Cardano’s ADA cryptocurrency was holding steady on Monday after the government of Georgia reached an agreement with Input Output Hong Kong (IOHK) to implement blockchain technology across core government domains. IOHK is the blockchain company that oversees Cardano’s development.
ADA Price Update
ADA’s price was little changed after trading within a narrow range for most of the session. The eleventh-largest cryptocurrency by market cap hovered between $0.0910 and $0.0940 on Bittrex before consolidating at the midpoint of the range. It was last seen trading at $0.0927.
The coin was down 0.3% over the 24 hour trading period. Exchange-based trade volumes were reported at $148 million, according to CoinMarketCap.
At current values, Cardano has a total market capitalization of around $2.4 billion, where it trails Stellar (XLM) by roughly $100 million.
Cardano pierced through the psychological 10-cent mark last week before quickly losing the handle. ADA has been firmly capped below that level since last summer. The cryptocurrency faces a large supply zone between $0.900 and $0.1000. Despite the ongoing struggle to overcome that level, ADA has shown encouraging signs of a bullish breakout.
As Weiss Ratings recently pointed out, Cardano’s price surged some 24% between June 9-13 on the back of the Shelley core update. The Florida-based rating agency said Cardano was showing the “first sign of progress since 2017.”
#Cardano leads crypto market with staggering 24% gain in just 4 days. #Shelley core update and #Coinbase listing seem to be the culprits triggering a fresh wave of buying sentiment. #ADA staking should do wonders for this project. First sign of real progress since 2017. #ADA
— Weiss Ratings (@WeissRatings) 13 juin 2019
While Cardano has appreciated against the U.S. dollar, its price relative to bitcoin has plummeted over the past five days. Since June 12, the ADA/BTC pair has plummeted more than 15%. Over the same stretch, bitcoin’s price has appreciated more than 16%.
Georgia MOU Signed
IOHK, the development arm behind the Cardano project, has officially entered into a memorandum of understanding (MOU) with the government of Georgia to implement a suite of blockchain processes spanning business, education and government services. The news was revealed by Cointelegraph on June 17.
The Cardano Foundation also confirmed the details in a Monday tweet:
IOHK and government of the country of Georgia announce a blockchain technology partnership with the signing of a MoU today. Together, they will explore blockchain-enabled solutions for the Ministry of Education and Science using Atala and Cardano.
— Cardano Foundation (@CardanoStiftung) 17 juin 2019
Georgia is looking to leverage blockchain technology across several core domains, such as verifying post-secondary qualifications, boosting data security and integrating smart contracts into government services.
IOHK has partnered with academia, government and corporations to develop peer-to-peer blockchain solutions aimed primarily at unbanked populations.
IOHK has helped shape Cardano into one of the most promising blockchain projects in the world.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.