Cardano is now one of the top three cryptocurrencies after ADA price soared 27% in 24 hours

Cardano (ADA) received renewed bullish momentum and buying volume on February 26 that pushed the ADA price to a new all-time high of $ 1.29, making Cardano the third cryptocurrency by market capitalization.

Data from Cointelegraph Markets and TradingView show that ADA rose 27% from a low of $ 0.98 during the early hours of the trading day on February 26 to its new high of $ 1.29 on record trade volume.

4-hour chart of the ADA / USDT pair. Source: TradingView

The momentum of the project has been building throughout the month of February following the integration of the Mary update to the Cardano testnet on February 3. The update enables smart contract functions, helping to transform the blockchain into a multi-asset network similar to Ethereum (ETH).

Mary’s mainnet release date revealed

The recent increase in price coincided with the founder of Cardano, Charles Hoskinson, posting the following tweet, stating that Mary would be active on the mainnet early next season on March 1:

ADA briefly spiked to $ 1.17 upon announcement before pressures on the broader crypto market pushed it below the $ 1.00 level on Feb.25.

Since then, Cardano’s trade volume has soared to a new record of $ 12.8 billion, helping to lift the ADA to a new all-time high. Open interest in ADA futures also rose to $ 580 million, surpassing Litecoin (LTC) to become the third largest crypto derivatives market.

According to data from Cointelegraph Markets Pro, meanwhile, ADA market conditions have been favorable for some time.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market, trade volume, recent price movements, and Twitter activity.

VORTECS ™ score (green) compared to ADA price. Source: Cointelegraph Markets Pro

As we can see in the chart above, the ADA VORTECS ™ score peaked at 79 on February 25, around 24 hours before the price began to rise 27% to a new all-time high.

Smart contract functionality is the key component of the Mary update 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 looking to escape high gas commissions on the Ethereum network.

Keep reading:

  • DeFi’s “equity” benefits Holochain, Orion Protocol and Dodo
  • A major new Cardano update is coming as ADA records an inspired rebound
  • Why has Cardano sparked interest in the crypto community?
  • Nervos and IOHK partner to work on smart contract security risk reduction
  • Africa is the future of DeFi, argues Charles Hoskinson of Cardano
  • DeFi’s first Cardano project changes from Polkadot
  • Price Analysis 2/26: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, BCH, XLM

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