© Reuters. Why Ethereum Killer Cardano Is Surging So High Lately
- is among the top 10 cryptocurrencies in terms of market capitalization.
- ADA is an innovative contract platform that uses a different consensus algorithm called Proof-of-Stake.
- The Cardano blockchain rewards users for validating transactions.
Last week, the crypto market experienced one of the most brutal corrections in its history, according to data from CoinMarketCap. With a few exceptions, the price of most cryptocurrencies fell by double-digit percentages. , the flagship cryptocurrency, fell by more than 15% at one point and is currently trading below $8,000.
When Bitcoin fails, the entire market crashes with it. However, one cryptocurrency stood out as an outlier, surpassing its prior all-time high as the rest of the market continued to decline – Cardano (ADA).
According to industry experts, Cardano is the only project in the top 10 cryptocurrencies that utilizes smart contracts, a working Proof-of-Stake, and does not need a restart every month. The crypto pair is an innovative contract platform like , but it uses a different consensus algorithm called Proof-of-Stake (PoS).