Cardano (ADA) Now Is the 3rd Largest Token by Market Cap

by in Cryptocurrency News

Cardano 3rd by market cap

The native token of the Cardano blockchain has got ahead of Binance Coin (BNB) in terms of market capitalization. The asset's market cap increased by over 29% in a day, surpassing $41 B.

Related: Cardano (ADA) Went up to $1 for the First Time Since 2018

ADA trades at about $1.33 currently.

Cardano was launched in 2017. The blockchain platform is supported by technology company IOHK (Input Output Hong Kong). It uses the Proof of Stake consensus mechanism, which is meant to reduce the energy required for the process of mining.

On February 3, the network launched Mary hard fork. It was successfully deployed as a testnet. With this innovation, Cardano will turn into a multiasset network like Ethereum.

Generally, trading volume and on-chain metrics of the token ADA have been showing considerable progress recently. ADA's trading volume, which is the primary indicator of interest was up by 91.62% in the previous 24 hours.