Crypto ADA Overtakes XRP In Top 10 CoinMarketCap Ranking

Crypto Cardano managed to overtake XRP's position. (Unsplash)

JAKARTA – The recovery of the crypto market in the last few days has been accompanied by skyrocketing prices for certain cryptocurrencies. In the top ten cryptocurrencies in the world, Cardano (ADA) managed to overtake Ripple (XRP) by market cap.

XRP, which was previously ranked sixth, had to drop to position seven. Currently, XRP's market capitalization is IDR 270 trillion. Meanwhile, ADA's market capitalization has increased and exceeded IDR 278 trillion, according to CoinMarketCap data. In addition, the trading volume of ADA has also increased significantly, more than 70% in the last few days.

Cardano is a smart contract platform that has complex capabilities for developing decentralized applications (DApps), decentralized finance (DeFi), Non-Fungible Tokens (NFT), metaverses, and so on. With this capability, Cardano is one of the candidates for the so-called “Ethereum killer” along with Polkadot (DOT) and other cryptocurrencies.

Currently, the Cardano network is capable of executing as many as 75,000 transactions per day. Cardano developer Global Input Output (IOG) also explained that the mainnet for Vasil hard forks must be run and managed securely before going live. Next, describe three indicators that will determine when the launch of the mainnet hard fork will occur.

Cardano was first founded in 2017 by Charles Hoskinson, the former founder of Ethereum. The name Cardano is inspired by the 16th-century Italian mathematician, Gerolamo Cardano. Cardano is a proof-of-stake (PoS) blockchain platform that aims to make a positive impact on global change.

On August 14 yesterday, the price of ADA opened at IDR 8,207 and closed at IDR 8,365 per token. Currently, ADA is trading at IDR 8,145, based on CoinMarketCap data as of August 15, 2022. Its price has fallen by 6.51% in the last 24 hours.