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Cardano’s ADA Is Now Third-Largest Cryptocurrency by Market Cap

  • Posted On - 2021-02-27 06:43:07

The cryptocurrency ADA rose to $1.36, beating out its previous all-time high set in January 2018.

The native cryptocurrency of the Cardano blockchain, ADA, has reached a fresh all-time high at $1.36 after two years. That’s good enough to become the third-largest cryptocurrency when measured by market capitalization which is $41 billion today on 27th Feb, 2021.

A strong competitor to the Ethereum blockchain, Cardano was launched in 2017 and is mainly supported by business venture Input Output Hong Kong (IOHK). Cardano blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.

ADA has surged up in bitcoin’s bull market, even though Cardano has no major decentralized finance (DeFi) or other applications running on it like other Ethereum competitors such as Binance Smart Chain. The cryptocurrency is up 645% in the past 90 days, according to Messari.

The cryptocurrency surpassed dollar-backed stablecoin tether (USDT) and Binance’s BNB to move into third place in very less time.

Bitcoin (BTC) and ether (ETH), the native cryptocurrency of the Ethereum blockchain, have suffered under a price correction following months of double-digit percentage gains.

ADA recently traded at $1.34, up 25% in the last 24 hours.