The rise of Cardano (ADA) has only been confirmed in recent months. As proof, the capitalization of the ADA, which exceeds for the first time that of Ripple’s XRP and comes in 4th place in the ranking of cryptocurrencies.
Cardano’s ADA overtakes Ripple’s XRP
Cardano’s cryptocurrency managed to overtake XRP yesterday. The ADA this morning displays a capitalization that exceeds 20 billion dollars, against 19 billion dollars for the assets of Ripple. The ADA had not yet reached such a high place in the ranking of cryptocurrencies by market cap.
The price of the ADA has been rising strongly for a week, but the latest breakthrough came over the weekend: the cryptocurrency took + 33% in the space of a day . The ADA then hit the 0.70 dollar barrier, and is trading this morning around 0.65 dollar:
Why is the price of ADA soaring?
Several factors can explain this breakthrough by Cardano, whose ADA evolves in a context of „bull run“. The blockchain made a hard fork on February 3 , „Mary“, which allows it to become a multi-asset network . This is a crucial step for the Cardano project, which is advancing considerably towards the “Goguen” era. The latter will finally allow him to take charge of smart contracts.
In addition, there are signs that institutions are interested in the project. We explained it to you a week and a half ago, the colossus Grayscale is considering adding trusts for several altcoins , including Cardano (ADA): it is a guarantee of legitimacy for the cryptocurrency. Other signs of these investor favors exist, such as the launch of ADA-based perpetual swaps at Bitfinex. And Goguen’s arrival at the end of February could once again cause Cardano’s asset price to jump.