Bitcoin price dropped and fell below the $50K level.

Bitcoin’s decline has taken with it most of the crypto market, and only a few altcoins have escaped the allure of its decline.

Cardano coin “ADA” is one such cryptocurrency that stands out from the bear market context.

The digital currency, ADA, is up 46% in the last week, 269% in the last month, and 2,633% since last year.

With all this upward momentum, ADA has managed to become the third largest cryptocurrency by market capitalization.

Today, at the time of writing this article, the digital currency “ADA” continues to rise as the price of the coin reached the level of $1.37, even with most of the market remaining in the red.

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Bitcoin is down 15% this week and Ethereum is down 22%.

Regardless of the digital currency “Dogecoin”, whose price rose after Elon Musk’s tweets about it, “Cardano” has become the third largest digital currency in terms of total market capitalization and the best currency in terms of performance, according to data provided by “Nomics”.

Impressively, Cardano has performed well despite not yet being listed on Coinbase, which is a major platform and gateway for US investors.

Why is the price of the ADA digital currency rising?

The recent rise in the price of the ADA coin can be traced back to two reasons:

Or not: The next update to the Cardano blockchain, which will receive the “Mary” split at the beginning of next month, March.

With this update, Cardano will become a decentralized smart contract platform that supports multiple assets (MA), we will give an in-depth look at the upcoming update of Cardano in an upcoming article on Arab Bitcoin.

The new update “Mary” will support smart contracts, decentralized finance (DeFi) and non-fungible digital currencies (NFTs) all coming to the network in the coming hours.

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And the announced features, despite their availability in Ethereum, the Ethereum fees annoyed many users, which made them look forward to any competing Blockchain that offers the features of Ethereum and with lower fees.

secondly: The rise in the price of the digital currency ADA can be traced back to the news of the investment of “FD7”, an investment company in Dubai, which sold $750 million in Bitcoin so that it could buy the ADA and DOT coins.

Gerald Fota, Director of Communications at investment research firm Quantum Economics, told Source:

Given that Cardano has been trading near the dollar and the platform has a lot of well-thought-out development, this might be the smartest game FD7 can do to generate greater returns.

Read:Find out how many DeFi users are on Ethereum

Polkadot coin, another recipient of FD7’s investment, is down 13% during the week, so it’s unlikely that ADA’s rise can be attributed to FD7’s investment.

Charles Hoskinson, founder of Cardano, who also co-founded Ethereum, told me he didn’t know what had caused the price of ADA to soar, recently stating:

If I knew why prices behave the way they do, I would be a trader, not a builder.

I focus on the growth of the Cardano ecosystem and realizing the use and benefit of our industry in the developing world.

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