Cardano (ADA) becomes 3rd largest cryptocurrency after 13% increase

Charlie Taylor

The price of Cardano (ADA), the native token of the eponymous blockchain project, rose as much as 13.2% on the last day, reaching a 12-week high of $2.03 today. gained 45.35% in value in the last week, making it the most profitable among the top cryptocurrencies on the market. The latest rising movement has boosted the token's capitalization to $64.65 billion, or 3.23% of the total value of all cryptocurrencies. This resulted in the ADA surpassing Tether as the third largest cryptocurrency and surpassing the Binance Coin (BNB).The top 5 cryptocurrencies by market capitalization at the close of this story. Source: CoingoliveThe ADA is currently changing hands at $2.01, with 24-hour transaction volume rising from $6 billion. However, it still has about 20% to reach the highest altcoin high of $2.45 recorded on May 16. Created by Charles Hoskinson, one of the original co-founders of Ethereum, Cardano is a blockchain platform proof-of-stake (PoS), which will allow developers to build decentralized apps once its smart-contracts functionality is released. Smart contracts are pieces of code that automatically execute commands and instructions. Currently, Cardano is preparing for the hard fork Alonzo, which will implement smart-contracts functionality on the mainnet. Announced by Hoskinson earlier this week, the upgrade will see Cardano tap into the world of decentralized finance (DeFi), allowing users to leverage the power of smart contracts for lending and borrowing and transactions without intermediaries. DeFi hopes to swap banks for lines of code, offering users loan granting and contracting, and transactional services without the need for trusted third parties. The cryptocurrency network has seen some positive developments in recent weeks as it has been included in the Digital Large product Cap Fund of investment firm Graycale, with assets constituting 4.26% of the fund.See too:

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