ADA Scales Past BNB & USDT and is Now 3rd Largest Crypto By Market Cap

ADA has scaled fresh new records and is currently exchanging hands at $1.30. ADA is the native currency of the Cardano decentralized ledger technology. Cardano stands as an open-source digital network with objectives of operating a “public blockchain project” to scale smart contracts. Zug, Switzerland headquartered parent company, Cardano Foundation, oversees the smooth running of the currency and ADA is the native coin of the Cardano blockchain.

With a market cap of about $39 billion, ADA, the native coin of the Switzerland headquartered blockchain, has recorded a new ATH of about $39 billion making it the third largest crypto by market cap.

The Cardano blockchain came to existence in 2017 and has since been the next best rival to the mother of most DeFi Apps, the Ethereum Blockchain. Cardano’s pillar is Input Output Hong Kong (IOHK), a giant business entity. Cardano was founded by Ethereum’s co-founder- Charles Hoskinson, who now sits as the Chief Executive Officer of Input Output Hong Kong.

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Once Hoskinson left Ethereum, he collaborated with an ex- Ethereum colleague of his- Jeremy Wood to birth Input Output Hong Kong, a company that deals in research and engineering business. It also builds blockchains and digital coins. It is interesting to note that although Cardano does not run DeFi Apps like Ethereum, and Binance Smart Chain (which runs a CeFi system), its native coin has risen by a whopping 645% in just 90 days. The crypto overturned XRP, USDT (a stable coin pegged to the dollar), and even BNB (Binance’s brand coin), and now sits comfortably as the third largest coin by market cap.

ADA is currently exchanging hands at $1.347.

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