Usually, when we talk of the most popular cryptocurrencies in the crypto space, our thoughts are with Bitcoin, Ethereum and the likes, however, one crypto asset has steadily grown in recent weeks that it has more than doubled its market capitalization in the space of two weeks. During this same period, the value of this asset has also grown tremendously to rival its more popular counterparts. This crypto asset is none other than Cardano, that has seen its value rise to $0.88 from $0.44 on February 3.
Presently, if Cardano is able to continue on its current run, it just might be able to displace Tether on the ranking of the top 3 crypto assets by market cap. Tether has a market cap of $32.1 billion, while Cardano, according to available data from Nomics lurks around $28.2 billion. And at its current pace, it just might be able to displace the popular stablecoin.
In the last one week, the native token of Cardano, ADA, saw its value spike by over 31% to start trading at its current price. This has played a part in helping to more than double the size of the Cardano blockchain’s market cap over that of embattled Ripple and Polkadot. During this period, the value of the token went as high as $0.90 before correcting to its current price in the market.
The project shares a similarity with Polkadot as it was developed by a co-founder of Ethereum, Charles Hoskinson, who is also the CEO of IOHK. In Cardano, there is emphasis on smart contracts though it is a proof-of-stake network. The platform allows holders of its native token to actively participate in governance votes over the future of the platform.