This week, Cardano has been making major gains despite the rest of the coins reporting sluggish performances. Cardano (ADA/USD) now ranks as the fifth-largest cryptocurrency with a market capitalization of around $50 billion, according to CoinMarketCap.
Cardano’s value has gained from $1.15 on January 11 to around $1.49 at the time of writing, reflecting a weekly gain of around 32%.
Cardano regains the fifth spot
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Following the price gains registered by Cardano, the token has managed to flip Solana’s market cap. Solana’s market cap currently stands at around $43 billion, making it the seventh-largest cryptocurrency.
Besides gaining in value, Cardano is also recording high transaction volumes. At one point, the transaction volume for Cardano surpassed that of Ethereum. However, this has since dropped, with ADA’s trading volumes standing at $5.07 billion at the time of writing.
ADA has not been spared from the recession recorded across the broader cryptocurrency market despite the gains made. At the time of writing, the token had dipped by around 3.2%. However, it has retained most of its weekly gains.
Several factors attributed to ADA’s rally
Cardano is among the network believed to be Ethereum killers. In September 2021, Cardano launched the Alonzo hard fork that brought smart contracts to Cardano. Some of the protocols that have announced plans to launch on the network include SundaeSwap, Ardana, CNFT.IO, Maladex and MELD.
One of the factors that could be triggering ADA’s rally is the recent announcement by SundaeSwap that it would be going love on Cardano’s mainnet.
“The moment we’ve all been waiting for has finally come! We’re excited and proud to share that SundaeSwap and the ISO will be launching on the evening of Thursday, January 20 (EST),” SundaeSwap said.
Cardano has also had its first venture into the metaverse. The metaverse is one of the hot spaces in the crypto spaces, and last week, Cardano announced plans to support the metaverse.
The Pavia project on Cardano will function similarly to Decentraland and The Sandbox. The project will commercialize virtual land and allow the holders of these lands to personalize their experiences and create their own virtual worlds.
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Source: https://invezz.com/news/2022/01/18/cardano-ada-flips-solana-sol-by-market-cap-to-become-the-5th-cryptocurrency/