Cardano, which runs the ADA token and aiming to be at par with market leader Ethereum, tripled in value last month with a 274% increase to dominate performance rankings among CoinDesk 20’s top virtual assets.
The rally came during a bullish month across the board for most cryptos, with bitcoin (BTC) – the biggest – registering a 37% return. Ether (ETH), the native token of the Ethereum blockchain and the second-largest, soared 7.5% for the month.
ADA, the native digital token of the Cardano blockchain, has barrelled to a new all-time peak at $1.30 per unit, making it the third-biggest cryptocurrency in terms of the market capitalization of almost $40 billion.
ADA on the rise
ADA overtook cryptocurrencies like litecoin (LTC) and bitcoin cash (BCH) that had been on top of the rankings in recent years. XRP, the crypto used in Ripple Labs’ payment network, was down 15% on the month.
A competitor to the Ethereum blockchain, Cardano rolled out in 2017 and is primarily supported by business venture Input Output Hong Kong (IOHK). The blockchain is the brainchild of Charles Hoskinson, Ethereum co-founder, who is now IOHK’s chief executive officer.
A multi-asset chain
The Cardano blockchain will become a multi-asset chain with its hard fork on March 2, according to Coindesk.
Called “Mary,” the hard fork will enable users to make tokens powered by the Cardano blockchain, just as ADA does. Enabling new crypto units was among the first major use cases that caught on for Ethereum, enabling 2017’s multi-billion dollar ICO splurge.
Meanwhile, virtual assets under management across exchange-traded products grew two-fold in February to a record $44 billion, based on figures by CryptoCompare, underscoring the growing adoption in securities that monitor electronic currencies.
Bitcoin has jumped more than 60% this year, registering an all-time peak of $58,354 last month as prominent entities like Tesla and Mastercard embraced cryptocurrencies.
Image courtesy of IOHK/YouTube Screenshot
The post Cardano’s ADA token triples in value to dominate CoinDesk 20 appeared first on BitcoinerX.
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Source: https://bitcoinerx.com/bitcoin/cardanos-ada-token-triples-in-value-to-dominate-coindesk-20/
