Cardano advances ADA to third place in the crypto market after rising 13%
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Answer Cardano advances ADA to third place in the crypto market after rising 13%
The ADA cryptocurrency is up 12.1% in the last 24 hours, as the coin price reached a 12-week high of $2.03 today.
According to the dataQueen GekkoThe ADA cryptocurrency gained 48.1% over the past week, making it the biggest gainer among the leading cryptocurrencies in the market.
The recent upward movement pushed the market cap of Cardano to $65.6 billion, or 3.23% of the total value of all cryptocurrencies.
Cardano’s recent move has seen the coin overtake Tether and Binance to become the third largest cryptocurrency after Bitcoin and Ethereum.
ADA is currently trading at $2.03, with a 24-hour trading volume approaching $6 billion.
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Despite the recent rally, the ADA coin is still about 20% off its all-time high recorded on May 16 at $2.45.
The Cardano project was founded by Charles Huskisnon, one of the original founders of Ethereum.
The Cardano project is based on a Proof of Stake (PoS) blockchain, and the Cardano blockchain allows developers to build decentralized applications just by launching smart contract functionality.
As is well known, smart contracts are pieces of code that execute commands and instructions automatically without the intervention of a third party.
Currently, Project Cardano is preparing for an Alonzo split, which will deploy smart contract functionality on the mainnet.
Hoskinson announced earlier this week that the upgrade will see Cardano enter the world of decentralized finance (DeFi), allowing users to harness the power of smart contracts to lend, borrow and trade without intermediaries.
The DeFi industry hopes to switch lines of code for banks, offering users lending, borrowing and trading services without the need for intermediaries.
The ADA cryptocurrency has seen some positive developments in recent weeks, being included in Grayscale’s large digital investment fund, where these assets make up 4.26% of the fund.
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