Cardano is soaring, though ADA price still has a long way to go to beat its record high vs. Bitcoin.
Cardano (ADA)
received a fresh wave of optimism and buying volume on Feb. 26 that
pushed the price of ADA to a new all-time high of $1.29, making Cardano
the third-ranked cryptocurrency by market capitalization.
Data from Cointelegraph Markets and TradingView
shows that ADA surged 27% from a low of $0.98 during the early trading
hours on Feb. 26 to its new high at $1.29 on record trading volume.
Momentum for the project has been building throughout the month of February following the integration of the Mary upgrade to Cardano’s testnet
on Feb. 3. The upgrade enables smart contract functionality, helping
transform the blockchain into a multiasset network similar to Ethereum (ETH).
Mary’s mainnet launch date revealed
The
latest rise in price coincided with Cardano founder Charles Hoskinson
posting the following tweet, indicating Mary would be live on the
mainnet at the beginning of the next epoch on March 1:
ADA briefly spiked to $1.17 following the announcement before pressures in the broader cryptocurrency market pushed it back below the $1.00 level on Feb. 25.
Thereafter,
the trading volume for Cardano has surged to a new record of $12.8
billion, helping elevate ADA to a new all-time high. The open interest
for ADA futures also rose to $580 million, surpassing Litecoin (LTC) to become the third-largest derivatives market.
According to data from Cointelegraph Markets Pro, meanwhile, market conditions for ADA have been favorable for some time.
The
VORTECS™ score, exclusive to Cointelegraph, is an algorithmic
comparison of historic and current market conditions derived from a
combination of data points including market sentiment, trading volume,
recent price movements and Twitter activity.
As
seen on the chart above, the VORTECS™ score for ADA reached a high of
79 on Feb. 25, around 24 hours before the price began to spike 27% to a
new all-time high.
Smart contract functionality is the key
component of the Mary upgrade and is expected to usher in a new era of
functionality for the Cardano ecosystem. Once integrated, decentralized
finance applications will be able to operate on the network and provide
an outlet for users who are looking to escape high gas fees on the Ethereum network.
source link : https://cointelegraph.com/news/cardano-is-now-a-top-three-cryptocurrency-as-ada-price-soars-27-in-24-hours
