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October 3, 2022
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Cardano (ADA) dethrones Tether and is now the third largest cryptocurrency

Closer and closer to ATH

The cryptocurrency market saw a major downturn this week, but some crypto assets are still performing above expectations. One of these cryptocurrencies is the Cardano currency (ADA). Cardano has now overtaken Tether for third place when it comes to market capitalization. Not to mention Tether (which is a stablecoin), BNB had risen to third place only recently, but its reign as the third largest cryptocurrency was short-lived due to the resurgence of the ADA and the growth of the market.

The ADA has performed very well in recent weeks, but has raised the bar even more this week, when Bitcoin was experiencing the biggest price drop in history.

Cardano with good performance despite the low market

At the time of this writing, Cardano’s market capitalization (ADA) was $ 39.6 billion, which is about $ 4.5 billion greater than BNB’s market capitalization. Although BNB performed well during the week, the ADA’s performance was simply spectacular and far more positive than any other cryptocurrency in the top 10.

In the last 24 hours, the cryptocurrency has grown an impressive 18.76%. But your overall gain over the week is 30%. This figure is quite different from its competitors, with Ethereum (ETH) losing up to 22 percent, while Bitcoin (BTC) has devalued 15 percent last week.

BNB has also lost about 22 percent in the past seven days, after winning as much as it did the week before. This shows the extreme nature of volatility within the cryptocurrency industry.

Fundamentals fueling token appreciation

Cardano (ADA) refused to follow the market crash experienced in the crypto industry because of market fundamentals. IOHK, the company behind the Cardano project, recently announced a partnership with MuKn to develop a programming language that aims to optimize the execution of smart contracts on the blockchain.

With the partnership, users became more interested in buying Cardano (ADA), which caused its price to increase.

The new language hopes to make dApps less complex and more secure. Several other developments are taking place within the Cardano network as the platform gains more popularity and user base.

Source: Invezz

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