17 Aug 2021 10:57 AM +00:00

Cardano ADA Rises To Third-Largest Cryptocurrency By Market Cap, According To CoinGecko

Cardano’s ADA token rose above Binance Coin (BNB) over the weekend to become the third-largest cryptocurrency based on market capitalisation, CoinGecko data states.

According to CoinGecko, ADA currently has a market cap of $67,265,316,082, while fourth-place BNB has a market cap of $66,110,914,564.

Buoyed by the smart contract release scheduled for September 12, ADA’s price increase over the past seven days outperformed its closest tokens. ETH and BTC’s 7-day increases were 2.4% and 1.0%, respectively, while BNB rose by 20.6%. ADA’s price increased by 41.9%.

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Will Cardano Join ‘The Big Three’?

On August 13, IOHK announced the date of its Alonzo hard fork – the date on which the network would receive Cardano smart contracts. At the start of August 13, ADA’s price was $1.73. By the end of the day, it would hit $2.03.

ADA reached its peak on August 14, when it briefly cost $2.22. This is still below ADA’s all-time high of $2.45, which it reached on May 16. At the time of writing, 1 ADA costs $2.10.

After Cardano received criticism during its rise to third over the weekend, its co-founder Charles Hoskinson defended the network on Twitter.

Cardano’s rise corresponds with the wider cryptocurrency market, which hit the $2 trillion market cap on August 14 for the first time since May 19. Similarly, another so-called ‘Ethereum killer’, Solana, also saw a surge in price and market cap, breaking into the top 10 cryptocurrencies earlier this week.

However, CoinMarketCap’s ranking sees ADA drop to fourth below BNB – which it states has a market cap of $72,610,187,756.

This stems from a discrepancy between the trackers over the circulating supply of BNB. CoinMarketCap lists the circulating supply as 168,137,036BNB – the max supply of BNB. CoinGecko, however, lists this as 154,533,651BNB, stating that 48 million BNB is frozen in a smart contract.

Read More: Cardano Summit 2021: Date, Location and More

[Featured Photo By Executium on Unsplash]