On February 26, Cardano’s Ada received a new wave of optimism and purchase volume that lifted its price to a new all-time high of $1.29, making it the market capitalization’s third-ranked cryptocurrency.
Ada jumped 27 percent from a low of $0.98 during early trading hours on February 26 to a new high of $1.29 on record trading volume, according to data from Cointelegraph Markets and TradingView.
Following the introduction of the Mary update to Cardano’s test net on February 3, momentum for the project was building in the month of February. The update introduces smart contract features to the blockchain, enabling it to become a multiasset network similar to Ethereum.
According to cointelegraph.com, the new price increase coincided with Cardano creator Charles Hoskinson tweeting that Mary will be live on the mainnet at the start of the next epoch on March 1.
After the launch, Ada briefly jumped to $1.17 before pressures on the larger crypto-currency industry forced it down below the $1.00 range on February 25. Following that, Ada’s trading volume soared to a record peak of $12.8 billion, propelling it to a new all-time high. Open interest also rose to $580 million for Ada futures, surpassing Litecoin (LTC) to become the third-largest market for derivatives.