The native cryptocurrency of the Cardano blockchain ADA has broken fresh all-time highs to $1.30 per coin, according to the CoinDesk 20. That’s good enough to become the third largest cryptocurrency when measured by market capitalization at $169 billion.
A competitor to the Ethereum blockchain, Cardano was launched in 2017 and is mainly backed by business venture Input Output Hong Kong (IOHK). 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 bull market, even though Cardano has no major decentralized finance (DeFi) or other applications running on it like other Ethereum competitors such as BINANCE Smart Chain. The cryptocurrency is up 645% in the past 90 days, according to Messari.
The cryptocurrency surpassed dollar-backed stablecoin Tether (USDT) and Binance’s BNB to move into third place.
Bitcoin and ether, the native cryptocurrency of the Ethereum blockchain, have suffered under a price correction following months of double-digit percentage gains. Bitcoin (BTC) is down 6% on the day to $46,800 while ether (ETH) is down 6% at $1,490 as of press time.
The cryptocurrency is now trading hands at $1.25, up 10% in the last 24 hours.
