ADA Boasts the Third Largest Cryptocurrency by Market Cap

Cardano’s ADA Price Trend

ADA, the native cryptocurrency of the Cardano blockchain is now the third-largest cryptocurrency by market cap. ADA on Friday broke a fresh all-time high to $1.30 per coin, higher than its January 2018 price. The cryptocurrency when measured by market cap boasts $169 billion.  

ADA’s parent blockchain, Cardano is the top competitor to the Ethereum blockchain. It was launched in 2017 and is mainly backed by the business venture Input Output Hong Kong (IOHK). Charles Hoskinson who co-founded Ehereum is currently the CEO of IHOK. 

Unlike Ethereum and other competitors like Binance Smart Chain, Cardano has no major DeFI application. However, it has been swept up in bitcoin’s bull market. According to Messari, ADA is up 645% in the past 90 days. 

ADA following its current All-Time-High surpassed Tether, a dollar-backed stable coin, and Binance’s BNB, which were before it to assume the third place on the market cap.

Possible Catalyst to ADA Price Trend

Similar to Ethereum, Cardano’s price is seen rising past previous all-time-highs. For Ethereum it is the Eth 2.0 migration, while the current state of Cardano could be linked to the awaited Mary protocol. 

The team in a tweet disclosed that the much-awaited Mary protocol update has been fully confirmed for 1st March 2021. They said; 

WE’RE ON!! We can today confirm that the ‘Mary’ Cardano protocol update is now fully confirmed for March 1st. Another key milestone in the Goguen rollout, the update introduces native tokens & multi-asset support, bringing exciting new use cases for Cardano.”

The said Mary protocol is a vital milestone on the road to the Goguen era. The update is coming to the Cardano network with native tokens, multi-asset functionality, and several use cases.