Cardano Becomes Third Biggest Crypto After Latest 13% Rise: Analysis

Cardano becomes third biggest crypto after the latest 13% rise over the past day to $2.03 as we are reading more in our latest Cardano ADA news today.

Cardano becomes the third biggest crypto as the native token increased by 13% over the past day and hit a 12-week high of $2.03 according to the data from CoinGecko. The asset gained 44.1% in value over the past week which makes it the bigger gainer on the market among the leading cryptocurrencies. The latest upward movement pushed the token’s market cap to $64.74 billion or 3.32% of the total value of crypto which resulted in ADA overtaking Tether as the third biggest crypto and going ahead of the Binance Coin as well. ADA is now changing hands at $2.03 with a 24-hour trading volume of over $6 billion. This is still some 20% away from the altcoin’s ATH of $2.45.

Created by Charles Hoskinson, Cardano is a proof of stake blockchain platform which allows developers to build decentralized apps once the smart contract functionality launches. The smart contracts are bits of code that execute commands and instructions and right now, Cardano is preparing for the Alonzo hard fork which will deploy the smart contract functionality on the mainnet. Announced by Hoskinson, the upgrade will see Cardano tap into the world of Defi space allowing users to leverage the power of smart contracts to lend, borrow and trade without intermediaries. DeFi hopes to swap the lines of code for the banks, offering users lending, borrowing, and trading services with no need for intermediaries.

The network’s cryptocurrency saw some great developments in the past week as it was included in the Grayscale Digital Large Cap fund with the asset making about 4.26% of the fund.

As recently reported, Cardano added functions since it went live in 2017 and like Ethereum, it allows for NFTs which are blockchain-based tokens that signify the deed of ownership to the digital asset. The Alonzo hard fork will be one of the most consequential upgrades for the network because it will facilitate the introduction of Defi proposals that allow people to borrow, lend and trade without an intermediary. Instead of the loan officers and underwriters, Defi relies on smart contracts with programs that execute if certain conditions are met.