Cardano Makes it to the World’s Third Biggest Cryptocurrency

World’s three biggest cryptocurrencies now include Cardano
  • Recently, ADA’s value exceeded BNB’s value by a significant amount
  • Cardano’s uptrend dethroned BNB from the rankings of the three largest cryptocurrencies
  • IOHK announced a collaboration with the technology startup Muhn 

The timeline of acquiring the prestigious label of the world’s third-biggest cryptocurrency was very short for BNB, Binance’s domestic cryptocurrency. The new rival, Cardano, recently dethroned it successfully.

Cardano’s Big Win in the Crypto Space

ADA, the domestic crypto token of the Cardano blockchain, witnessed a volatile price performance in the past few weeks. However, it recently managed to confront the markets and escalate its price during an annihilation generated by Bitcoin’s largest price plunge in history, displacing BNB’s position in the process.

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The current market cap value of ADA stands at $39.6 billion. This exceeds BNB’s value by more than $4.5 billion, which now stands at $35.1 billion.

There are many reasons for the Cardano ecosystem to indulge in celebrations. The cryptocurrency surged by 18.76% in the past 24 hours and escalated in terms of value by 30% in the past week. The data represents a stark contrast to its contenders; for example, Bitcoin recently depreciated by 15%, whereas Ethereum witnessed a dip of 22.8%.

BNB is also making sure to follow all regular market trends. However, it lost about 22% over the last week. This paved the path for ADA’s uptrend to dethrone the former from the rankings of the three largest cryptocurrencies.

Cardano’s collaboration with the technology startup MuKn

Today, Cardano reached closer to a new landmark. The company accountable for the growth of Cardano is IOHK. It announced a collaboration with the technology startup MuKn that will focus on establishing a language that advances the performance of smart contracts on the platform of blockchain.

Glow refers to a domain-specific language that will ensure easy and quick development of dApps on Cardano. Supposedly, this language will provide more security to dApps and make them easier to access. 

According to the Co-Founder of MuKn, Francois-Rene Rideau, the association with Cardano smoothened the expansion process of this language. He stated that executing a DApp is extremely hard as it does not entertain any mistakes. Previous developer instruments didn’t perform the task of developing secure DApps well in this adversarial ecosystem. Thus, the platform decided to produce those tools with the feature of Glow. 

Francois-Rene added that IOHK represents a great partner for the company because both the firms primarily value the ideas of thinking in the long run rather than just focusing on temporary staff.

According to IOHK, the interoperability-oriented perspective of Glow is another crucial feature of it. It stated that the language is likely to remain portable. However, once the app successfully develops, Glow will be available for use on other platforms. Significant developers will have the choice to opt for a blockchain-based on value theory, rather than going by the programming language.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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