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Cardano (ADA) Becomes 7th Largest Cryptocurrency By Market Cap, Displacing XRP

Regardless of the Cardano Vasil hard fork delay, ADA, the native token of the Cardano blockchain has flipped XRP (Ripple) to become the 7th largest cryptocurrency in the world by market capitalization. Ripple’s XRP now sits in the 8th position on the list of the top cryptocurrency tokens.

As crypto winter seems to be fading off slowly, several digital assets have increased significantly in price. Among the tokens performing well in the crypto market lately is Cardano (ADA). 

Read Also: Cardano (ADA) Reigns As the Most Developed Asset in Crypto Industry –Santiment

Per data from Coinmarketcap, ADA is now the 7th largest cryptocurrency by market capitalization. Accordingly, Ripple (XRP) has been relegated to the 8th position. 

Cardano Price
Source: CoinMarketCap

This could be attributed to the growing developments and adoption of the Cardano blockchain for outstanding innovations. Additionally, data revealed that Cardano (ADA), the largest proof-of-stake (PoS) blockchain, has been actively running for over 1760 days without an outage.

Therefore this market cap growth could be signifying investors’ interest in the project following these new and upcoming developments like the Vasil upgrade. 

It is worth noting that Cardano (ADA) now has a market capitalization of $17,515,765,606 while Ripple (XRP) has a market capitalization of $17,479,441,830, as revealed on Coinmarketcap, at the time of writing. This flippening happened on Friday as Cardano (ADA) rose above $0.5 per token. 

Related: Here’s why Cardano Vasil Hard Fork Will Be Delayed for More Weeks

Cardano Vasil Hardfork Delayed

The recent surge in the price of ADA could be attributed to the initial anticipation of the Vasil upgrade on the blockchain’s mainnet. Accordingly, in the past weeks, a huge accumulation of the token was recorded from Cardano shark addresses. 

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However, the long-awaited Vasil hard fork combinator event which was pre-scheduled for late July has been delayed yet again for several weeks. 

The team behind the upgrade cited that the postponement is needed to give all parties, such as SPOs, exchanges, and API developers, sufficient time to be prepared. Above all, the IOG team is considering all measures to ensure a smooth and successful upgrade.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in 2019. He is an all-rounded crypto content writer. He mostly covers industry news, developments, and other educational resources. He believes that proper crypto awareness is instrumental to achieving mass adoption.
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