Cardano’s constant development seems to be paying off as the cryptocurrency overtakes two others to become the 6th largest crypto by market capitalization. Following a 25% spike in the last 24 hours, Cardano (ADA) from 8th position to 6th, usurping Binance USD (BUSD) and Ripple (XRP) along the way. After adding over a billion dollars in the last 24 hours, Cardano currently boasts of a market capitalization of $20.6 billion.
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The price of ADA has gained massively in the last 24 hours. In the past day, ADA has moved from a low of $0.517 to a high of $0.665. At the time of writing this line, the cryptocurrency is changing hands at around $0.653, according to data on Coingecko.
The development comes less than 24 hours after Cardano topped Ethereum in terms of transaction volume.
Although, the XRP now boasts of a market capitalization of $20.2 billion, which puts the price of one unit at $0.42.
Cardano’s Constant Development Pays Off
According to popular on-chain metrics cryptocurrency data provider Santiment, the massive surge of Cardano puts the digital currency on the list of altcoins that have enjoyed a remarkable week.
Santiment added that Cardano’s development activity is now at an all-time high following continuous development and innovation even as prices were suppressed.
“#Cardano is one of many #altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit #AllTimeHigh levels, as $ADA’s team worked on innovating while prices were suppressed,” Santiment noted.
The Cardano team has been aiming at the development aspect of the project. The team agrees that when things are running effectively, more users will have no choice but to flock to the network.
Lately, Cardano’s development team has been preparing for the release of Vasil Hard Fork, an upgrade targeted to go live by the end of next month. The Vasil Hard Fork is tipped to integrate significant features that will boost the overall performance of Cardano, including speed, scalability, as well as smart contract functionality.
Projects building on Cardano have reached nearly 1000, while NFTs on Cardano has crossed 5M, Cardano total value locked stands at $154M, while in past 24 hours Cardano records three times Transaction volume than Ethereum, which shows the ecosystem is building strongly