Cardano (ADA) has surged sharply in the past 24 hours, becoming the 4th largest cryptocurrency in terms of market capitalization.
The popular cryptocurrency ADA has risen 27.39% in the last 24 hours and 97.20% in the last 7 days. ADA managed to surpass XRP in terms of market capitalization after its steep rise last night and ranked 4th. This drastic upward movement of the ADA suddenly caused excitement and confusion in the cryptocurrency community.
Cardano had set an all-time high in January 2018, reaching $ 1.33. Now many crypto investors and analysts expect ADA to exceed $ 1.
Why is ADA Increasing?
Mary, one of two hard forks set up to switch Cardano from Shelley to Goguen, happened on February 3rd. 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 transform 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 state that this is the reason behind the ADA price increase.
