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The Cardano blockchain native cryptocurrency, ADA, has hit a new all-time high at $ 1.30 per coin. It’s good enough to become the third largest cryptocurrency measured by market cap of $ 39 billion.
A competitor to the Ethereum blockchain, Cardano was launched in 2017 and is primarily supported by the Input Output Hong Kong (IOHK) trading company. The blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.
ADA has been swept into the bitcoin bull market, even though Cardano does not have major decentralized funding (DeFi) or other apps running on it like other Ethereum competitors such as Binance Smart Chain. The cryptocurrency has risen 645% in the past 90 days, according to Messari.
The cryptocurrency overtook the tether stablecoin (USDT) backed by the dollar and Binance’s BNB to move to 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 is down 6% on the day to $ 46,800 while Ether is down 6% to $ 1,490 at time of publication.
ADA recently traded at $ 1.25, up 10% in the past 24 hours.
Correction (February 26, 10:45 p.m. UTC): The original market cap cited was Ethereum’s market cap at $ 169 billion. ADA’s market capitalization, however, remains the third largest.
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