By Solomon Odunayo
ADA, the native token of Cardano, the third-generation blockchain project, has just become the fourth-largest cryptocurrency by market capitalization, displacing Ripple’s digital token XRP for the first time in history, according to CoinMarketCap.
The native token behind the smart contract platform has now grown to $20.6 billion in terms of market capitalization. At press time, ADA is trading at $0.6662, with about a 25% price upsurge in the last 24 hours.
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Mary Hard Fork Has Been Positive
On 3rd February 2021, IOHK, the software company behind one of the fastest-growing projects, Cardano (ADA), announced the rollout of the “Mary” hard fork, which has brought transformation into a multi-asset network and brought the network one step closer to transitioning into the Goguen era.
The process of tokenization is handled natively on the Cardano blockchain without deploying smart contracts. This sets it apart from its major rival Ethereum and its popular ERC-20 token standard.
Apart from the project’s active development, digital asset manager Grayscale registering a series of trusts for Cardano and other altcoins in late January could be yet another catalyst behind the sustained ADA price momentum.
Cardano (ADA) Is Far Ahead of Bitcoin Cash (BCH)
Cardano (ADA) is still 40% below its current all-time high of $1.18 that was recorded on 4th January 2018. Back then, the digital token was holding the fifth position with a market capitalization of $32.4 billion. Around the same period, Bitcoin Cash (BCH) was occupying the fourth position with a market cap of $43.2 billion.
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ADA’s recent rise to fourth place coincided with Bitcoin Cash leaving the top 10 for the first time since inception. The once-formidable Bitcoin fork is now sitting below Stellar (XLM).
BCH is now down a relatively 86% from its all-time high of $3,785 attained on 20th December 2017.
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