The ADA token continues to print new local highs amidst its massive pump. Today it hit the marvelous $0.50 level on some spot trading platforms. What is catalyzing this rally?
ADA price is over $0.5 for the first time since January 2018
Today, Feb. 5, 2020, the Cardano (ADA) price surged above $0.50. The last time ADA was so expensive was on Jan. 31, 2018. The ADA price almost tripled in the last month.
Image via CoinmarketcapWith this upsurge, Cardano (ADA) is the sixth most valued cryptocurrency ever in terms of market capitalization. Excluding stablecoin U.S. Dollar Tether (USDT), whose capitalization is controlled by Tether Limited, Cardano (ADA) is now in the top five.
ADA witnesses double-digit 24h upsurges for the fourth consecutive day. It should also be noted that the ongoing pump is followed by a massive trading volume. According to Binance’s CoinMarketCap, it added a whopping 37.58% in one day and inches closer to the $4.8 billion level.
As such, the inspiring aggression of buyers can push the ADA price much higher: ADA’s all-time high was registered on Jan. 4, 2018, at $1.33.
Mary hardfork, new Ouroboros and Project Catalyst3
February’s ADA rally should be attributed to strong technical fundamentals. Yesterday, Input Output HK seamlessly activated Mary hardfork in testnet. As such, Cardano’s (ADA) canary network is living under Goguen rules now. According to Tim Harrison, marketing and communications director of IOHK, this upgrade is crucial as it paves the way to the DeFi ecosystem on multi-asset Cardano (ADA).