BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Cardano Steals Sixth Place with Recent Price Surge

Alexa by Alexa
May 31, 2022
in Crypto
Reading Time: 2 mins read
A A
Cardano Steals Sixth Place with Recent Price Surge
1
SHARES
20
VIEWS
Share on TwitterShare on Reddit

The crypto market is experiencing a small relief rally. Cardano (ADA) is among the bounce with a 27% price surge. This kicks ripple out of 6th place of the largest cryptocurrencies and places Cardano there instead.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Cardano Overtakes Ripple

Cardano is doing relatively well in the crypto market.

The smart contract blockchain’s ADA token raised 27% amid a market-wide bounce. This put it ahead of Ripple to reclaim its title as sixth-largest cryptocurrency by market capitalization. This comes ahead of Cardano’s highly anticipated Vasil hardfork upgrade. The blockchain is expected to see a testnet release on June 2nd with mainnet launch on June 29th. Upon release, the Vasil upgrade will represent the network’s most significant overhaul since the Alonzo hardfork in Sept 2021. 

While the Alonzo upgrade gave Cardano smart contracting capabilities, unlocking a range of new DeFi use cases, the upcoming Vasil hardfork will supposedly improve the scalability and usability of the network. Specifically, Vasil will include four Cardano Improvement Proposals, CIP31, CIP32, CIP33, and CIP40, which are supposed to reconsider the logic of how Cardano’s Plutus scripts are submitted to the blockchain. Together, the CIP upgrades are supposed to lower the transaction fees, improve the network’s throughput and decentralization, and solve the so-called “concurrency” issue that has severely impaired the scalability of the apps on the blockchain to date.

Although Cardano was one of the first smart contract-based Ethereum competitors to hit the market in 2017, it has fared significantly worse in terms of ecosystem than most of its counterparts. It launched smart contracting capabilities long after other blockchains like Solana had already built out their own DeFi and NFT ecosystems, and still sees significantly less activity than most other leading Layer 1 networks eight months later. According to data from Defi Llama, Cardano has around $158 million in total value locked across its decentralized apps, about 25 times less than Solana and 455 times less than Ethereum. Interestingly, Ethereum’s market cap is about 11 times larger than Ethereum despite the significant lead it has in the DeFi space. 

ADA is currently trading at around $0.66, up around 27% from today’s low of $0.51. That puts Cardano’s market cap at about $22.3 billion.

Tags: ADACardano
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Here Comes The IRS: Crypto Investors Not Able to Pay Taxes on 2021 Capital Gains

Here Comes The IRS: Crypto Investors Not Able to Pay Taxes on 2021 Capital Gains

Related News

Alchemy Says it Only Takes Four Minutes to Create a Dapp Using their New Web3 Toolkit

February 27, 2023
BlockFi Bankruptcy

BlockFi, A Crypto Lender, Files For Chapter 11 Bankruptcy

November 29, 2022
Cardano-Logo

Everything You Need to Know about the Cardano Hard Fork

August 29, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?