Cardano Flips Solana, Tether To Reclaim Spot At 4th Place
10 Noviembre 2021 - 11:00AM
NEWSBTC
Cardano has resumed on an upward movement again. The crypto which
had staggered continuously for the better part of a week has
finally begun to pick up steam, pushing it back up again. Solana,
one of the rivals of Cardano, had successfully flipped the latter
last week after SOL had hit new all-time highs continuously. At a
point, Cardano had been pushed out of the top 5, courtesy of Tether
and Solana. For a while, it looked as if ADA would never be able to
pick itself back up from this fall. However, this would prove to
not be the case. The smart contracts platform had begun posting a
small upward rally that saw the asset begin trading in the green
again. This has enabled the digital asset to reclaim its spot on
the top 10 cryptocurrencies by market cap. Related Reading
| Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed
Tokens Cardano Flips Solana In what looks to be a flipping the
flipper situation, Cardano has reclaimed its spot from rival
Solana. ADA now sits at 4th place on the top 10 crypto list on
CoinMarketCap, putting it back in the top 5 most valuable
cryptocurrencies. The price of ADA had stagnated after the bull run
that saw it break $3 for the first time. Its reign above this price
point would later prove to be short-lived as ADA took a beating
down that, at some point, the digital asset fell below $2. This
gave rival asset Solana the perfect opportunity to pursue a
flippening event and it did not take long before SOL had overtaken
ADA. ADA on a downward trend | Source: ADAUSD on TradingView.com
During this run, ADA also flipped another high-ranking crypto,
Tether. Tether has consistently maintained its spot in the crypto
top five and has retained this position. But it is now one spot
below Cardano which claimed the highly coveted 4th spot from
Solana. BNB had flipped ADA last month to take the 3rd place and it
has maintained this position ever since. Optics For ADA Looking at
ADA in the short term does not spell positive trends for the
altcoin. ADA has been trading below its 100-day moving average,
showing strong sell pressure in the asset. This has worked towards
beating down the price of the digital asset to its current value.
Related Reading | Is Cardano Fighting A Losing Battle Against
Solana? The market sentiment being positive has not seemed to rub
off on the asset, which has consistently done poorly in the past
month despite the rest of the top cryptocurrencies rallying.
Mostly, the lull in Cardano has been due to waiting for
decentralized finance applications to debut on the blockchain. The
Plutus Application Backend (PAB), is yet to launch, which would aid
developers in deploying their applications on the network.
Nevertheless, the project is said to be on track, as confirmed by
Cardano founder, Charles Hoskinson. Once the PAB launches, the
asset should begin to see more upside in its value, in addition to
bullish trends picking up. Featured image from Finbold, chart from
TradingView.com
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