Cardano (ADA) had a great last 48 hours despite the underwhelming cryptocurrency market in general. The blockchain project rose as much as 28% during this time and has now overtaken Polkadot (DOT) and Binance Coin (BNB) to become the third most valuable cryptocurrency in the world after Bitcoin and Ethereum. Cardano is in full bullish mood and is recording all-time highs for fun, the latest being around $1.48 set earlier today.
Cardano’s Steep Rise
The now third largest cryptocurrency Cardano is widely seen as an alternative smart contracts feature to Ethereum which sits immediately above it in the market right now. However, the market capitalization different between Cardano and Ethereum is huge with Ethereum’s market capitalization being around $171 billion while that of ADA is $44 billion. So, it still has a long way to go to challenge Ethereum’s supremacy in the altcoin market.
Cardano Mainnet Launch
Cardano’s rise coincided with the incoming launch of its mainnet. The news was shared by founder Charles Hoskinson on Twitter:
Ladies and Gentlemen, the rocket is in the air. Mary will reach orbit in one epoch: https://t.co/7D9WTH68iw welcome to the Mary era: “I was benevolent and good; misery made me a fiend. Make me happy, and I shall again be virtuous.”
— Charles Hoskinson (@IOHK_Charles) February 24, 2021
Hoskinson is known for using odd quotes on Twitter and his latest tweet has one of them too. Trading volume has also increased to record levels for the cryptocurrency and open interest on ADA futures is at around $580 million, which is higher than Litecoin’s. The third position in the charts is a competent spot with a four-way contest currently going on between Polkadot, Cardano, Binance Coin and USD Tether. It is unlikely that ADA will will remain here for a long time.
However, Cardano investors can take heart from its huge bullish activity during the last three months or so. It went from as low as $0.17 to as high as $1.48 during this time frame. A big part of the increase came during the last month or so, with prices increases as much as 5 times since the end of January alone. Despite the high-performing asset’s recent phase, it appears like Cardano’s adoption may take some time and that may cool down its interest a little bit.
Image source: Дмитрий Шустов under CC