Cardano (ADA) has just become the world’s third-largest Cryptocurrency

August 19, 2021

Cardano (ADA) has just become the world’s third-largest Cryptocurrency

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Cardano (ADA) has just become the world's third-largest Cryptocurrency

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Cardano (ADA) has just become the world's third-largest Cryptocurrency by market cap after its price soared to a 12-week high, by Andrew Asmakov.

The price of Cardano (ADA), the native token of the eponymous blockchain project, is up by 13.2% over the past day, hitting a 12-week high of $2.03 today.

According to data from CoinGecko, the asset has gained 44.1% in value in the last week, which makes it the biggest gainer among the market's leading cryptocurrencies.

The latest upward movement pushed the token's market cap to $64.74 billion, or 3.23% of the total value of all cryptocurrencies. As a result, ADA overtook Tether as the third-largest Cryptocurrency and went ahead of Binance Coin (BNB).

ADA is changing hands at $2.03, with a 24-hour trading volume of over $6 billion.

However, some 20% away from the altcoin's all-time high of $2.45 was 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 let developers build decentralized apps once its smart-contract functionality launches. Smart contracts are bits of code that automatically execute commands and instructions.

Currently, Cardano is preparing for the Alonzo hard fork, which will deploy the smart contract functionality on the main net.

Announced by Hoskinson earlier this week, the upgrade will see Cardano tap into decentralized finance (Defi), allowing users to leverage the power of smart contracts to lend, borrow, and trade without intermediaries.

Defi hopes to swap lines of code for banks, offering users lending, borrowing, and trading services without intermediaries.

The network's Cryptocurrency saw some positive developments in recent weeks.

It was included in Grayscale's Digital Large Cap Fund, with the asset making up 4.26% of the fund.

Cardano creator wants to rally outside Washington to support cryptocurrencies.

The creator of Cardano urges his fans not to give up after a big blow to the U.S. Senate.

Following the U.S. Senate failure in the cryptocurrency industry, IOHK CEO Charles Hoskinson is now willing to take to the streets.

The creator of Cardano posted on Twitter to make phone calls to organize a rally in Washington, D.C.

Senators Richard Shelby and Bernie Sanders blocked the amendment as they could not agree on military spending.

Without chewing his words, Hoskinson called lawmakers "living fossils."

"These senators, these 87-year-old living fossils, showed the whole world that they were willing to sell the future of our country's economy if they had not taken their share."

The billionaire says he has no intention of living in a "dying empire" but is unwilling to relocate to another country.

Opinion by blog writer.

This new cryptocurrency market has a specific dynamic and a direct challenge to the status quo on a global scale.

The changes we see taking place in a global society without the frontiers of the internet will soon trigger government action and backlash.