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Cardano breaks into top 5 crypto currencies

Cardano breaks into top 5 crypto currencies

In the breakout year for crypto currencies, Cardano (ADA) – hailed as the “Ethereum of Japan” – has emerged as the latest winner. According to CoinMarketCap, the crypto currency touched an all-time high of $0.76 on December 31. Also, it catapulted into the top 5 largest crypto currencies.

Opening at $0.685 on December 31, Cardano achieved the highest of $0.76 while the lowest on the day was $0.639. On December 31 alone, ADA coins worth $700 million were transacted, which is an equivalent to 53,383 Bitcoins. At the time of writing, ADA was trading at $0.70.

In December month, the value of the alt coin has increased by 434.34 percent. It was trading at $0.1319 at the start of the month. Since it has started trading in October, ADA has grown by more than 2,200 percent.

At the time of writing, Cardano’s market cap has reached $18.2 billion. It has only four active crypto assets ahead, in Bitcoin, Ripple, Ethereum and Bitcoin Cash.

Bitcoin is sitting at the top despite recent downtrends, with a market capitalization of $226 billion. Trading at $13,514.60, BTC has seen a decline in value by 3 percent. Ripple is at a distant second position with the market cap of $88 billion but is closely followed by Ethereum which has a market cap of $85 billion. The fourth-placed Bitcoin Cash has a market cap of $41 billion.

The combined market cap of 1381 cryptos stands at $627 billion. The dominance of the largest crypto currency Bitcoin has reduced to 36 percent.

Cardano is developed by a blockchain architecture and development start-up, Input Output HK, in association with the University of Edinburgh the University of Athens and the University of Connecticut Cardano SL (or Cardano Settlement Layer). It is a Proof of Stake (PoS) crypto operating on Ouroboros algorithm. As of now, there are over 25.9 billion ADA coins in circulation, with total supplies surpassing 31.1 billion.