Cardano (ADA) surpasses Tether and becomes the 3rd largest cryptocurrency in market value
Cardano (ADA), the native cryptocurrency of the eponymous blockchain project, is up 15% this Friday (13) after reaching its highest quote in 12 weeks of $2.07. According to data from CoinGecko, the asset has appreciated 47.3% in the last...
Cardano (ADA), the native cryptocurrency of the eponymous blockchain project, is up 15% this Friday (13) after reaching its highest quote in 12 weeks of $2.07.
According to data from CoinGecko, the asset has appreciated 47.3% in the last seven days, making it the biggest gainer among the leading cryptocurrencies in the market.
The latest upward movement pushed the token’s market capitalization to $64.7 billion, or 3.23% of the total value of all cryptocurrencies. This helped the ADA to surpass Tether (USDT) as the third largest cryptocurrency on the market and leave behind Binance Coin (BNB), its main competitor for the position.Top four cryptocurrencies by market capitalization as of Friday morning (13) (Source: CoinGecko(
Cardano is currently changing hands for $2.04, with 24-hour trading volume exceeding $6 billion. Despite this, the currency is still about 16% below the historic high of $2.45 recorded on May 16th.
Created by Charles Hoskinson, one of the original co-founders of Ethereum (ETH), Cardano is a proof of participation (PoS) blockchain platform that will allow developers to build decentralized applications (dApps) once its smart contract functionality is released. Smart contracts are codes that execute commands and instructions automatically.
Cardano is currently preparing to receive the ‘Alonzo’ hard fork, which will deploy smart contract functionality in the main grid.
The update was announced by Hoskinson earlier this week and will take the ecosystem into the world of decentralized finance (DeFi), allowing users to harness the power of smart contracts.
DeFi’s goal is to exchange banks for lines of code, offering users loan and trading services without the need for intermediaries.
In addition to the update, the ADA is also reacting to some positive developments in recent weeks, such as its inclusion in Grayscale investment firm’s Digital Large Cap fund, with assets representing 4.26% of the fund.
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