Cardano (ADA) becomes third largest cryptocurrency

Cardano (ADA) price surged to an all-time high of $ 1.41. The price accelerated in a short time, also increasing the market value of Cardano currency and ADA became the third most valuable cryptocurrency.

TOP 5 cryptocurrencies by market cap. Source: CoinMarketCap

According to Cointelegraph Markets and TradingView data, the ADA, which traded at the lowest $ 0.89 on February 24, reached $ 1.41, up 58 percent in 3 days. The altcoin, which achieved a record transaction volume, ranked third in terms of market value.

According to CoinMarketCap data, the total market value of the Cardano currency has increased to $ 42.5 billion.

As recently reported by Cointelegraph, Binance Coin (BNB) ranked third in market capitalization. Having reached the downward trend in the crypto money market, BNB lost the third place to Cardano when it fell to $ 35.1 billion.

The update on the network reflected positively in the price

The value of the cryptocurrency has been increasing since the Mary update, which was added to the Cardano testnet on February 3. With the update, smart contracts support multiple digital assets, just like the Ethereum network.

Daily chart of the ADA / USDT pair. Source: TradingView

The ADA price was briefly affected by the declines experienced in the cryptocurrency market last week. The altcoin, which went up to $ 1.2 on February 20, dropped to $ 0.81 after sales pressures.

Over $ 1 as of February 25, ADA hit an all-time high of $ 1.41 on February 27.

The bullish moving averages (MA) and the relative strength index (RSI) moving deep into the overbought zone show that the market is currently controlled by the bulls.

As reported by Cointelegraph, analyst Michael van de Poppe set the $ 10 level as a mid-term target for the Cardano price.

The opinions and comments expressed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.

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