The price of top 10 cryptocurrencycryptocurrency by market cap Cardano (ADA) shot up by more than 11% this morning. It’s market cap now stands at roughly $2.3 billion, per data from Messari, which is enough to best Tezos (XTZ) for the tenth spot in the rankings by around $200 million.

ADA is now trading for about $0.0831, having cooled from a high of $0.0856 earlier today.

ADA price

The blockchain network for the EthereumEthereum competitor Cardano has been on roll as of late, and the same can be said for its native ADA cryptocurrency. In early may, ADA was trading for a mere $0.05 per tokentoken. But in late May, the crypto surged by 12% following news that Cardano’s long-awaited Shelley upgrade is finally ready to launch.

And the excitement appears to be driving the rally into June as well. All in all, ADA is up more than 50% over the last week.

Cardano’s Shelley mainnetmainnet is set to go live later this month. According to Charles Hoskinson—co-founder and CEO of IOHK, developers of Cardano’s blockchain—the Shelley will be rolled out for users sometime between June 30 and July 7. IOHK has been working on Shelley for the past two years.

IOHK CEO and Cardano founder Charles Hoskinson. IMAGE: Decrypt

Charles Hoskinson reveals launch dates for Cardano's Shelley

IOHK CEO Charles Hoskinson today announced the launch of Shelley, the latest update for Cardano. It will start rolling out the network between June 30 and July 7. Speaking on a crowdcast update, he provided 11 dates for the release of Shelley. "Guys wanna know when Shelley is? Let's tell ya," he said today. "June 9, this is when it opens up to everybody. The next date we have for you is June 16, that's when we start putting things together end-to-end." Cardano is billed as the first blockchain p...

NewsCoins
2 min read
Tim Copeland

The Shelley updates will grant users control of block validations and allow staking rewards for ADA holders, enabling them to earn interest on their crypto stashes through the network.

Meanwhile, the rest of the crypto market has seen only marginal gains today. BitcoinBitcoin is steady at $9,500, Ethereum is up nearly 2% and trading for $239.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.