Cardano (ADA) just became the latest altcoin to go through the stratosphere, defying a broad downtrend in the cryptocurrency market ahead of the new year.
Cardano’s ADA coin touched an all-time high of $0.76 on Saturday, according to CoinMarketCap. Prices would later consolidate at $0.69 for a gain of more than 37%. Nearly $700 million worth of ADA coins were transacted over the past 24 hours, which is equivalent to roughly 53,383 bitcoins. There are currently more than 25.9 billion ADA coins in circulation, with total supplies exceeding 31.1 billion.
Over 90% of the daily transactions occurred on just two exchanges – Bittrex and Binance – with the rest taking place on lesser known platforms, such as Coinnest and Gate.io.
With the gain, Cardano’s market cap has reached $17.7 billion, placing it sixth among active cryptocurrencies and leapfrogging the likes of Litecoin, IOTA and NEM.