Cardano rises 13.41% due to highly anticipated Shelley upgrade

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Last Updated on 28 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The long-awaited Shelley rollout finally started and this is reflected in the Cardano price. Cardano is currently fighting for position 8 based on market capitalization and rises 13.41% over the last 24 hours. 1 ADA is currently trading at € 0.083 ($ 0.095) and this is an all-time high for 2020. Recently Cardano performed very poorly and the last time the price was so high, was about a year ago.

The rise means that Binance Coin is almost losing position 8 to Cardano. While BNB also recently got its own logo on Twitter and is 2.25% in the plus.

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Shelley Network upgrade

The upgrade to Shelley has been postponed a number of times by the Cardano team, causing many investors to lose hope. It is understandable that you only want to go live with a new upgrade when it is really finished, but postponing the deadline several times creates mistrust in the market. The Shelley testnet has been running for a long time and has been fully tested. Most bugs should be resolved by now.

Exactly according to the latest planning, the Shelley rollout started at the end of June 2020 and this should take a few weeks. July 29, the hard fork must be fully implemented. After the upgrade, the blockchain is even more scalable and decentralized.

The upgrade makes Cardano staking possible and the first rewards on the network will be available from August 18. ADA holders can now transfer all their tokens to the updated Cardano wallets.