Cardano is now a top-three cryptocurrency as ADA price soars 27% in 24 hours

Published at: Feb. 26, 2021

Cardano's Ada received a fresh wave of optimism and buying volume on Feb. 26 that pushed its price to a new all-time high of $1.29, making it 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.

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:

Ladies and Gentlemen, the rocket is in the air. Mary will reach orbit in one epoch: https://t.co/7D9WTH68iw welcome to the Mary era: “I was benevolent and good; misery made me a fiend. Make me happy, and I shall again be virtuous.”

— Charles Hoskinson (@IOHK_Charles) February 24, 2021

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 Ada has surged to a new record of $12.8 billion, helping elevate it 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.

Tags
Markets
Altcoin Watch
Altcoin
Cryptocurrencies
Defi
Cardano
Smart Contracts
Charles Hoskinson
Related Posts
Cardano price is hot, but data shows pro investors haven’t warmed up yet
Cardano (ADA) has been in the spotlight lately partially because of its early 2021 price performance and the fact that its huge fan base has been anxiously awaiting the launch of the network’s smart contract capability in the upcoming Alonzo upgrade. While the rise of decentralized finance (DeFi) took place and the total value locked in DeFi applications soared above $76 billion, Cardano investors have been waiting for nearly four years for the project to deliver on all its promises. Traders are now trying to determine whether the 50% rally since July 21 was backed by positive expectations or fundamentals. …
Markets / Aug. 10, 2021
Bullish cup-and-handle pattern sets Cardano (ADA) price up for a new ATH
Smart contracts have been a revolutionary force in the blockchain industry because they have enabled the creation of decentralized finance protocols, nonfungible tokens and a new form of carrying out transactions without the need for an intermediary. Cardano is one of the many projects that has been gaining momentum throughout 2021 and now that the project’s long-awaited smart contract capabilities are on the verge of becoming reality, the token is on the precipice of setting a new all-time high. Data from Cointelegraph Markets Pro and TradingView shows that after bottoming at a low of $1.02 on July 20, the price …
Markets / Aug. 20, 2021
All-time high social activity accompanies 100% rally in Cardano price
Social media mentions about Cardano have been growing since the beginning of the year, and during this time, the price of its ADA token has more than doubled, in the process surpassing Bitcoin Cash (BCH) to become the sixth-largest cryptocurrency by market capitalization. A deeper dive into data from Twitter data failed to identify a specific driver of ADA’s bullish price action, but data from The Tie did show that Cardano mentions recently reached an all-time high, with the price tracking the increase. Keyword analysis of Cardano-related tweets also failed to identify the motivating factor behind the recent social media …
Markets / Jan. 20, 2021
Stablecoin launch and NFT integration back Coti’s rise to a new all-time high
The blockchain ecosystem has evolved significantly over the past decade as smart contract capabilities have moved the industry from being a simple medium of exchange to a bustling ecosystem full of decentralized finance (DeFi) and nonfungible tokens (NFT). One project that has benefited from the increased capabilities of blockchain technology and the recent launch of smart contracts on Cardano is Coti, an enterprise-grade fintech platform focused on helping organizations create their own payment solutions and digitize any form of currency as a way to facilitate decentralized payments. Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at …
Nft / Sept. 28, 2021
Altcoin Roundup: JunoSwap, Solidly and VVS Finance give DeFi a much-needed refresh
Decentralized finance (DeFi) was the talk of the town in early 2021, but it has since taken a back seat to more appealing sectors like nonfungible tokens (NFTs), memecoins and blockchain gaming. Now that cross-chain bridges and interoperability have allowed for the easier migration of assets to competing chains, a new class of DeFi protocols is arising to challenge those left from 2021. Here’s a look at three DeFi projects that have launched on some of the up-and-coming layer-1 blockchain networks, catching the eye of the crypto community. VVS Finance VVS Finance is the largest DeFi protocol on the Cronos …
Markets / March 4, 2022