Cardano (ADA), the native token behind the eponymous proof-of-stake blockchain network, has become the fourth-largest cryptocurrency by market cap, hitting its all-time high on cryptocurrency ranking website CoinMarketCap.
It has surpassed Ripple-affiliated XRP cryptocurrency for the very first time. Cardano market cap has swelled to $21.7 billion.
The “Mary” hard fork
On Feb. 3, the team behind the growing cryptocurrency project, successfully rolled out the “Mary” hard fork that has transformed it into a multi-asset network and brought the network one step closer to transitioning to the Goguen era.
The process of tokenization was handled natively on the Cardano blockchain without deploying smart contracts sets it apart from rivaling Ethereum and its ERC-20 token standard.
Apart from the project’s active development, digital asset manager Grayscale registering a series of trusts for Cardano and other alternative coins in late January could be yet another catalyst behind the sustained ADA trend.
Cardano leaves Bitcoin Cash in the dust
Cardano, with all its significant gains, is still 40 percent below its current all-time high of $1.18 that was reached on Jan. 4, 2018. Back that, the cryptocurrency peaked at fifth place with a market capitalization of $32.4 billion. Bitcoin Cash (BCH) was in fourth place with a market cap of $43.2 billion.
ADA’s recent ascent to fourth place coincided with Bitcoin Cash (BCH) leaving the top 10 for the first time since its creation. The once-formidable Bitcoin fork is now sitting below Stellar (XLM).
BCH is currently 87 percent below its all-time high of $3,785 reached on Dec. 20, 2017.
Most alternative coins achieved serious gains in the past few days, which resulted in new all-time highs for Ethereum, Polkadot, and Binance Coin. As a result, the total market capitalization also went for a record at $1.220 trillion.
However, the situation has changed to some extent in the past 24 hours. Ethereum has dropped by over 2% and is currently beneath $1,650.
Cardano is the most significant gainer from the top 10 with a massive 23% surge.