Cardano’s native coin, ADA, comes in third among the largest cryptocurrencies by market cap

Cardano’s native coin, ADA, has been a hot topic among the headlines these days. ADA is now proud to be placed after the two most well-known cryptocurrencies Bitcoin and Ethereum, respectively.

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Cardano ADA has drawn the attention of most of the crypto investors to itself as it has soared substantially. It has broken its last all-time high and set $1.37 as the new ATH. Since last year around this date, Cardano ADA has risen 645% in the last 90 days, 269% in the last month, 13% in the last week, and 10% in the last 24 hours.

While the first two cryptocurrencies of the market by market cap, Bitcoin and Ethereum, are experiencing challenges in keeping their price up while ADA is enjoying its fast growth and has passed USDT and BNB and won third place.

The correction influenced BTC and ETH negatively despite the recent months when they were enjoying their double-digit profits. At the time of writing this article, BTC and ETH both saw a 6% decrease in their prices and they were down to $46,800 and $1,490, respectively while ADA is trading up 10% at $1.37 in the last 24 hours.

Why rise?

ADA is going up while the other coins even BTC is falling. One main reason is the hard fork in Cardano’s blockchain in March and after the coming fork in May, Cardano blockchain changes drastically and turns into a “decentralized, multi-asset (MA) smart contract platform" which means the attraction of all the non-fungible tokens (NFTs) DeFis, and smart contracts. The other reason is the news of a company selling its $750M worth of BTC in order to buy polkadot and ADA. FD7 is an investment company located in Dubai and it chose ADA due to its developments.

Cardano was launched in 2017. Charles Hoskinson, Ethereum Co-founder was the one who created Cardano blockchain and ADA. He is the head of the business venture Input Output Hong Kong (IOHK) which backed Cardano. Cardano is bullish for a reason and that reason could be the utility of its ecosystem.

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Cardano

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Tags

Cardano

Cardano ADA

Bitcoin

Ethereum