ADA Market’s Value Topped 19.1 billion USD
As it moves up the list of the major cryptocurrencies’ Top 10, ADA is now gaining pace. When BUSD’s price surpassed its market cap a few days ago, the asset lost its ranking as the seventh-largest digital asset. This happened when ADA’s price experienced a dramatic drop as a result of the markets. Nevertheless, ADA regained its seventh place after a price increase when the markets improved. The asset has since moved up to become the sixth-largest cryptocurrency by flipping XRP. The asset’s price recently broke through the 0.55 USD barrier level.
On Saturday, Cardano or ADAmarket’s value topped 19.1 billion USD. The asset’s valuation hasn’t been this high in more than two months. The most recent came on June 11, when faltering markets caused a decline in value. The market capitalization of the asset has now surpassed the 19B USD threshold. As a result of this achievement, ADA has surpassed (XRP), which had a valuation of 18.68B USD, on the list of the top cryptocurrencies by market cap. Since then, ADA’s market cap has marginally decreased below 19B USD, but the asset has maintained its sixth-place ranking.
The Recent Bull Market Rise
ADA maintains its lead over XRP with a current worth of 18.86B USD at the time of publication. It was anticipated that both assets would see resistance to their respective rallies. The recent bull market rise helped the crypto market recover, with new highs being reached for BTC and ETH. The increase in the asset’s price, which was brought on by the recent rally, had a direct impact on the rise in Cardano’s market valuation. After trading below the 0.55 USD resistance level for more than two months, ADA successfully broke through it.
Between mid-June and early July, the asset saw many rejections as it tried to break through the 0.50 USD resistance. The asset’s value increased as a result of many relief rallies, but each attempt ran into resistance near the 0.50 USD mark. ADA didn’t start trading securely over the half-dollar mark until late July. As the asset set its sights on breaking above the 0.55 USD barrier, August further strengthened its position above this area. Since August 5, ADA’s subsequent effort had been unsuccessful even with 0.50 USD as its new funding. The asset never reached 0.55 USD until lately, despite the fact that the markets were recovering in August. Prior to modestly declining to 0.558 USD, the current relief bounce brought ADA to 0.56 USD.
Source: https://www.thecoinrepublic.com/2022/08/16/cardanos-ada-regaining-seventh-place-in-the-world/