Cardano replaces Tether

Cardano replaces Tether to be at Number 3. what does it mean?

Cardano replaces Tether, the eponymous blockchain projects’ native coin, which has become number 3 after replacing Tether (USDT). ADA has gained 13.2% in the past day and has achieved 2.03, a 12 week high.

Cardano is a Proof of Stake (PoS) blockchain and developers will be able to build decentralized apps after the smart contracts become functional. It was created by Charles Hokinson, one of Etherum’s founders. ADA is preparing for Alonzo hard fork, to deploy smart contracts functionality on the mainnet.  With this new upgrade, ADA’s users will be able to use the power of smart contracts. They will be able to borrow, lend, and trade without intermediaries.

Cardano replaces Tether
Top four cryptocurrencies by Market Cap Source: CoinGecko

Cardano replaces Tether why?

Cardano replaces Tether because it is one of the biggest gainers in the cryptocurrency market and has added 44.1% in the last week, according to CoinGecko. The recent upward movement of Cardano has raised the market capital by 3.23% of the total value of all cryptocurrencies. These Cardano moves have resulted in ADA taking over Tether and leaving the Binance coin (BNB) behind.

Currently, Cardano is at 2.03 which is 20% less than the all-time high of altcoins. The ADA has a 24-hour trading volume of over 6 billion dollars. The investment firm Grayscale’s Digital Large Cap Fund has added ADA into their listing and due to which this positive development is happening. Cardano replaces Tether but it isn’t clear for how much time it cam hold that position.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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