Cardano outpaced other major altcoins this month. A 68% rally since May lifted the token into the top 10 cryptocurrencies by market cap. The Shelley public testnet launched and precedes an August mainnet launch, though selling pressure emerged over the last 24 hours, cutting gains 4.4%.
Cardano launches Shelley testnet as price dips 4%
Cardano outpaced other major altcoins this month. A 68% rally since May lifted the token into the top 10 cryptocurrencies by market cap. The Shelley public testnet launched and precedes an August main
Key Points
- Cardano outpaced other major altcoins this month.
- A 68% rally since May lifted the token into the top 10 cryptocurrencies by market cap.
- The Shelley public testnet launched and precedes an August main
Advertisement
728×90
ADA jumped from $0.0485 in mid-May to $0.0900 by June 4, its strongest price since June 2019. Over the past month the token climbed 68%, bringing the year-to-date return to 160%. That surge vaulted Cardano to 10th on CoinMarketCap before Tezos took the spot as buying interest waned.
Shelley decentralizes the Cardano network through independent validators operating a Proof-of-Stake system. Token holders can delegate their ADA to staking pools to earn rewards without operating their own validation nodes. An incentivized testnet went live in November 2019 and let developers and users test the mechanics before this public testnet launch. The mainnet releases July 29. Participants who skipped November's testnet must wait until mainnet to begin delegating their tokens and earning staking rewards.
On-chain data backs the bullish case. IntoTheBlock counted 385k addresses holding Cardano tokens as of last week, a new record. This surge in holder count signals growing adoption among users. Net Network Growth metrics and bid/ask volume imbalance both point to renewed demand for the token.
ADA consolidated above $0.080 for two weeks and now trades just above $0.0818. Resistance sits at $0.0900 and higher at $0.0923 where the 138.2% Fibonacci retracement level sits. Buyers tested $0.0923 on multiple occasions and encountered rejection. Breaking above $0.086 opens access to $0.1000. Overbought RSI conditions make a pullback likely in the near term.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
Advertisement
728×90
Related Stories
Markets
Bitcoin Hits $109,000 All-Time High on Trump Inauguration Day
Bitcoin reached $109,356 on January 20, 2025, marking a new all-time high coinciding with Trump's inauguration.
·MiningPool Staff
Cryptocurrency
Amaury Sechet Commits To The Reduced ABC Community
Bitcoin Cash ABC's price rocketed 62% in the past day, climbing from $12.27 to $19.97 as the project released a new client focused on stability fixes. The rebound offered holders a reprieve after the
·James Gray
Cryptocurrency
Bitcoin price soars to $18,480 as bulls look to moon BTC
Bitcoin reached $18,483 in the past 24 hours, extending a significant rally over the previous week. BTC/USD climbed more than 15 percent in the last seven days following a breakthrough past the $16,00
·Aubrey Swanson
Cryptocurrency
Crypto-Ponzi Scheme Operator Arrested By The FBI
Law enforcement caught a California man attempting one of the more dramatic getaways in recent financial crime history. Matthew Piercey, accused of orchestrating a massive investment scam, tried to es
·James Gray
Cryptocurrency
Grayscale now has $10 billion in crypto assets under management
Grayscale Investments has crossed an unprecedented $10.4 billion in digital asset holdings, marking the first time the institutional crypto fund manager has reached this significant threshold. The mil
·James Gray
Cryptocurrency
YFI price jumps 20% to hit $25,000, days after trading around $7,500
DeFi token yearn.finance (YFI) jumped more than 20% as Bitcoin surged past $18,000, sparking enthusiasm across the crypto market. The token climbed from just above $21,000 to an intraday peak of $24,8
·Aubrey Swanson
Stay informed
Verifiable crypto journalism, delivered to your inbox.
Weekday mornings. No hype. No financial advice. Just what happened and why it matters.
No spam. Unsubscribe anytime. Read our privacy policy.