Cardano (ADA) went near to triple its market capitalization reaching $ 30 billion in the last month. And now, Polkadot shows intentions to take away its spot in the ranking.
The digital currency market suffered an amazing capitalization increase. With Bitcoin (BTC) and Ethereum (ETH) recording new price highs every week, the crypto market paints a bullish scenario.
Crypto enthusiasts put their hopes in BTC or ETH when it comes to higher market capitalization. However, less popular cryptocurrencies are seeking spots to reach the top of the list.
ADA, Cardano’s Blockchain network token, which is currently the fifth-largest cryptocurrency by market capitalization, has shown valuable growth with a very promising 31% growth in the last week. The price of an ADA token is now circling $ 0.88.
A few days ago, right now, ADA posted its best price since 2018, above USD 0.90, its market capitalization suffered an explosive increase compared to the last month. On January 16, Cardano’s market capitalization hovered around $ 10.6 billion, a figure that had almost tripled by February 11, once ADA’s capitalization climbed to $ 30 billion.
Cardano and its Nearly Triple Market Capitalization
Cardano’s market capitalization was up 255% in the last month; most of these activities came from the beginning of the month when ADA’s price was $ 0.40.
Charles Hoskinson, the co-founder of Ethereum, leads Cardano, a third-generation Blockchain with Proof-of-Stake (PoS) consensus protocol that emphasizes smart contracts. The rise in the price of cryptocurrency kept increasing in recent weeks thanks to some developments and advancements that the project is currently carrying out.
In February, the rise of the coin collided with the announcement that Cardano was about to initiate the allowance and issuing of “native tokens” by users, a decision that will ultimately turn said Blockchain into a multi-asset platform that shares similarities to Ethereum.
The maximum capitalization that ADA registered during this second month of this year, February, got closer and closer to its historical maximum. In January 2018, when the price of ADA exceeded the dollar per unit, the currency’s capitalization stood at USD 32.3 billion.
Cardano’s market cap recently hit $ 27.3 billion, according to CoinMarketCap, slightly below Polkadot and one notch above Ripple.
Cardano and Polkadot are Battling for a Third Spot in the Ranks
Polkadot’s DOT token rivals ADA appear in fourth place from the ranking on market capitalization. DOT is, at the moment of this writing, the fourth-largest cryptocurrency by total market capitalization, according to data from CoinMarketCap. The altcoin managed to outperform ADA registering a capitalization of USD 28 billion.
Both coins appear to be in a contest with continuous rotations between the fourth and fifth place in the ranking that shows the most critical crypto data providers. Both seem to find it impossible to reach third place in the order, a spot that still belongs to Tether with a total market capitalization of $ 32 billion.
By: Jenson Nuñez
