Cardano no longer holds third place in the crypto market. The virtual currency was surpassed by Tether during the night.
Cardano’s ADA became the third-largest virtual currency by market cap during August after its price surged by 150%. But it seems it wasn’t able to hold onto its position for long. Tether, the largest stablecoin in the crypto market, took over on September 29 and set a $3 billion gap during the night.
By morning the difference decreased to $1 billion, and Cardano seems to reclaim its spot.
Cardano has been facing some issues lately. The cryptocurrency was expected to reach a market cap of $100 billion after the Alonzo hard fork, but it couldn’t go higher than $98.91 billion. The finalization of the upgrade was announced on September 2, and it was successfully effectuated at epoch 290.
The new protocol allows the execution of smart contracts for the first time on the public blockchain.
“The Alonzo upgrade will bring highly anticipated capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow the implementation of smart contracts on Cardano, enabling a host of new use cases for decentralized applications (DApps) for the very first time.”
What is Cardano?
Cardano was founded in 2015 and was available on the market in 2017. Hoskinson is the co-founder of Ethereum and BitShares. Cardano is considered a third-generation cryptocurrency (Bitcoin is considered the first generation crypto, while Ethereum is a second one. It aims to resolve Bitcoin’s scalability problems and take to another level the smart contracts of Ethereum.
Unlike its rivals Bitcoin and Ethereum that use a proof-of-work protocol, Cardano is based on a proof-of-stake one. (Learn more about protocols in our other article). It also has its own token named ADA, which can be traded like any other coin or used inside the platform. For example, to become a validator, you will need 5 ADA.