Cardano tripled in February and is now the 3rd largest cryptocurrency
The price of Cardano’s ADA coins has risen sharply in value in recent times. The recent rise in prices has led to Cardano now being the third-largest cryptocurrency in the world. Towards the end of last week, the ADA reached a new high of $ 1,49 (Feb. 27, 2021) Thus, Cardano has been raised to the third-largest cryptocurrency in terms of market value.
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The increase is due to the Cardano project gaining momentum as a result of the news earlier in February that the Mary upgrade will be integrated into Cardano’s test network. The upgrade makes it possible to use smart contracts in the network and helps to transform the blockchain into a multi-asset network in the style of Ethereum.
This smart contract functionality is an important part of the Mary upgrade. It is expected to open up a new era of functionality in Cardano’s ecosystem. Once the upgrade has been integrated, decentralized financial applications should be able to operate in the network and give users an opportunity to circumvent the high costs of Ethereum’s network.
Cardano’s gains were so grand that its market capitalization climbed to about $40 billion, becoming the third-most-valuable digital asset and rising past cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH) that had led the industry standings in recent years. XRP, the token used in Ripple Labs’ payment network, fell 15% on the month.
ADA climbed to a new all-time high of $1.49 on Feb. 27, topping the peak price of $1.30 reached in early 2018 at the tail end of the last bull market for cryptocurrencies.
Big crypto movements in February
Cardano, a smart-contract blockchain aiming to rival market leader Ethereum, tripled in February to dominate performance rankings among the CoinDesk 20 digital assets.
The gains came during a bullish month across the board for cryptocurrencies, with Bitcoin (BTC), the largest, posting a massive 36% return. Ether (ETH), the second-biggest and the native token of the Ethereum blockchain climbed 7.4% in the month.
But it was Cardano and other Ethereum alternatives that topped the rankings in February. Aside from the 274% gain for Cardano’s ADA token, the ATOM token from Cosmos rose 122%, based on CoinDesk pricing.
Cardano has been pioneered by a team of academics and engineers, and is offering a unique approach to scaling and securing a blockchain network. Cardano is a non-profit platform with three separate bodies responsible for maintaining and developing the platform. The cryptocurrency which operated in the Cardano network is called ADA and is, like others, can be used for direct value transfer. Furthermore, the network will soon be able to handle smart contracts.