Cardano (ADA) has once again claimed the eighth position in market capitalization, surpassing Tron and Dogecoin, although still distant from the coveted top five.
History of Cardano as a Top 3 Cryptocurrency
In early 2018, amidst the cryptocurrency boom, Cardano (ADA) managed to break into the top 5, with a market cap of $18.5 billion. Since then, the market has changed drastically, and ADA faced significant downturns by the end of the bear market in 2018.
Current Metrics and Competition
Currently, ADA is valued at $33.5 billion, placing it above Tron and Dogecoin. However, it still has a considerable distance to cover to reach the fifth-largest cryptocurrency, BNB, with a market cap of $115 billion.
Market Dynamics and Future of ADA
Over the past week, ADA has significantly outperformed other major cryptocurrencies, rising by nearly 14%, while XRP has plunged by 7%. However, it is important to note that ADA is still down 71% from its all-time high of $3.09, logged nearly four years ago.
In conclusion, it can be stated that Cardano is experiencing positive changes in the market, but still has a great deal of work ahead to achieve its previous standings among the top 5.
