ADA, the native token of the Cardano blockchain, has been performing significantly as the crypto market seems to be recovering. Despite the postponement of the pre-planned Vasil upgrade to a future date, more investors are accumulating Cardano (ADA) tokens as seen in its rising market capitalization.
Earlier today, Cardano’s ADA displaced Ripple’s native token XRP to become the 6th largest cryptocurrency in the world by market value. XRP now sits at the 7th position in the market cap hierarchy. This is the second time ADA has displaced XRP within one month.
At the time of writing, Cardano (ADA) has a market cap of approximately $18.73 billion while Ripple (XRP) has a market capitalization of $18.67 billion, according to Coinmarketcap data. ADA will have to attract more investors for it to displace Binance Coin (BNB) which sits number five (5) with a huge market cap of $52.63 billion.
It is worth noting that Cardano (ADA) has moved two positions higher in the past few weeks alone. Until July 29 when ADA flipped XRP to become the 7th largest cryptocurrency, the token was at the number 8 position in terms of market capitalization.
The consistent increase in the coin’s market value could be attributed to the recent developments around the project, especially the much-anticipated Vasil upgrade. Overall, interest in ADA from crypto investors has surged in recent months.
This can be seen in the growing number of Cardano (ADA) wallets in existence. Earlier this month, the total number of wallets created on the Cardano network reached a new milestone as it surpassed 3.5 million. At the same time, ADA delegators on the blockchain are increasing.
Although the critical upgrade on the Cardano smart contract platform has experienced many holdups and shifts, the predominant belief is that the Vasil hardfork combinator event will make the Cardano blockchain more scalable and interoperable.
Being a complex upgrade, the Input Output Global (IOG) team led by Charles Hoskinson, is putting many factors into consideration to ensure a smooth and successful upgrade. However, the Vasil hardfork is very close, as Cardano developers have finalized node 1.35.3, which is the final node for the Vasil upgrade to take place.