Cardano continues to perform well this summer, most recently flipping a key altcoin in market cap. Find out what this means for Cardano’s prospects.
Covered:
- Cardano Flips XRP
- Prospects Post-Vasil/Mark Cuban’s Comments
Cardano Flips XRP
Smart contract protocol Cardano (ticker symbol ADA) just flipped XRP in market cap. Cardano is now 6th in global market cap with 18.9 billion USD. This puts them ahead of not only XRP, but also fellow top 10 smart contract competitors Solana (8th) and Polkadot (9th).
The move up the charts for ADA stems from the awaited release of Vasil. In a way, the delays have helped Cardano maintain a strong catalyst during an opportune time with the market moving upward since July.
Nevertheless, despite the big move Cardano is still only 6th. However, a closer look at the top 10 shows it’s only really behind one true altcoin: BNB. Otherwise the five spots ahead of them is occupied by Bitcoin and Ethereum, and the two stablecoins USDT and USDC. Cardano has briefly usurped BNB in the past, like back during its pre smart contract run in the summer of 2021.
It’s not surprising that after months of bearishness that stablecoins would dominate, considering many people who sold off profits have left them in stablecoins while waiting for the right time to reenter. Does Cardano have what it takes to take advantage of those dormant stablecoins post-Vasil?
Recommended: Click Here For A Primer On The Cardano Vasil Upgrade
Prospects Post-Vasil/Mark Cuban’s Comments
Cardano’s Vasil upgrade has undergone several delays already, but it’s been from an abundance of caution. The question isn’t if just when the upgrade is completed. However, the question remains if Cardano can continue its positive price action.
After their last major catalyst back in the summer of 2021, Cardano fell hard. Even while the majority of crypto enjoyed a strong fall, Cardano’s price kept falling….
