Cardano (ADA) has just surpassed Bitcoin (BTC) as the world's third-largest cryptocurrency by market capitalization after reaching a 12-week high. Cardano (ADA), the native token of the eponymous blockchain project, has risen 13.2 percent in the last 24 hours, reaching a 12-week high of $2.03.
According to CoinGecko, the asset has increased in value by 44.1 percent in the last week, making it the largest gainer among the market's top cryptocurrencies. The token's market worth has risen to $64.74 billion, accounting for 3.23 percent of the total value of all cryptocurrencies. As a result, ADA has surpassed Tether as the third-largest cryptocurrency, surpassing Binance Coin (BNB).
The price of ADA is currently $2.03, with a 24-hour trading volume of almost $6 billion. This is still about 20% behind the altcoin's all-time high of $2.45, which was set on May 16.
Cardano is a proof-of-stake (PoS) blockchain platform created by Charles Hoskinson, one of Ethereum's initial co-founders, that will allow developers to construct decentralized apps once its smart-contract capability is released. Smart contracts are snippets of code that execute commands and instructions on their own.
Cardano is now gearing up for the Alonzo hard fork, which will bring smart contract capability to the mainnet.
The upgrade, which was announced by Hoskinson earlier this week, would allow Cardano to enter the world of decentralized finance (DeFi), letting users to utilize smart contracts to lend, borrow, and trade without the use of intermediaries.
DeFi aspires to replace banks with lines of code, providing customers with direct lending, borrowing, and trading services.
In recent weeks, the network's cryptocurrency has seen some favorable changes, as it was included in Grayscale's Digital Large Cap Fund, accounting for 4.26 percent of the fund.
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