The Cardano blockchain is now the third-largest project by market capitalization as its mainnet gets ready for the deployment of the latest upgrade, adding native assets functionality and Babel fees.
The network’s native cryptocurrency saw its price spike to $1.48 on February 27th to reach a new all-time high at a time when most of the top projects experienced drops in value, according to CoinGecko’s data.
This was the case for Polkadot, a project that had been competing with ADA for the last weeks in terms of market capitalization. Whether or not ADA will be hit with profit-taking is anyone’s guess.
Cardano Blasts Higher
Cardano has seen increasing popularity among the crypto community over the last year as its development continues to progress to establish itself as an Ethereum competitor due to its approach to blockchain technology.
The increase in ADA’s price is especially surprising due to the project not having smart contract capabilities yet and a lack of major decentralized application, which has been the major driver behind Ethereum’s dominance despite the increased congestion and gas prices.
The cryptocurrency market has seen an increase in investment by retail and institutional investors who are becoming more open to it. This has resulted in the total market capitalization increasing by about $500 Billion in a matter of 1 month.
The Mary Fork is Ready for Deployment
IOHK, the Hong-kong based company behind the start of the Cardano projects, announced back on February 3rd that it would be deploying the fork to the testnet to monitor its behavior and performance but didn’t provide a specific date for its deployment in the mainnet.
Later on, IOHK announced that it would submit the Cardano update proposal on February 24th with the intention of deploying it in epoch 25, which is scheduled for March 1st of 2020, with the deployment being confirmed later on in an official tweet.
The most anticipated feature of the Mary update is the support for…