ADA, Cardano's native cryptocurrency, has regained its position as the tenth most capitalized cryptocurrency, surpassing Tron's TRX.
The price of ADA has experienced a rise of 6,5% in the last 24 hours, which has raised its market capitalization to a total value of $13.265 million. With this, Cardano has managed to surpass Tron, which briefly occupied tenth place in the ranking of the most capitalized cryptocurrencies on the market.
According to data from cryptocurrency pricing platform CoinMarketCap, Cardano's market capitalization is about $170 million higher than Tron's, which is around $13.090 billion, at the time of writing.
Source: CoinMarketCap
This resurgence comes after Cardano briefly fell to 11th place on August 19, when Tron achieved a significant increase in its market capitalization.
Cardano and Tron compete for tenth position in the crypto market
On August 19, Cardano faced stiff competition from Tron, which had surpassed ADA, placing it in tenth position in terms of market capitalization. At that time, Cardano's market capitalization stood at approximately $12.370 billion, while Tron had achieved notable growth that allowed it to reach a higher position in the ranking, with a market capitalization of $13.750 billion. However, the picture quickly changed in the last 24 hours, when ADA price began to show signs of recovery.
As the platform's data shows, the price of ADA has risen 6,5% in the last 24 hours, trading at $0,368 per unit.
Source: CoinMarketCap
The factors behind Cardano's resurgence
Cardano's recovery can be attributed to several factors. Firstly, the proximity of Chang, the hard fork that will begin a new era of governance in the network and the blockchain ecosystem. Recently, Charles Hoskinson, co-founder of Cardano, presented at a Espaitec's on August 21 to highlight the importance of this hard fork, which is planned to be deployed to the network on August 27.
Hoskinson reviewed the team's challenges and achievements in reaching Chang, emphasizing that its implementation will transform governance on the blockchain.
“This is the most important (hard fork) because it unlocks the most advanced governance stack in the history of the cryptocurrency industry”Hoskinson emphasized.
In addition to Hoskinson's recent intervention, the innovation of this blockchain has been key to its current success. Increased adoption of its smart contract technology and development platform has generated renewed interest among investors. It should not be forgotten that Cardano was one of the first to implement a Proof of Stake (PoS) consensus algorithm, which has allowed it to remain relevant in a market that values sustainability and efficiency.
On the other hand, the recent trend of consolidation in the cryptocurrency market has also played an important role. As investors seek refuge in more stable assets, Cardano has proven to be an attractive option, contributing to its recovery in the market cap ranking.
Comparison with Tron: A look at the competition
Tron, for its part, has had notable growth in recent months. Founded by Justin Sun, the platform has gained popularity for its decentralized applications and focus on creating a digital entertainment ecosystem.
The fluctuation between Cardano and Tron underlines the competitive nature of the cryptocurrency market. While Tron has managed to attract a loyal user base and made significant advancements in its technology, Cardano has demonstrated its ability to adapt and respond to market demands.
In conclusion, Cardano's recent rally against Tron is a reminder of the volatility and dynamics of the cryptocurrency market. As investors continue to evaluate their options, competition between these and other cryptocurrencies will remain intense. Cardano has demonstrated its ability to recover and reposition itself among the ten most capitalized cryptocurrencies, which could lay the foundation for sustained growth in the future.
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