Cardano (ADA) Hits Top 3 Cryptocurrencies After Rising 13%
The price of Cardano (ADA), the native Token of the eponymous blockchain project, has risen 13.2% in the last day, reaching a 12-week high of $ 2.03 today.
According to CoinGecko data, the asset has appreciated 44.1% in the last week, making it the biggest winner among the main cryptocurrencies on the market.
The latest upward move has brought the Token's market capitalization to $ 64.74 billion, or 3.23% of the total value of all cryptocurrencies. With that, ADA has overtaken Tether as the third largest cryptocurrency and has overtaken Binance Coin (BNB).
Currently, ADA is changing hands at $ 2.03, and the 24-hour trading volume exceeds $ 6 billion. However, this figure is still 20% from the altcoin's all-time high of $ 2.45 recorded on May 16.
Created by Charles Hoskinson, one of Ethereum's original co-founders, Cardano is a proof-of-stake (PoS) blockchain platform that will allow developers to build decentralized applications once its smart contract functionality is released. Smart contracts are snippets of code that automatically execute orders and instructions.
Cardano is currently preparing for the Alonzo hard fork, which will roll out the smart contract functionality on the mainnet.
Announced by Hoskinson earlier this week, the update 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.
DeFi hopes to change the lines of code for banks, offering users loan, borrowing and trading services without the need for intermediaries.
The network's cryptocurrency underwent a positive evolution in recent weeks when it was included in the investment fund Grayscale's Digital Large Cap Fund, in which the asset represents 4.26% of the fund.
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