The Cardano blockchain’s native cryptocurrency, ADA, reached a new record of $ 1.30 per coin. This is good enough to become the third largest cryptocurrency when measured by market capitalization at $ 39 billion.
A competitor to the blockchain Ethereum, Cardano launched in 2017 and is supported mainly by the joint venture Input Output Hong Kong (IOHK). The blockchain is the brainchild of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.
ADA has been wiped out in the bullish bitcoin market, although Cardano does not have large decentralized finances (DeFi) or other applications running like other Ethereum competitors, like Binance Smart Chain. The cryptocurrency has increased 645% in the last 90 days, according to Messari.
The cryptocurrency overtook Binance’s stablecoin tether (USDT) and BNB to move into third place.
Bitcoin (BTC) and ether (ETH), the native cryptocurrency of the Ethereum blockchain, suffered a price correction after months of double-digit percentage gains. Bitcoin fell 6% on the day to $ 46,800, while ether has fallen 6% to $ 1,490 so far.
The ADA was recently traded at $ 1.25, up 10% over the past 24 hours.
Correction (February 26, 22:45 UTC): The original market value quoted was Ethereum’s market value of $ 169 billion. ADA’s market capitalization remains the third largest, however.