Cardano’s ADA closes in on Bitcoin SV’s status regarding its market capitalization position as the sixth biggest cryptocurrency. In our Cardano price news, we take a closer look at the analysis.
During the peak of the crypto bubble, Cardano’s ADA was the fifth-biggest cryptocurrency by market cap, exceeding $20 billion and trading behind Bitcoin, Ethereum, and Ripple. However, over the course of the bear market in 2018 and 2019, ADA dropped and underperformed many of its peers as the crypto bubble hit lower lows. Cardano’s surge of the recent months quickly started returning to its former glory.
As per the recent reports, the data shows that the leading cryptocurrency increased by 200 percent as the year started. This makes it the best-performing smart contract coin of this year. The performance is even more brilliant when you take the returns from the March lows.
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From the capitulation lows, the asset gained over 500% while Bitcoin is only up by 150%. ADA’s relative outperformance allowed it to climb up to the crypto rankings.
Cardano’s ADA closes in on Bitcoin SV now as the asset is only a few million dollars away from passing its market capitalization. This means that if ADA goes higher while BSV stagnates, Cardano will become the sixth-biggest cryptocurrency for the first time since 2018. Cardano could soon be the sixth-biggest asset but some expect it to even climb higher in terms of actual value, as per the Cardano price news. Ryan Selkis from Messari commented that he believes ADA will become the fifth-largest cryptocurrency in 2021 when the asset was 30% below where it is today.
The founder, Charles Hoskinson said that with the Shelley upgrade they will combat some of the market shares as a smart contract platform such as Ethereum. Hoskinson said that he believes that the code of Shelley upgrade is the highest quality in the crypto space:
“We’re speeding up and accelerating and we’re doing so with some of the highest quality code that’s ever been written in the history of our space because we’re using a really scientific language Haskell and we’re using formal methods… that which is the same engineering standards that NASA uses and SpaceX uses for their rockets.”
Messari also found that staking was one of the main catalysts in the market over the past few months, pushing cryptocurrencies higher before the launch of staking technology.
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