With a value of almost US $ 58 billion, Cardano (ADA) surpassed Tether in the market capitalization ranking.
Cardano’s ADA cryptocurrency soared on Sunday, bringing the smart contract platform back into elite territory in terms of market capitalization ratings.
The ADA posted a 14% growth to reach $ 1.83 on major exchanges, setting a new historical record. It was last seen hovering just under $ 1.80, having gained 14% on the day, 31% on the week and more than 47% on the previous month.
At current values, Cardano has a market capitalization of $ 57.8 billion, surpassing the Tether (USDT) by sixth place on the leaderboard, according to Coingecko. Cardano’s market ranking is in fifth place at CoinMarketCap.
Cardano’s ADA cryptocurrency registered significant growth in 2021. Chart: TradingView
ADA also outperformed Bitcoin (BTC), having risen 16% against the largest cryptocurrency. The ADA remains well below its record when measured in Bitcoin.
Cardano is being supported by a confluence of technical, fundamental and sentiment-based indicators as investors prepare for the next stage of the bull market. How the Cointelegraph recently reported, the resumption of the ADA uptrend was confirmed after the cryptocurrency breached the $ 1.48 resistance at the end of last week. The price action places the immediate bullish target at $ 2.00, followed by $ 2.25.
In terms of fundamental developments, the exchange Kraken announced last week that ADA staking was now available on its platform. Kraken users can now easily fund their ADA staking accounts to receive rewards of up to 6%, with payments being delivered weekly.
The next major milestone in Cardano’s multiannual development roadmap is the Alonzo update, which is set to introduce smart contract capability to the blockchain. Input Output Hong Kong (IOHK), the development arm behind Cardano, explained last month that Alonzo is being “gradually deployed on the main network through various testnests”. Early users and partners will be able to test the update’s features throughout May and June.