The fourth most valuable cryptocurrency by market capitalization has rebounded strongly amid a high buying spree among crypto investors lately.
At the time of drafting this report, Cardano was trading at $0.890500 on Tuesday morning up 13.91% on the day. It was the biggest one-day percentage gain since February 10.
The price gain triggered Cardano’s market value to now become worth $27.4 billion or 1.85% of the total cryptocurrency market valuation At its highest price level, Cardano’s market value was about $29 billion.
Cardano had traded in a range of $0.834791 to $0.890570 for the day.
Charles Hoskinson, CEO of IOHK, is the major visionary behind the fourth most valuable crypto, a proof-of-stake network with a heavy emphasis on smart contracts.
Those who have ADA tokens can take part in governance votes over the future of the platform.
The fast-rising crypto is fast closing in on the perennial third-place cryptocurrency, Tether stablecoin, which has a market capitalization of $32.24 billion.
What you should know: Cardano is a type of blockchain that permits people to receive and send funds. ADA coin is the name of the cryptocurrency. It also allows people to design smart contracts just like Ethereum.
- As discussed earlier, the chip can store private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to another.
- Cardano’s blockchain is built to help African farmers without internet with financial services.