Cardano’s market cap doubled to $28 billion in 2 weeks, and in just 2 weeks, it started to solidify itself as a top-5 cryptocurrency.
ADA, the token of the Cardano blockchain is the fourth-largest cryptocurrency by market cap, according to data from Nomics. After a 31% in the past week, the price of a single ADA token is now kind of higher than $0.88. The market cap for Cardano was $28.2 billion as of 6:30 pm pacific time on Monday, a bit higher than Polkadot’s $27.6 billion and Ripple’s 425.8 billion.
Cardano’s market cap is up by 137% in the previous month, with much of that movement coming since February 3, when the price was just under $0.44. And though it went over $0.90 a few days ago before dipping slightly, it is managed to hold most of its value.
Similar to Polkadot, Cardano is a blockchain project from an Ethereum co-founder. Charles Hoskinson, the CEO of IOHK, is the main visionary behind Cardano, a proof-of-stake network with a large emphasis on smart contracts. Those who have old ADA tokens can have a part in governance votes over the future of the platform.
The price rise extended longer than just a week. A month ago, ADA was worth $0.35. Then came the announcement that Cardano will start allowing “Native Tokens” issued by users on the blockchain by the end of February.
“While ADA will remain Cardano’s principal currency, Cardano will transform into a multi-asset (MA) blockchain, opening up a constellation of possibilities,”
IOHK Marketing & Communications Director Tim Harrison
Cardano is within striking distance of the chronic third-place token, the Tether stablecoin, which has a market cap of $32.1 billion.
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