Cardano (ADA) remains in an uptrend despite the massive selloff that engulfed the cryptocurrency market during the week. ADA pumped higher, flipping its prior all-time high of $1.33 while setting a new record high of $1.537. This move also pushed ADA to 3rd place among all cryptocurrencies by market capitalization.
Steady momentum for ADA price keep piling after Cardano’s parent company, IOHK announced the integration of the Mary upgrade to Cardano’s Testnet on Feb. 3. The upgrade enables smart contract functionality, helping transform the blockchain into a multiasset network similar to Ethereum.
The recent increase in price coincided with the time Cardano founder Charles Hoskinson tweeted that Mary would be live on the mainnet at the beginning of the next epoch on March 1st.
ADA/USD Daily ChartCardano’s trading volume also rose to a new high of $16.59 billion while the open interest for ADA futures also rose to $580 million, surpassing Litecoin (LTC) to become the third-largest derivatives market. Cardano has gained 30.15% in the last 24 hours and 30.45% on a 7-day basis to the joy of Cardano lovers.
A Twitter user stated ‘Cardano breaks through the previous ATH of $1.33!!! What a great start to the weekend!!!’
Another user tweeted ‘#ADA #Cardano is heading towards $1.50 and soon will hit $2 mark.’
“House set to approve a 1.9 trillion dollar advertisement for #Bitcoin” tweeted Tyler Winklevoss, early Bitcoin investor and co-founder of exchange Gemini.
According to CNBC, the House aims to pass its $1.9 trillion coronavirus relief package on Friday and send it to the Senate. Both chambers aim to approve the bill and send it to President Joe Biden’s desk before March 14, when key programs buoying millions of jobless Americans expire.
Part of the bill’s main provisions included $1,400 direct payments for individuals making up to $75,000, and couples earning up to $150,000, which phase out at $100,000 and $200,000 in income, respectively, and a gradual federal minimum wage increase to $15 an hour by 2025.
The news may be a positive one for Bitcoin as a survey by Deutsche Bank strategists indicated that 37% of retail investors planned to put their stimulus cash directly into equities.
As of the time of writing, the market is gradually making a rebound with the top ten crypto assets trading in the green on a 24-hour basis. Bitcoin is up by more than 3% at $47,700, while Ethereum seeks stability at $1,508, marginally up by 1.5% in the last 24 hours.
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