Last month, Cardano’s (ADA) digital asset survived the effects of Bitcoin. This result is based on an observation by the Skew team highlighting a negative correlation between Cardano and Bitcoin over the past 30 days.
The team at Skew shared this milestone via the description below and the accompanying chart showing the anomaly seen in Cardano’s correlation with BTC.
Over the past month, the correlation between BTC / USD and ADA / USD has fallen into negative territory, an extremely rare occurrence for cryptocurrencies.
ADA ditches BTC due to Mary upgrade on Cardano Mainnet
Cardano’s break from Bitcoin in the last 30 days could be attributed to the last Mary Upgrade on the ADA mainnet on March 1. The hype and excitement surrounding the Cardano upgrade resulted in the ADA price seeing its all-time high of $ 1,487 on February 27 and 3 days before the aforementioned upgrade.
With Mary Upgrade, Cardano will now become a very wealthy platform that will allow users to create private tokens (such as NFTs) that will interact directly with the Cardano blockchain without using smart contracts. This means that transactions on the Cardano network will be much cheaper than other blockchains such as Ethereum.
Cardano is trading at $ 1.11 at the time of writing.