Cardano made impressive strides in the market this year, catapulting into the top five cryptocurrencies by market capitalization.
Presently, its derivatives grew to $580 million, displacing Litecoin to secure the third largest place in the futures market
Major Signals
- ADA's year-from-today progress rate is close to 500%.
- It has successfully completed the Mary hardfork update, putting it on par with ethereum.
- It is currently in third place on the most extensive crypto market derivatives index.
At the beginning of the month, Cardano announced that they have successfully begun the Mary hardfork test. This test is crucial; it's designed to modify the decentralized blockchain into a multi-asset blockchain.
This update exposes developers to a world of possibilities, especially those who want to create user-defined native tokens or migrate to the Cardano network entirely. The hard fork upgrade testing and quality assurance were finished on the 24th of February. But the mainnet launch will happen on the 1st of March.
It is believed that these recent updates are part of the reason why ADA has seen massive growth recently and also why its year-from-today progress rate is close to 500%. This has led to Cardano's current surge in the derivatives market. ADA pushed out Litecoin to become the third-largest behind bitcoin and ethereum.
Just a week ago, Litecoin was clearly in the lead; it had over a 50% lead over Cardano. Even with the recent price declines in the crypto market just days ago, ADA overtook LTC and at one point had close to 19% of the open interest on the futures market.
The volume also indicates the difference between LTC and Ada. Litecoin found it very hard to surpass the 2 billion dollars Mark, but cardano has a daily trading volume of close to 3 billion dollars. The on-chain metrics show that both networks experienced the same level of transfer and transaction value. But Cardano took the lead by the middle of 2020, achieving 10x more on-chain activity than Litecoin. Now that 10x difference is a 50x difference.
The volume of social accounts talking about cardano on Twitter has increased by 30% in the past 24 hours, a bullish signal for the altcoin.
