ADA has passed the $2 mark, becoming the third-largest cryptocurrency in the world ahead of its proposed smart contracts launch.
Cardano’s ADA has overtaken Tether to become the third-largest cryptocurrency in terms of market cap. The price of ADA currently sits at $2 with a market capitalization of $63.88 billion which marks a 12-week-high. Over the past 24-hours, the price has continued to surge and is up 12% at the time of writing. BTC ($871.61 billion) and ETH ($377.23 billion) make up the top two spots globally while Tether ($63.31 billion) and Binance Coin ($61.27 million) round out the top-five coins.
The rush on ADA has been attributed to the upcoming launch of Cardano’s smart contract feature. After Cardano’s founder Charles Hoskinson announced the upcoming debut of a smart contract feature, ADA prices surged 20% from $1.54 to $1.88 on August 11, a two-month high at the time. The spike to over $2 represents an uptick of around 100% from just a few weeks ago on July 20 when the price dipped to around $1.