Cardano Has Remained in the Top 5 List of Largest Crypto Assets in the Past 7 Quarters.
Cardano maintains a top 5 position (excluding Stablecoins) in the list of largest cryptocurrencies for the 7th consecutive quarter.
Cardano (ADA), often touted as one of the most reliable Ethereum Killers, remains the favorite of several proponents within the cryptocurrency scene. Though pummeled by the current bear market, the asset has retained its prominence amongst top digital assets.
ADA has seen a massive surge in adoption rate, contributing majorly to its resilience against the Winter. As a testament to ADA’s prominence, recent data reveals that the asset has remained in the top 5 list of largest cryptocurrencies since Q1 2021. The feat was revealed Monday by an unofficial Twitter handle dedicated to Cardano-related updates on projects, data, and news.
“The below infographic showed the top 10 coins with the largest market cap in quarterly from 2021 (exclude stablecoin),” the handle noted, as a dashboard revealing the top 10 crypto assets since Q1 2021 was shared.
Information from the infographics reveals that ADA has retained a position in the top 5 list of digital assets since Q1 2021, excluding stablecoins. Launched in 2017, Cardano’s rise to the top 5 list in 2021 has solidified the asset’s position amongst top competitors in the space.
The asset secured the 4th position of top cryptocurrencies by market capitalization in Q1 2021, bestriding notable assets such as Polkadot, XRP, and Ripple. The asset rose to the 3rd position in Q3 2021 before dropping to 5th in the following quarter.
ADA has remained in the 5th position of biggest cryptocurrencies by market cap (excluding stablecoins) since Q4 2021. Despite staying below BTC, ETH, BNB, and XRP since Q1 2022, ADA has consistently towered over SOL, LUNA, DOGE, TRX, and DOT.
Per data from CoinMarketCap (CMC), with a current market cap of $14.28B as of press time, ADA still retains its 5th position – declining to 8th with the inclusion of the three largest stablecoins, USDT, USDC, and BUSD.
ADA’s current market cap of $14B+ indicates that the asset will not be moving below its current spot anytime soon, as its valuation is over $2.5B ahead of top competitor SOL which secures 6th position with a market cap of $11.70B at the time of reporting.
Cardano has sustained its prominence in the cryptocurrency scene due to the major developments engineered by the project’s team of developers, fueling the adoption rate. Cardano’s much-anticipated upgrade Vasil Hard Fork was successfully deployed on September 22, following a series of deferments.
The upgrade brought several performance improvements to the Cardano network. As The Crypto Basic reported last month, the community is already experiencing the improvements introduced by the Plutus V2 functionality from the upgrade a few days later. The upgrade brought with it lower fees and faster transactions.
Meanwhile, last week, the decentralized payment network COTI announced an initiative to bring more exposure to Cardano stablecoin Djed. The initiative involves a partnership with DeFi property platform Empowa which would include Djed as a payment option for African partners.
Amidst these promising indicators, ADA has been holding up against the bears. Despite a recent drop below the support at $0.42, the asset shows signs of a comeback. ADA currently trades at $0.41 as press time, down 1.42% in the past 24 hours. This marks the first time the asset has been trading below $0.42 since July.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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