ADA Surges 8% Overnight, Are Crypto Investors Confident in Cardano's Roadmap?

ADA, the native crypto asset on the Cardano blockchain network, has increased by 8 percent on the day against both Bitcoin and the US dollar, maintaining its momentum throughout the past week.

The price increase, since Mar. 14, is said to have been triggered by the launch of the Cardano 1.5 mainnet.

"Cardano 1.5 is important in preparation for moving to the Shelley development phase. This update brings a new consensus protocol, Ouroboros BFT, which is a key step in the transition from Ouroboros Classic, the current consensus protocol running the Cardano network, to Ouroboros Genesis, the protocol for the Shelley era," the IOHK team said.

Ouroboros Genesis-which is considered to be the ultimate upgrade to the proof-of-stake consensus algorithm of Cardano-will improve the security of the Cardano blockchain network significantly, enabling a more secure and efficient environment for developers and decentralized applications.

Prior to the announcement of the release of the Cardano 1.5 mainnet, several technical analysts and traders in the crypto sector stated that based on technical analysis, considering the performance of ADA in recent months, that the asset is in an ideal position to rebound.

Within 8 months ADA dropped from around $0.35 to $0.027, a decrease of more than 92 percent against USD. However, beginning February, Cardano gained momentum and showed signs of recovery with strong daily price movements.

The recent price movement of ADA, specifically its 35 percent rally in the past 10 days, is mainly attributed to the progress in the development roadmap of Cardano and its path towards establishing a secure PoS blockchain network.

The transition from Ouroboros Classic to Ouroboros BFT was especially crucial as it marked the start of a new period in Cardano development called the Shelley, which is considered to be the last phase of development for the foreseeable future.

Is the "Coinbase Factor" Priced In? In July 2018, Coinbase, a major US-based cryptocurrency exchange, expressed its interest in integrating five crypto assets including Stellar, Basic Attention Token, Zcash, 0x, and Cardano.

Some traders have suggested that the anticipation of a potential listing of Cardano on Coinbase has contributed to the rising price of ADA. However, it currently remains uncertain whether Coinbase will list ADA in the near future, especially following the integration of Stellar this month.