Cardano (ADA) Overtakes Tether (USDT) and Stellar Lumens (XLM) to Become Eighth Largest Crypto
Cardano’s positive momentum continues, with the coin gaining more than 20% in Wednesday’s trading session.
Cardano (ADA) is continuing its strong bullish momentum, surging over 20% and overtaking Tether (USDT) and Stellar Lumens (XLM) in the global cryptocurrency market.
As of 19:50 UTC on Wednesday, ADA was trading 21.16% higher at $0.098. The rally helped the asset climb to the number eight spot on the CoinMarketCap cryptocurrency chart, with a market capitalization of $2.55 billion.
The boost for ADA came amid generally positve crypto market trend, with the price of Bitcoin (BTC) gaining more than 8% and jumping above the $5,000 level in Wednesday’s trading session. And although Tether and Stellar lost positions in the ranking, the two altcoins are also enjoying a substantial gains in the new wave of green.
After surpassing Stellar and Tether, Cardano is heading toward the seventh spot in the crypto chart, currently held by Binance Coin (BNB). Despite BNB’s strong performance in recent months and the cap difference of around $200 million between the two assets, some market watchers believe Cardano’s positive momentum will push it another position up.
ADA has been on the up in the past three months, raising from lows of $0.039. The rally has been fueled by some key developments from the network, including its efforts to become fully decentralized.
Late last month, the project announced its 1.5 mainnet version release. The upgrade will bring a new state of the network, called Ourobouros Genesis, which would be the proper condition of the completed Cardano network.
“Ouroboros Genesis is a major upgrade to the protocol that underpins Cardano because it is first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin,” Cardano said at the time, boosting the asset’s price.