- Cardano has overtaken XRP on the list of Largest Cryptos by market cap
- A market cap of $21.4 billion makes Cardano the fourth largest cryptocurrency
- Cardano also reached a three year high of $0.719 in the process
Cardano (ADA) Flips Ripple’s XRP
In what looks like an altseason, Cardano has flipped XRP and now holds the position of the 4th largest cryptocurrency by market cap. The last altseason, when investors targeted altcoins was in early 2018.
Cardano which traded under $0.5 before the electric car manufacturers Tesla announced that it had acquired a Bitcoin holding of $1.5 billion quickly spiked, overtaking XRP in the process.
ADA traded as high as $0.719 on Monday, February 8th which represents the highest price the coin has traded at in three years.
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Although Cardano now trades at $0.68 per coin, the boost was enough to earn it the 4th position on the list of Cryptos ranked by market cap. Cardano now holds a market cap of $21.2 billion while XRP holds $20.7 billion.
On the Flipside
- The Ethereum based project, ERC20 (ERC20) which describes itself as a payment method for the Belance blockchain platform is one of the biggest losers of February.
- Over the last 24 hours, ERC20 has stopped by 70 percent and now trades at 0.002041 per token.
- The utility token, CY Finance (CYF) tops the list with a price drop of 80 percent over the last 24 hours
Ripple’s XRP Loses Top-5 Crypto Status
A usurping of XRP by Polkadot and Cardano leaves it trailing behind the top five cryptocurrencies by market cap. Ripple which once sat comfortably as a top 5 crypto now holds the 6th position.
XRP briefly lost its top-three altcoin position on the 9th of February after newcomer and Ethereum killer, Polkadot (DOT) overtook its market cap in an ongoing altcoin shake-up.
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New data now shows that the XRP is trailing behind both Polkadot and Cardano after the crypto market went into another frenzy. The bill run which began after electric car manufacturers, Tesla announced that it had acquired a Bitcoin holding of $1.5 billion.
Although the XRP has reclaimed its 5th position, the margins remain very tight, which means it could lose it very soon. While XRP has a market cap of $20.76 billion, Polkadot (DOT) currently has a market cap of $20.66 billion.
With that, XRP in the top five cryptocurrencies by market cap could soon be a thing of the past. With contenders from fast-growing Polkadot (DOT) and Cardano (ADA) which has set its sights on a sidestep of its own.
In the last 8 days, Cardano has skyrocketed by over 100 percent, making it one of the top-performing Cryptos of February. ADA pushing past the psychologically important $0.50 barrier amid high buying interest from investors means we could see more upward momentum in the coming days.
