{"id":429945,"date":"2020-07-08T03:43:54","date_gmt":"2020-07-08T03:43:54","guid":{"rendered":"https:\/\/wncen.com\/?p=429945"},"modified":"2020-07-08T03:48:58","modified_gmt":"2020-07-08T03:48:58","slug":"cardano-ada-bitcoin-sv-30-percent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-ada-bitcoin-sv-30-percent\/","title":{"rendered":"Cardano (ADA) Surges 30% in 24 Hours, Surpassing Bitcoin SV"},"content":{"rendered":"

Bitcoin has stagnated around $9,300 but this hasn’t stopped Cardano (ADA) from surging higher. The altcoin is up over 30% in the past 24 hours, surging higher on an influx of buying volume across all major exchanges.<\/p>\n

With the latest move higher, Bitcoin Satoshi’s Vision (BSV) has been unseated as the sixth-largest cryptocurrency.<\/p>\n

Data from Messari’s OnchainFX<\/a> and CoinMarketCap<\/a> show ADA is now the sixth-largest cryptocurrency. Its reported market capitalization is $3.92 billion \u2014 $500 million higher than that of BSV.<\/p>\n

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Top seven cryptocurrencies by market capitalization from Messari (OnchainFX)<\/pre>\n
Considering that ADA is the only cryptocurrency in the top 10 that is pumping, it is no surprise itis passing its competitors.<\/p>\n
What’s Behind the Move?<\/strong><\/h2>\n
Behind ADA’s strong performance in the past 24 hours and over the past few weeks is one thing, according to analyst Luke Martin.<\/p>\n
The CNN-featured cryptocurrency trader wrote<\/a> discussing the chart seen below:<\/p>\n
“$ADA & $XTZ have been two of the most memorable large cap pumps in the last year. Both come down to one thing: staking\/baking. What large cap alt will be the next to launch their staking?”<\/p><\/blockquote>\n
\"Image\"<\/p>\n
ADA\/BTC chart by Luke \"Venture Coinist\" Martin (@venturecoinist on Twitter). Chart from TradingView.com<\/a><\/pre>\n
Martin is referencing Cardano’s “Shelley” upgrade, which has been likened to Ethereum’s 2.0 upgrade.<\/p>\n
Shelley promotes the decentralization of the Cardano network through ADA staking. Staking is when users allocate their cryptocurrency to a node and earn rewards for processing blocks.\u00a0Staking is not yet live on Cardano, though it is expected to be launched by the end of this month.<\/p>\n
Investors en-masse are buying into Cardano seemingly to participate in staking, which produces passive income for those that participate.<\/p>\n
On-Chain Metrics Signal More Upside Is to Come<\/strong><\/h2>\n
From a technical perspective, few are too sure what comes next. As Cardano has moved so fast, analysts have been slow to react.<\/p>\n
But on-chain and exchange data suggest that ADA has room to rally, despite it already gaining 250% since the start of 2020.<\/p>\n
Blockchain analytics firm IntoTheBlock reports<\/a> that five of seven of its core metrics are currently “bullish.” These metrics are as follows:<\/p>\n