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. 

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. 

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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Shiba Inu’s Market Capitalization

After weeks of the massive selloff in the cryptocurrency market that resulted in the price decline of many assets, the crypto market seems to be experiencing a mild recovery. 

Particularly, Shiba Inu (SHIB) fell significantly in price and has been trading at the bottom of the chart for several weeks. Accordingly, its market capitalization declined below $5 billion in mid-June, according to data from Coingecko. 

However, investors seem to be taking interest in Shiba Inu (SHIB) as its accumulation rate has been on the rise. This has resulted in an increased market cap of the dog-themed token. 

Interestingly, Shiba Inu (SHIB) reclaimed $7 billion in market capitalization on Monday before it retraced. To note, the last time the market cap of Shiba Inu crossed this amount ($7 billion) was in early May before the crypto winter surfaced. 

It is worth noting that Market Capitalization, otherwise called Market Cap, is calculated by multiplying the current price of a certain digital asset by its circulating supply. 

Read Also: SHIB Burn: More Than 1.2 Billion Shiba Inu Tokens Burnt In One Week; BONE Minting Rate Declines

Total Crypto Market Cap Reclaims $1 Trillion

Today, the leader of cryptocurrencies, Bitcoin (BTC) saw a spike in price as it crossed $22,000 per BTC. Likewise, Ethereum (ETH) grew above $1500 while many other large-cap altcoins like MATIC also saw a price breakout on Monday. 

As a resultant effect, the global cryptocurrency market cap crossed $1 trillion once again. At the time of writing, Bitcoin (BTC) has a market cap of $411.4 billion while the global market cap of cryptocurrency is $1. 04 trillion, according to Coingecko.

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The post Shiba Inu (SHIB) Crosses $7 Billion in Market Cap, as Total Crypto Market Cap Reclaims $1 Trillion appeared first on Times Tabloid.