Cardano Settles Behind Tether By Market Cap
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.