A crypto token – ADA based on the Blockchain of Cardano, which is not so popular to some of you has now become the third-largest cryptocurrency around the world. The ADA token rose to 50 percent in its price in the last week alone and achieved this milestone.
Moreover, Cardano’s Blockchain will allow smart contracts on its platform on September 12. After allowing contracts, it will allow offering lucrative services, such as DeFi, where top-notch blockchains, including Ethereum dominates. Hence, ADA token has now become the world’s biggest digital currency after Bitcoin and Ether.
The digital coin or you can say token has climbed despite skepticism about its utility. According to tracker CoinGecko, the ADA token has a market value of more than $69 billion, which is bigger than all its rival tokens. While it is only behind Ether and Bitcoin in terms of market value and price.
The crypto-token – ADA has seen more than a 1,400 percent jump in its value over the past year. Interestingly, many people outside the crypto industry have never heard about Cardano’s Blockchain or ADA token. Even though, it has become the world’s third-largest cryptocurrency (crypto token).
The recent rallies in the biggest virtual currencies, such as Ether, Bitcoin, ADA, and other crypto coins, tokens, or currencies have helped the crypto industry to surpass over $2 trillion in terms of market value for the first time since May. However, many virtual currencies have grown in the last month of general positiveness.
Difference between Cryptocurrency and Crypto -Token
As a reminder, ADA is a crypto-token, which means not a full cryptocurrency. In simple words, crypto-tokens are those digital coins or currencies that are developed on the existing blockchains of other cryptocurrencies. In the case of the ADA token, it has been built on the Blockchain of Cardano.
Similarly, other tokens, including the Shiba Inu coin, which is built on someone else’s Blockchain. For instance, Ethereum is an existing Blockchain and its native crypto coin is Ether, whereas this Blockchain has also some other cryptocurrencies being developed.
