Cardano’s native cryptocurrency ADA has surged to a spectacular 475% rally this year, registering a fresh all-time high at $1.30 per coin.
ADA rose more than 7% in the past 24-hours while Bitcoin (BTC), Ethereum (ETH), and most altcoins retreated by the same amount.
The crypto has advanced 13% in the past week, nearly 270% in the last month, and a staggering 2,633% since 2020.
The cryptocurrency has climbed 645% in the past 90 days, according to Messari. Bitcoin this week plunged 15%, and Ethereum is down 21%.
Strong upward trajectory
With all that upward movement, ADA has managed to become the third-biggest cryptocurrency in terms of market capitalization at almost $40 billion.
It outperformed dollar-backed stablecoin Tether (USDT) and Binance’s BNB to take the third spot.
This may come down to the fact that the trust in Cardano has risen significantly over the past year.
Cardano’s community has grown stronger after the protocol launched multiple new updates that enabled more functionalities for users on the platform.
“Mary” hard fork event
Based on an announcement published earlier this week, another important update is said to take place in a few days. Input Output Hong Kong, the company developing the Cardano blockchain, disclosed that the “Mary” hard fork event would be held on March 1.
Apart from Dogecoin (DOGE), the price of which was lifted upward by Tesla CEO Elon Musk’s Twitter comments, Cardano is the best-performing virtual asset in the top 20 this year, data from Nomics show.
A competitor to the Ethereum blockchain, Cardano was launched in 2017 and is primarily supported by business venture IOHK. The blockchain is the creation of Charles Hoskinson, co-founder of Ethereum, who is now chief executive of IHOK.
Lately, ADA has been tipped to outperform, on the bias that it had its smart contract launch in January, which will set the stage for a huge amount of applications built on the Cardano blockchain this year.
Image courtesy of Exodus Wallet/YouTube Screenshot
The post Cardano’s ADA Up 475% This Year, Becomes Third-Biggest Crypto By Market Cap appeared first on BitcoinerX.
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