depending on user activity, developer behavior and badet maturity, Cardano ranks just behind Ethereum (ETH) for large projects, according to the Fundamental Crypto Asset Score.
Read more: The long-term bullish business for Cardano (ADA).
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock. Chart via CoinMarketCap.
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