The native digital asset of the Cardano blockchain, ADA, reaches a fresh all-time high at $1.35 USD per coin now serving as the third-largest cryptocurrency when measured by market capitalization at $39 Bln.
A competitor to the Ethereum blockchain, Cardano was launched earlier in 2017 and is especially backed by business venture IOHK [Input Output Hong Kong]. The blockchain is the creation of Ethereum co-founder Charles Hoskinson, who is now CEO of IHOK.
ADA has been swept up in bitcoin’s market, albeit Cardano has no major DeFi or other apps running thereon like other Ethereum competitors like Binance Smart Chain. The cryptocurrency is up 645% within the past 90 days, consistent with CoinMarketCap.
The cryptocurrency surpassed dollar-backed stablecoin Tether [USDT] and Binance’s BNB to maneuver into the third position.
Bitcoin [BTC] and Ethereum [ETH], the native cryptocurrency of the Ethereum blockchain, have suffered under a price correction following months of double-digit percentage gains. On the other hand, Bitcoin is up +1.91% on the day trading at $47,700 USD while Ethereum [ETH] is up 0.23% trading at $1,508 USD as at the reporting time.
ADA recently traded at $1.35 USD, up 28.91% for the day.