Wednesday, May 5, 2021

Cardano (ADA) Displaces XRP for the First Time in History

ADA, the native token of Cardano, the third-generation blockchain project, has just become the fourth-largest cryptocurrency by market capitalization, displacing Ripple’s digital token XRP for the first time in history, according to CoinMarketCap.

The native token behind the smart contract platform has now grown to $20.6 billion in terms of market capitalization. At press time, ADA is trading at $0.6662, with about a 25% price upsurge in the last 24 hours.

Read Also: Charles Hoskinson Shows Interest in Creating SouljaCoin for Famous Rapper Soulja Boy

Cardano (ADA) Displaces XRP for the First Time in History
Courtesy of CoinMarketCap

Mary Hard Fork Has Been Positive

On 3rd February 2021, IOHK, the software company behind one of the fastest-growing projects, Cardano (ADA), announced the rollout of the “Mary” hard fork, which has brought transformation into a multi-asset network and brought the network one step closer to transitioning into the Goguen era.

Read Also: Charles Hoskinson Hints at Many Deals, Partnerships, DApps, and Interests to Build On Cardano In 2021

The process of tokenization is handled natively on the Cardano blockchain without deploying smart contracts. This sets it apart from its major rival Ethereum and its popular ERC-20 token standard.

Apart from the project’s active development, digital asset manager Grayscale registering a series of trusts for Cardano and other altcoins in late January could be yet another catalyst behind the sustained ADA price momentum.

Cardano (ADA) Is Far Ahead of Bitcoin Cash (BCH)

Cardano (ADA) is still 40% below its current all-time high of $1.18 that was recorded on 4th January 2018. Back then, the digital token was holding the fifth position with a market capitalization of $32.4 billion. Around the same period, Bitcoin Cash (BCH) was occupying the fourth position with a market cap of $43.2 billion.

Read Also: American Rapper Soulja Boy Who Currently Holds Bitcoin Showcases Stern Interest in Buying XRP

ADA’s recent rise to fourth place coincided with Bitcoin Cash leaving the top 10 for the first time since inception. The once-formidable Bitcoin fork is now sitting below Stellar (XLM).

BCH is now down a relatively 86% from its all-time high of $3,785 attained on 20th December 2017.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles

Latest Articles