ADA On Fire!

in LeoFinance2 months ago (edited)

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Cardano is now a top-three cryptocurrency

It's been a good couple of weeks for Cardano, which is currently swinging around the $1.27 mark, a 13% increase over the last 24 hours.

With record-breaking trading volumes of more than $14 billion, which represents an increase of more than 80% over the last 24 hours, Cardano looks stronger than ever and hit a new all-time high of $1.29 earlier today.

As a result, Cardano claimed the third spot of the table with $39.5 billion worth of market cap. However, there's still work to be done before it can beat its record high against BTC.

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ADA beat its 2018 all-time high six days ago surpassing the $1.13 mark, and has been climbing up consequently, showing signs that it's now ready to explore new highs.

The open interest for ADA futures also rose to $580 million, surpassing Litecoin (LTC) to become the third-largest derivatives market.

Source: coindesk.com

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The best part is that it is performing like that on a day when almost everything else is in the red. The hype around the project has been growing in the past few weeks after the integration of the Mary upgrade to Cardano’s testnet.

On Feb. 3, Cardano conducted a hard fork and successfully integrated the Mary upgrade to the testnet, transforming the blockchain into a multiasset network similar to Ethereum.

Source: coindesk.com

Maybe that explains why Cardano has been racing lately, and there is probably a lot more to come judging by the progress being made.

It is worth mentioning that Cardano founder Charles Hoskinson posted a Tweet yesterday, hinting Mary would be live on the mainnet on Monday. We have witnessed record-breaking trading volumes for ADA ever since.

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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: coindesk.com

ADA is currently trading at $1.265 on Binance, after a couple successive green candles appeared and dragged the cryptocurrency to the top three.

It will probably decline a bit in the next couple hours, but I can see it exploring new highs thereafter and in the next few weeks. Of course, this is by no means financial advice, it's just my humble opinion. DYOR and stuff.

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ADA/USDT market depth on Binance looks sweet as far as I'm concerned, with a sell wall of approximately 13 million tokens at the $1.7 mark and a bit more than 15.3 million tokens waiting to be grabbed at the $2 mark.

The market is extremely busy at the moment and things keep changing in the blink of an eye, but sell walls keep moving North for now. Nobody has a crystal ball though, so you never really know what's next, but the signs are good.

Good times for ADA holders and long-term investors, and I can't help but think there will be more of the same with all the work being done on the network and with smart contract functionality becoming a reality for the Cardano blockchain.

Are you holding ADA?


Thank you for your attention

Alright guys, that's it for now. I sincerely hope you learned something new today. Thank you for taking the time to read those lines.

Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.

Stay safe and have a good one,
@lordneroo


Image Sources: 1, 2, 3, 4, 5, 6


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Strangely, it was not affected by the market downturn at all
It continues to rise
The good news about the update appears to be stronger than the market trend

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Yeah it looks strong. Let's see what the future has in store for ADA given the ongoing developments.

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I hope it is as promising as possible.

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The future looks bright.

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It will be amazing and we will be in it :)

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That's how big, serious projects grow strong. Even if the market trend shows the opposite.

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Fully agreed, there's a lot of work being done and it's reflected on the price action.

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It is true and the best thing is to know that it is just beginning.

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Time will be a great ally for good projects. In the future we will celebrate and thank you for being at the right time.

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I never researched ADA, although I knew it already existed on the market.

Well, I was curious to know more and I will check depending on the project if it is still worth entering. It is always good to maintain expectations for the long term.

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I believe that it's still a bargain at those price levels, not financial advice though ;) Thanks for dropping by, mate!

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Thank you, all right and it’s always a good idea to review the advice and projects before doing anything.

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What Cardano is managing to do is really incredible and inspiring to other cryptocurrencies.

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I'm not even sure what it is I own, but I'm glad I bought some a while back, it's done pretty well for me!

I need to get is staked somewhere come to think of it.

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Good for you, HODL! And yeah, I need to explore ADA staking options myself. Thanks for reading!

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I never really got around Cardano. For most of it, all it gave were promises and hype,..this recent upgrade to Mary has been in works for almost 3 years, it is nice to know it is finally out.

If Cardano is so similar to Polkadot, then I don't see any reason why Ada shouldn't go up to what Dot presently is in price of token.

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I believe the news about Mary is what's driving the price upwards for now, maybe it will persist with all the development currently being made. I guess we will find out soon :) Thanks for passing by!

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