Cardano (ADA) has been scaling the heights because it is now the sixth-largest cryptocurrency after dethroning Ripple () with a market capitalization of $20.71 billion, to .
Cardano is going through the roof based on factors like increased development activity. Market insight provider Santiment :
“Cardano is one of many altcoins that have enjoyed a great start to the week. Development activity has hit AllTimeHigh levels, as ADA's team worked on innovating while prices were suppressed.”
Source: Santiment
Cardano is a proof-of-stake (PoS) blockchain, which is designed to be a scalable, sustainable, and flexible network for running smart contracts needed when developing decentralized finance () applications and new crypto tokens.
Therefore, Cardano is one of the sought-after networks in the development arena based on the latest trend of flipping Ripple’s market capitalization of $20.14 billion.
Market analyst under the pseudonym Tajo Crypto :
“Cardano pumped more than 25%, so it flipped XRP to become the 6th largest crypto by market cap. Cardano is doing well with over 5 million assets minted from its network recently. Cardano is also getting ready for the Vasil upgrade in June. ADA is doing well.”
ADA was up by 18.66% in the last seven days to hit $0.6124 during intraday trading, according to CoinMarketCap.
Therefore, Cardano seems not to be relenting in its quest to flip other . For instance, it Polkadot (DOT) from the seventh position in January 2021. As a result, it became the biggest proof-of-stake network.
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