Cardano [ADA] surges by 4% following Coinbase addition speculation and integration to Ledger wallet
Cardano looks optimistic after the announcement of its 1.5 version release on the mainnet. The Cardano 1.5 update marks the many improvisations, like Ouroboros BFT consensus protocol, from its precursor Ouroboros Classic.
The founder of Cardano and CEO at Input Output HK [IOHK] tweeted,
A blog post by the Cardano community, which explained the transition of the consensus protocol to BFT from Classic, stated,
“This update is technically a hard fork but will take place in a smooth and automatic way because this is a planned protocol upgrade whereby all parties of the current federated system have agreed to the change.”
The upgrade further aims to render a large volume of transactions and wallet addresses in addition to insufficient space detection feature and a new block consolidation status screen.
The latest release and following upgrades could potentially be a reason for Cardano exhibiting a surge of over 4% in the current bear market. The upward volume movement can also be attributed to the coin’s speculation of being listed on the trading platform Coinbase. The trading platform announced the exploration of Cardano, Basic Attention Token [BAT], Stellar Lumens [XLM], Zcash [ZEC] and 0x [ZRX], out of which most of the coins have already been added.
Another reason that led to the pump can also be speculated to be the integration of Ledger Hardware Wallet to the Cardano network. The announcement was made by Cardano Founder Charles Hoskinson. Talking about the integration, Hoskinson said,
“This means users will be able to hold their ADA offline, through the convenient and highly secure means of cold storage.”
At press time, the eleventh largest crypto asset ADA held a market cap of $1.37 billion, and was valued at $0.052. The 24-hour trading volume of the digital coin was $50.03 million, following a surge of 4.87%.
Additionally, Cardano [ADA] registered a significant growth of 12.28% during the past seven days, which is more than the top coins, including Bitcoin and Ethereum, during the same time frame.
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