Cardano surges 18% on launch of Daedalus wallet

Cardano surges 18% on launch of Daedalus wallet

Blockchain platform Cardano has had a rare spurt of growth today as the team launches its latest crypto wallet to mainnet.

Cardano (ADA) has cranked over 18% in the past 24 hours to reach a seven-week high of US$0.0438 [AU$0.069], equivalent to 580 satoshis.

Cardano price

The move has lifted Cardano market capitalization to $1.13 billion as it moves past Monero for the 13th place on the coin cap charts.

Since its mid-March dump, along with the rest of the crypto market, Cardano has recovered almost entirely, returning to pre-crash prices.

The momentum has been driven by the launch of a brand-new Daedalus mainnet wallet for Cardano.

According to the announcement, Daedalus 1.0.0 brings significant enhancements to the wallet, including advancements in stability, reliability, and performance.

The firm added that new features include:

  • background blockchain synchronization
  • wallet import feature
  • mandatory spending passwords
  • transaction filtering
  • new update mechanism
  • redesigned, faster wallet restoration

ADA has been touted as another “Ethereum killer,” but it has failed to gain the adoption and developer base that its big brother has.

Cardano is still down 96.5% since its all-time high, but in all fairness, Ethereum is in a similar situation.

Featured image courtesy of InputOutputHK/Twitter

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