Cardano (THERE IS) received renewed bullish momentum and buying volume on February 26 that pushed ADA’s price to a new all-time high of $ 1.29, making Cardano the third-largest cryptocurrency by market capitalization.
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 launch 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:
Ladies and gentlemen, the rocket is in the air. Mary will come to orbit in a time: https://asciinema.org/a/2gfV356WUiC5ZHYse05XF6hU6 welcome to the era Mary: “I was benevolent and good; misery turned me into a demon. Make me happy and I will be virtuous again. “
— Charles Hoskinson (@IOHK_Charles) February 24, 2021
Ladies and gentlemen, the rocket is in the air. Mary will come to orbit in time. Welcome to the Mary era: “I was benevolent and good; misery turned me into a demon. Make me happy and I will be virtuous again. “
ADA briefly spiked to $ 1.17 following the 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 increased to $ 580 million, outperforming Litecoin (LTC) to become the third largest crypto derivatives market.
According to data from Cointelegraph Markets ProMeanwhile, market conditions for ADA 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.
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.
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Cardano is now a top three cryptocurrency after ADA price soared 27% in 24 hours