Cardano’s market cap doubled to $28 billion in just two weeks and with the most recent gains, ADA can start preparing for the top 5th cryptocurrency spot so let’s read more in today’s ADA news.
ADA’s price increased from $0.44 to $0.88 today and Cardano’s market cap doubled as well, now standing at $28 billion. ADA’s token is the fourth biggest cryptocurrency by market cap as per the data by Nomics and with a 31% rise in the past week, the price of one ADA token is now higher than $0.88. The market cap of the cryptocurrency surpassed the one of Ripple and Polkadot, standing at $28.2 billion.
Cardano’s market cap is up 137% in the past month with plenty of this movement coming since February 3 when the price was set under $0.44. It went above $0.90 a few days ago as well but then dipped slightly while managing to hold its value. Similar to Polkadot, Cardano is a blockchain project from the ETH co-founder. Charles Hoskinson who is now the CEO of IOHK is the main visionary behind the proof of stake network for Cardano with a huge accent on smart contracts. Those who hold the ADA tokens can now take part in governance votes over the future of the platform.
The price started extending a week ago and ADA was right in the $0.35 price range. Then, the news emerged that Cardano will start allowing “native tokens” that will be issued on the blockchain by the end of this month, as Tim Harrison from the Marketing And Communications sector at IOHK Wrote:
“While ada will remain Cardano’s principal currency, Cardano will transform into a multi-asset (MA) blockchain, opening up a constellation of possibilities.”
Cardano is within a huge distance of the third-place token which is now Tether with a market cap of $32.1 billion. The team expects to have the mainnet launched by the end of February with other features of the Goguen update being soon ready to roll out simultaneously with different phases of the ADA roadmap. In terms of functionality, the upgrade will equate Cardano’s native token to the ERC-20 fungible and ERC-721 nonfungible tokens on ETH and the users on the ADA blockchain will be able to create their own tokens no matter whether they are fungible or not. In addition to these similarities with the ETH blockchain, there are many differences between Cardano’s token compared to ETH.
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