Unprecedented Growth for Cardano’s Ada
On February 26, 2021, Cardano’s Ada experienced a monumental surge, skyrocketing to an all-time high price of $1.29. This spike in price caught the attention of investors, elevating Ada to the prestigious position of the third-ranked cryptocurrency by market capitalization.
The Numbers Don’t Lie
Data from various trading platforms highlight that Ada jumped a whopping 27% from a low of $0.98 to its new peak, buoyed by record trading volumes. In fact, trading for Ada registered an astonishing volume of $12.8 billion! That’s a lot of coin tossing to generate that kind of business!
Mary Upgrade: The Game Changer
The excitement around Ada can largely be attributed to the recent integration of the Mary upgrade onto Cardano’s testnet on February 3. This key upgrade introduces essential smart contract functionalities, allowing Cardano to evolve into a multi-asset network akin to Ethereum, but hopefully without the gas bills that make wallets weep!
Countdown to Launch
Cardano’s founder, Charles Hoskinson, injected further enthusiasm into the market with a tweet teasing the launch of Mary on the mainnet by March 1. “Ladies and Gentlemen, the rocket is in the air. Mary will reach orbit in one epoch!”
“I was benevolent and good; misery made me a fiend. Make me happy, and I shall again be virtuous.” – Charles Hoskinson
That quote was deep. Let’s hope Mary doesn’t come crashing back down!
Market Dynamics and VORTECS™ Score
From the trading landscapes and market conditions, things have consistently been looking rosy for Ada. The VORTECS™ score (an algorithm that analyzes a combination of factors including market sentiment and Twitter chatter) reached 79 a day before the price uptick, hinting at a brewing success. It’s safe to say that the market was buzzing with excitement!
A Bright Future Ahead?
The smart contract functionality ushered in by the Mary upgrade might be a turning point for many decentralised finance (DeFi) applications on the Cardano network. This move promises on-ramps for users looking to sidestep Ethereum’s notorious gas fees while diving into the DeFi deep-end.
