- As one of the top 3 cryptocurrencies when it comes to market size, the Cardano’s price has been steadily falling over time.
- The distance between the average and richest people has been fluctuating from $70 million to $3 billion.
- Stablecoin Tether has now taken its place
ADA tokens have jumped up by 150% in the past month, taking its market capitalization to 3rd largest in the world. It now holds $26 billion worth of coins. Its triumph seemed to have been short-lived. Tether (USDT), the most popular stablecoin, knocked off Nano (NANO) on September 29th while the rest of crypto was indecisive.
As of 9:00 am Indian Standard Time (IST), the difference in Cardano and Ethereum has retracted to a mere billion bucks.
Cardano has become a well-known cryptocurrency this year and it’s not the first time they’ve faced disappointment recently. ADA was doing really well last week, catching up to a 1 billion-dollar valuation on September 2nd. This happened following the Alonz Hard Fork update. A lot of people hoped it would be just as big as Ethereum. It even reached a triple-digit market cap at one point, with a high of $98.91 billion. That said, it still fell short of that goal by $60 billion or so. Even the new partnerships announced by Cardano at this time weren’t enough to save them from the pressures of the current crypto market. The market has been in a slump for a few weeks now.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.