The current value of Cardano currently stands at $58B. As such, Tether has been overtaken by Cardano’s ADA in the rankings based on market capitalization value.
The Recent Surge For Cardano
On Sunday, the surge took place for the ADA cryptocurrency of Cardano. It brought the return of the platform of smart contracts into the territory of the elites, as far as market capitalization values are concerned.
ADA charted the growth of 14% and reached a value of $1.83 on most of the big exchanges. This is a new record high for the currency. Previously, it was observed as hovering just beneath the $1.80 mark. It had gained 14% in the past 24 hours, 31% in the previous week, and more than 47% for the previous month.
At present values, the market capitalization value of Cardano precisely stands at $57.8B. This has caused Tether (USDT) to be flipped from the number six spot on the leaderboard for the market, CoinGecko reports. On CoinMarketCap, the market ranking of Cardano reached a high of fifth place, at times.
ADA was also observed as performing better when compared to Bitcoin (BTC). It had recorded a rise of 16% when placed against the biggest cryptocurrency. However, ADA is still far off from its all-time highest when BTC measurements are done.
It has support from a combination of indicators that are driven by sentiment, fundamental, and technical. A major reason is that investors are preparing for the upcoming period of the bullish trend in the market. According to a recent report from Cointelegraph, the confirmation of ADA’s uptrend continuing came after it broke past the $1.48 barrier in the previous week. Action in price estimates the immediate target upside to be $2, and then $2.25.
As far as fundamental developments are concerned, Kraken reported that their platform has made ADA staking available. The next big milestone for the development of Cardano is the upgrade named Alonzo.
