Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
ADA now bagged the fourth spot once again this time, blowing past Binance Coin (BNB) which has endured a horrid week, after losing 47.7% of its value.
Cardano (ADA) amidst the current chaos in the crypto market has overthrown Binance Coin (BNB) to grab the fourth spot on the cryptocurrency ladder. The crypto market has been in red for some days now, with most of the biggest digital currency, Bitcoin, slipping as its price has plummeted, touching the $30,000 mark, a 16-week low, and taking most altcoins along for the ride.
Despite the current mayhem in the crypto market, Cardano (ADA) has managed some good performances which have pushed it up on the crypto ladder. Cardano climbed to a new all-time high last week, touching $2.25, knocking down Dogecoin to claim the fourth spot on the crypto ladder before sliding back as the market shakedown began. The coin has now bagged the fourth spot once again this time, blowing past Binance Coin (BNB) which has endured a horrid week, after losing 47.7% of its value last week.
Cardano in the same period also lost 33.1% last week, totaling a 40.9% dip in price from its May 16 $2.25 ATH. The digital coin has however seen some upward movement as it is up 13.46% within the last 24 hours, taking its price to $1.46 at press time. Binance Coin (BNB) after losing the fourth position also seems to have picked up as the price of the digital coin at press time $303.45, up by 15.07% in the last 24 hours.
ADA’s recent performance has been impressive and a major part of that is linked with the team behind its underlying network. ADA’s IOHK announced recently that, its blockchain is on course to launch an Ethereum converter that will enable users on the blockchain to transfer ERC20 tokens from Ethereum to Cardano.
This latest development couldn’t have come at a much better time as Binance Coin recently revealed that staking ETH on Ethereum could lead to a lock-up duration of up to 24 months, making Cardano the more attractive option now for users.
Charles Hoskinson has stated over the years that, he built Cardano to provide a practical and sustainable financial operating system for billions of people across the world as well as make it attractive to its rivals. Cardano has locked heads with Ethereum over the years with Hoskinson recently stating that his blockchain is better than Ethereum and has achieved what Ethereum couldn’t and that is its proof-of-stake quality.
Cardano has revealed that it has recorded 1 million wallets as its network popularity continues to grow. iMining, a Canadian crypto mining company recently declared interest in Cardano, stating that it intends to start staking ADA soon.