Cardano (ADA) overtook Binance (BNB) and rose to the fourth place in the ranking of cryptocurrencies by market capitalization
For altcoins, it was a difficult week, most of the coins bear losses. However, this did not prevent ADA from pushing BNB, the token of the Binance cryptocurrency exchange. The bitcoin correction provoked a large-scale drop across the entire spectrum of the market. Last week, BTC fell to the lowest level in the last 16 weeks and briefly tested the area below $30,000.
Most altcoins were hit hard during this correction. BNB and ADA were also hit, however, ADA’s losses were less significant, so the token managed to get ahead of BNB and take fourth place. Tether (USDT) is back in third place as the stablecoin issuer continues to mint new USDTs. Last Saturday, Tether issued 1 billion tokens, according to Whale Alert data.
Cardano is working on improvements
This month, the project made many announcements. In particular, the Canadian crypto-currency company iMining has added staking support for Cardano.
In addition, the project developers announced the launch of a new converter for ERC20 tokens. This solution promises to be a good alternative for the Ethereum network.
Read also: Cardano prepares to launch Alonzo testnet – what to expect
Graph Blockchain also recently celebrated Cardano’s success. Graph Blockchain CEO Paul Haber noted:
“We strongly believe in Cardano, its token, ADA, developers, and the project community. The Proof of Stake algorithm implemented by Cardano is the future of the crypto ecosystem; it solves many problems specific to the Proof of Work algorithm, including environmental issues that have received so much attention recently. Cardano is sure to be a long-lived crypto player, and this new all-time high is well deserved. We are proud to have Cardano included in our list of supported projects.”
The popularity of the project is growing along with the ADA rate, which this week reached a new historical high. According to CoinGecko, the record is set at $2.45. At the time of writing, Cardano (ADA) is trading at $1.39. During the day, the coin fell by almost 3%. Relative to the historical maximum, the losses were 43%.
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