Cardano Is Already The Third Largest Cryptocurrency By Market Capitalization

Cardano Is Already The Third Largest Cryptocurrency By Market Capitalization

Cardano (ADA) is already the third largest cryptocurrency by market capitalization. ADA hit $ 1.30, beating its previous all-time high set in January 2018.

ADA , the native cryptocurrency of the Cardano blockchain , reached a new all-time high of $ 1.30 per coin, accumulating a 645% rise in the last 90 days. In this way, it reached the podium and became the third largest cryptocurrency by market capitalization at USD 39 billion.

With this escalation, the now third cryptocurrency, surpassed thether (USDT), the dollar-backed stablecoin and Binance’s BNB token .

ADA has been dragged down by the bull market for bitcoin , despite the fact that Cardano does not have much relevance in decentralized finance (DeFi) or other applications that run on it like other Ethereum competitors, such as Binance Smart Chain.

Cardano was launched in 2017 as a competitor to the Ethereum blockchain and is primarily backed by trading company Input Output Hong Kong (IOHK). Its blockchain is the brainchild of Ethereum co-founder Charles Hoskinson, who is now the CEO of IHOK.

As for Bitcoin (BTC) and ether (ETH), both have suffered a price correction after months of double-digit percentage gains . Bitcoin fell 6% on the day to trade around $ 47,000 this Saturday , while the native cryptocurrency of the blockchain ethereum also fell 6% to $ 1,490.

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