Cardano’s ADA Is Now The Third-Largest Cryptocurrency

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The native cryptocurrency of the Cardano blockchain, ADA, has broken to a fresh all-time high at $1.30 per coin. ADA has been swept up in bitcoin’s bull market place, even although Cardano has no major decentralized finance (DeFi) or other applications operating on it like other Ethereum competitors such as Binance Smart Chain. The blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK. The cryptocurrency surpassed dollar-backed stablecoin tether (USDT) and Binance’s BNB to move into third location. Bitcoin (BTC) and ether (ETH), the native cryptocurrency of the Ethereum blockchain, have suffered below a price correction following months of double-digit percentage gains. ADA recently traded at $1.25, up 10% in the final 24 hours. That’s very good sufficient to come to be the third-largest cryptocurrency when measured by market place capitalization at $39 billion. The cryptocurrency is up 645% in the previous 90 days, according to Messari. ADA’s market place cap is remains the third biggest, nonetheless. A competitor to the Ethereum blockchain, Cardano was launched in 2017 and is mostly backed by small business venture Input Output Hong Kong (IOHK). Bitcoin is down 6% on the day to $46,800 whilst ether is down 6% at $1,490 as of press time. Correction (Feb. 26, 22:45 UTC): Original market cap figure cited was Ethereum’s industry cap at $169 billion.

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