Cryptocurrency enthusiasts paying attention to Cardano (ADA) may have noticed the cryptocurrency’s price went up over 22% in the last seven days, helping it become a top ten cryptocurrency by market cap.
According to CryptoCompare data, Cardano’s price went from roughly $0.049 to about $0.061 at press time, after falling from a high of little over $0.07. In the last 30 days, the cryptocurrency is notably up over 32%.
The cryptocurrency has this week released its version 1.5, an important step towards the highly anticipated Shelley upgrade. This upgrade is notably going to see Cardano’s blockchain get rid of cryptocurrency miners, and instead rely on a proof-of-stake (PoS)-based system.
The cryptocurrency’s recent upgrade has seen it introduce a number of changes that are expected to smooth the transition toward Shelley. The version is reportedly going to see ADA implement a new consensus protocol known as Ouroboros BFT, which will effectively help it fend off potential 51% attacks.
Its upgrade has also seen it introduce new UX changes and other improvements.
The Cardano 1.5 release also makes many other improvements. These include performance improvements when rendering lists with a large number of transactions and wallet addresses, the addition of features for detecting insufficient disk space, and a new screen that visualizes the block storage consolidation process.
Cardano’s upgrade to the Ouroboros BFT is reportedly going to be implemented through a hard fork that will occur in a “smooth and automatic way.” Per an announcement, it’s a “planned protocol upgrade whereby all parties of the current federated system have agreed to the change.”
Coinbase Listing Rumors
Notably, some community members have been claiming Cardano may soon be listed on Coinbase, a popular cryptocurrency exchange. Its price may be rising over the rumors, as cryptos are known to see their value rise as soon as they’re listed on the exchange. In some cases, prices have risen before the tokens were listed.
$ADA pump has me leaning toward possible @coinbase listing on Monday. No I don’t think it really matters but we’re coming into a good spot to secure some profit. #Cardano
— Kyle Rotterman (@KyleRotterman) March 23, 2019
As this has happened numerous times – and even led to complications when Bitcoin Cash was listed – it has become known as the “Coinbase Effect.” However, as XLM’s price didn’t rise suddenly after being listed on Coinbase Pro, some believe the effect is diming.
While it isn’t clear whether Coinbase will ad ADA to its platforms, it’s known the company has been considering it, as late last year it revealed a list of digital assets it was looking into, which also included NEO, EOS, XRP, and XLM.
