Both Polkadot and Cardano crossed the XRP in terms of market capitalization on Monday. Cardano is now listed as the fourth most valued digital assets while Polkadot has ranked fifth. Recently, traders are expressing their eagerness to invest in decentralized finance. The rising popularity of the Ethereum blockchain has also moved many traders towards DeFi.
While many investors find ETH blockchain to be very expensive, the alternative choice of blockchain-based decentralized finance is gaining acceptance.
Cardano Market Cap Rallies Up To $21.82 Billion
The total market capitalization of the crypto asset Cardano (ADA) reached $21.82 billion recently. Polkadot (DOT) also saw a significant surge in its price. The market cap for DOT is at an estimated $19.83 billion. Both ADA and DOT successfully outdid XRP whose market cap stands at $16.36 billion.
Regarding the matter, crypto analysts stated that the surging price action of these blockchain-based crypto assets hints that traders are now betting on these “Ethereum-killer” assets. They are going for cheaper alternatives of ETH and opting for DeFi investments.
After the launch of the CME futures contract, ETH witnessed a remarkable price surge. The total transaction amount for ETH blockchain reached $1,003,727.15 on 8th February.
According to Multicoin Capital principal Mable Jiang, Polkadot and Cardano make a “scalable” asset with a blockchain system. “Ethereum Killers” like ADA and DOT have now become a preferable choice for many. Jiang also informs that her firm Multicoin Capital has made several investments in the “Ethereum Killers” like Algorand and Solana.
Jiang also stated that the Ethereum network has now become quite expensive for many investors and an important reason behind it is the increasing BTC price. Bitcoin reached another new all-time high price on Monday after Tesla announced its $1.5 billion investment in BTC.
A report released by Outlier Ventures shows that Cardano has become the second-most used blockchain-based crypto asset after Ethereum.
