Cardano (ADA) Continues To Rise, Overtakes XRP to Place 4th! Causes of Ascension.
Cardano (ADA) has surged sharply in the past 24 hours, becoming the 4th largest cryptocurrency in terms of market capitalization.
Popular cryptocurrency ADA has risen 27.39% in the last 24 hours and 97.20% in the last 7 days, according to CoinMarketCap data. ADA managed to surpass XRP in terms of market capitalization after its steep rise last night and ranked 4th. This sudden upward movement of ADA caused excitement and confusion in the cryptocurrency community.
Cardano had set an all-time high in January 2018, reaching $ 1.33. Now, many cryptocurrency investors and analysts expect ADA to exceed $ 1.
Why is ADA Increasing?
Mary, one of two hard forks set up to move Cardano from Shelley to Goguen, happened on February 3. The long-awaited hard fork will finally bring local asset support to Cardano, a move that will unlock decentralized finance on the network.
The Mary hard fork is a highly significant upgrade that unlocks a whole new world of opportunities for both the Cardano community and businesses and institutions using blockchain. With this upgrade, the Cardano test network will effectively turn into a multi-wealthy network, and users will be able to issue and distribute their own tokens on the Cardano blockchain.
At the end of February, the same upgrade will be rolled out to the Cardano mainnet and unlock the smart contract functionality of the blockchain . Analysts say this is the reason behind the ADA price increase.