The Cardano blockchain’s native cryptocurrency, ADA, reached a fresh high of $ 1.30 per coin. It is good enough to become the third largest cryptocurrency when measured at $ 39 billion.
A competitor of the Ethereum blockchain, Cardano was launched in 2017 and is mainly supported by the company Input Output Hong Kong (IOHK). The blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.
ADA has been auctioned in the bitcoin market, although Cardano does not have large decentralized financing (DeFi) or other applications like other Ethereum competitors such as Binance Smart Chain. The cryptocurrency has risen by 645% over the past 90 days, according to Messari.
The crypto-currency surpassed the dollar-backed stable coin tethering (USDT) and Binance’s BNB to move to third place.
Bitcoin (BTC) and ether (ETH), the indigenous cryptocurrency of the Ethereum blockchain, have suffered a price correction after months of double-digit percentage gains. Bitcoin is down 6% to $ 46,800 on the day, while ether is down 6% at $ 1,490 at press time.
ADA recently traded at $ 1.25, up 10% over the past 24 hours.
Correction (February 26, 22:45 UTC): The original market capitalization was Ethereum’s market capitalization at $ 169 billion. However, ADA’s market capitalization is still the third largest.