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Cardano jumped to become the fourth largest digital currency in the market

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Cardano jumped to become the fourth largest digital currency in the market

After a stunning performance in recent weeks, Cardano managed to reach the fourth place in the digital currency market yesterday, surpassing Ripple.

Ethereum’s commissions have risen sharply as DeFi has become more attractive, making it an opportunity to launch projects known as Ethereum Killers, according to BineCrypto. Cardano is one of those projects that has made good use of this opportunity. Faster and cheaper transactions than Ethereum have led the ADA, the token of this Chinese blockchain network, to grow reasonably well, reaching fourth place in the digital currency market after crossing Ripple.

Cardano has risen about 88 percent in the past 24 hours over the past week and is currently trading in the $ 0.66 range.

Cardano’s leap and the quinoa market in general has raised the question of whether the quinoa season has arrived.

If you have been following the digital currency market in 2017, you must remember that the upward trend at that time began with the jump in the price of Bitcoin. The Ethereum then began to grow, eventually ending with the astonishing growth of Altcoins. This seems to be happening again; The price of Bitcoin has peaked in recent weeks, and since then we have seen the Ethereum record price of $ 1,700, and now the Altcoins are showing promising fluctuations.

History does not repeat itself, but some similarities can be found between the present and the past. It is difficult to deny the repetition of patterns. It logically makes sense for new users and institutional investors to invest in Bitcoin and Ethereum before they realize the existence of pennies. This led to good growth in digital currencies with favorable uptrends, and Cardano was one of them.

At the same time, the value locked in the field of defense has also increased dramatically. That amounted to less than $ 1 billion in early 2020 has now reached $ 34 billion. As the networks hosting smart contracts serve as the platform for Diffie applications and protocols, the price of tokens on this network has also risen. Stellar, Polkadat, Stellar and Cardano are among these currencies.

ADA is a Cardano network token. The token is named after 19th-century mathematician Ada Lovelace. He is known as the first computer programmer.

Ada allows users to trade their assets anywhere in the world without waiting for third party entities. In describing his digital currency, Cardano writes:

Each transaction is securely, permanently and transparently recorded on the Cardano blockchain.

Cardano Consensus Protocol is representative stock proof; This means that users can receive proof of company shares and profits by providing their currencies to the network. Cardano network security is provided in the same way.