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Highlights:
- Cardano, founded by Ethereum co-founder Charles Hoskinson in 2017, is a proof-of-stake blockchain platform.
- The ADA token is available on crypto exchanges like Binance, IKX, Hotcoin Global, etc.
- It returned over 30% gains in the last 30 days.
The global cryptocurrency market surged 2.16% to US$1.96 trillion at 10:08 am ET on March 24, while the volume rose 24.18% to US$109.20 billion in the last 24 hours, according to coinmarketcap.com. Cryptocurrencies have been gaining traction lately against the backdrop of uncertainties heightened by the Russia-Ukraine war.
Bitcoin (BTC), the world’s largest cryptocurrency, has recovered significant ground from the steep losses it suffered early this year. The Cardano (ADA) crypto is also drawing attention. It is one of the top 10 cryptocurrencies globally. But its affordable price may have made it more attractive. The ADA coin is ranked seventh on coinmarketcap.com.
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What is Cardano (ADA) crypto?
Cardano, founded by Ethereum co-founder Charles Hoskinson in 2017, is a proof-of-stake blockchain platform that aid innovators and changemakers to make a positive impact globally. It is an open-source project that aims to distribute power from unaccountable structures to individuals and help build a more secure and transparent society.
The project claims that various blockchain developers use its proof-of-stake (PoS) mechanism to build and deploy decentralized applications (DApps).
The ADA is the native token of the Cardano ecosystem. It allows holders or users to participate and have a say in the network's operations.
The ADA token is available on various crypto exchanges like Binance, IKX, Hotcoin Global, etc.
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Why is it rising?
Although the crypto market is volatile and the performance of blockchain networks can be uncertain, altcoins, mainly the Ethereum competitors like Solana, Cardano, etc., have drawn considerable attention from investors because of their innovations.
The Cardano (ADA) crypto’s rally on Thursday follows Grayscale’s announcement that ADA received the highest amount from its new fund called GSCPxE launched recently.
The fund is focused on the native tokens of the networks that offer smart contract services.
Also, the Cardano network’s recent upgrade has increased Plutus' per block script memory units to around 62 million. The developments may have boosted investors’ interest in Cardano.
Also Read: Why is Cronos (CRO) crypto rising?
Source: *Data provided by CoinMarketCap.com
Bottom line:
The ADA token was priced at US$1.17 at 10:51 am ET on March 24, up 10.05%, while its volume for the last 24 hours jumped 66.15% to US$4.08 billion. It has a market cap of US$39.47 billion, and its fully-diluted market cap is US$52.68 billion.
The token's max supply is 45 billion, and its current circulating supply is 33.71 billion. It gave a return of 30.63% over the past 30 days.
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