Cardano Settles Behind Tether By Market Cap

2021-02-16 08:00:00

Cardano’s native token ADA has recorded an impressive run over the last two weeks

At the beginning of this month, Cardano was trading at about $0.4. By the end of the first week, this figure had risen to $0.7. In the second week of February, positive trading activity saw its price climb further to almost $1 before retreating to $0.7 yesterday. The token has, however, managed to retain most of its value despite the recent descent.

In the past few hours, Cardano’s price has ascended, touching a high of $0.888. The token is currently changing hands at $0.8806 as per Coinmarketcap data.  This upward momentum has also been reflected by its increased market cap.

New market cap

The token had a total market cap of $11 billion at the end of January. Less than three weeks in, this number has more than doubled. Cardano briefly touched the $30 billion market capital level on Thursday last week before dipping to $24 billion yesterday. The token is currently closing in on a market capital of $28 billion.

A new market leader?

Cardano is carving a name for itself as among the top leading cryptocurrencies market cap-wise with this upturn. If it stays the course, the token might soon start getting mentioned in the same breath as Ethereum and Tether. It now ranks as the fourth-largest cryptocurrency by market cap and is at a close range to third-position Tether. Cardano is about $4 billion shy of Tether, and it won’t be a surprise if it leaps over the leading stable-value cryptocurrency.

On the other hand, Cardano could be dethroned by the fifth-placed Polkadot or XRP that sits sixth in the table. Both are within striking distance of Cardano and could close the less than $2 billion gap that separates them. Polkadot has a total market cap of $25.98 as of writing, with XRP close behind at $25.8 billion. Meanwhile, the entire crypto market cap has surpassed $1.5 trillion as buyers have entered the market to save the day after yesterday’s dips.

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