In brief

  • Cardano’s price rose from $0.44 on February 3 to $0.88 today.
  • Its market cap also doubled and now stands above $28 billion.

When one thinks of large-cap cryptocurrencies, their minds likely go to Bitcoin, Ethereum, Tether, and…Cardano?

If Cardano keeps rising like this, they just might.

ADA, the token of the Cardano blockchain is the fourth-largest cryptocurrency by market cap, according to data from Nomics. After a 31% increase in the last week, the price of a single ADA token is now slightly higher than $0.88. The market cap for Cardano was $28.2 billion as of 6:30 p.m. Pacific time on Monday, a smidge higher than Polkadot’s $27.6 billion and Ripple’s $25.8 billion.

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Cardano’s market cap is up 137% in the last month, with much of that movement coming since February 3, when the price was just under $0.44. And although it actually went above $0.90 a few days ago before dipping slightly, it’s managed to hold most of its value.

Like Polkadot, Cardano is a blockchain project from an Ethereum co-founder. Charles Hoskinson, CEO of IOHK, is the main visionary behind Cardano, a proof-of-stake network with a heavy emphasis on smart contracts. Those who old ADA tokens can take part in governance votes over the future of the platform.

The price rise extends out longer than just a week. A month ago, ADA was worth in the neighborhood of $0.35. Then, came the announcement that Cardano would start allowing “Native Tokens” issued by users on the blockchain by the end of February. 

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“While ada will remain Cardano’s principal currency, Cardano will transform into a multi-asset (MA) blockchain, opening up a constellation of possibilities,” wrote IOHK Marketing & Communications Director Tim Harrison in early February.

Cardano is within striking distance of the perennial third-place token, the Tether stablecoin, which has a market capitalization of $32.1 billion.

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Cardano Market Cap Has Doubled to $28 Billion in 2 Weeks

by Joe T. Stanley
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