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Cardano (ADA) Takes Bearish Turn Despite Achieving Major Milestone with Mary Hard Fork

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Tue, 03/02/2021 - 06:05
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Alex Dovbnya
Cardano has plunged over 10 percent following the release of the Mary hard fork
Cardano (ADA) Takes Bearish Turn Despite Achieving Major Milestone with Mary Hard Fork
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Cardano (ADA) has tanked over 10 percent in hours after the activation of the Mary hard fork, with traders apparently being tempted to sell the news. 

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Image by tradingview.com

ADA is currently close to slipping below Binance Coin (BNB) on the CoinMarketCap ranking website after becoming the third-largest coin for the first time last week.  

The cryptocurrency that underpins the red-hot smart contract platform has rallied over 117 percent in less than two weeks in the run-up to the major upgrade that enables the creation of native tokens on the blockchain.

Ethereum formalized the now-ubiquitous ERC-20 standard in September 2017 after it was initially introduced in 2015. 

With Cardano, the main difference is that its assets will be supported natively, meaning that there’s no need for writing smart contracts for their creation.

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“A brief stop”

IOHK CEO Charles Hoskison is convinced that the new upgrade makes Cardano the best fit for launching DeFi tokens, stablecoins, and security tokens:       

It’s an amazing technological marvel. It’s a great achievement. It’s a foundation to build upon.

Yet, he claims that it’s only “a brief stop” on Cardano’s roadmap, going as far as taking over the world in a half-joking manner:  

You know what, we are crazy enough that we might actually do it.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.