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The cryptocurrency world is still in its nascent stage and yet, every project has been working towards crypto-adoption. While other coins are busy promoting themselves, Cardano’s progress has been reflected in the market after it grew by 24% in four days.
Giving in to Weiss Ratings’ reputation as a speculator, the agency claimed that the Shelley core update and Coinbase’s listing had triggered the buying sentiment. Weiss Ratings said,
“#Cardano leads crypto market with staggering 24% gain in just 4 days. #Shelley core update and listing seem to be the culprits triggering a fresh wave of buying sentiment. staking should do wonders for this project. First sign of real progress since 2017.”
The Shelley core update is expected to be rolled out on June 15, and is aimed at strengthening the company’s prospects of blockchain-driven decentralization. The eleventh largest coin, according to CoinMarketCap, also saw its popularity on Twitter rise, corresponding to its recent developments.
Weiss Ratings had recently conducted a poll on Twitter to identify the crypto-community’s favorite coin among XRP, Cardano [ADA], Tron [TRX], and other altcoins. These polls are taken seriously in the ecosystem to identify the most favorable coin for users and has often been used as a precursor to listing a project by prominent exchanges. Weiss Ratings further informed its users that a paper by Pacific Northwest National Laboratory analyzed discussions on Reddit for 3 years, eventually concluding that Bitcoin was the most popular coin on Reddit, followed by Ethereum and Monero.
At press time, ADA was falling by 5.06% over the past day, but was moving up by 1.66% within the hour. The coin was valued at $0.0884, with a market cap of $2.29 billion. The 24-hour trading volume of the coin was reported to be $386.86 million.
Source (https://ambcrypto.com/cardanos-shelley-core-update-has-driven-coins-24-surge-claims-weiss-ratings/)