- Cardano has fallen down the cryptocurrency rankings, losing third place to Binance Coin.
- The network went on a strong price rally that catapulted it to third place after setting a new all-time high of $3.10.
- ADA is currently the fourth-largest cryptocurrency and has a market capitalization of $73.06 billion.
Cardano’s reign as the third-largest crypto has come to an end after it was surpassed by Binance Coin. This decline is coming after the euphoria of smart contracts begins to wear off amongst investors.
Cardano Settles For Fourth Spot
Cardano had enjoyed a fine run over the summer that saw it rise to become a major force in the ecosystem. A slew of upgrades and hard forks finally brought smart contract functionality to the network as the community thrived on one groundbreaking announcement after the other.
The innovations of the network had the ripple effect of sending a jolt through ADA’s price. The asset soared to a new all-time high of $3.10 on September 2nd and its market cap hovering around $100 billion. The price rally saw Cardano become the third-largest cryptocurrency in the space with only Bitcoin and Ethereum larger than it. The remarkable performance on the charts spawned conversations in certain circles on whether or not Cardano could pose a stiff challenge to Ethereum.
A little over a month after its memorable run, the asset sits at 4th place and currently trades at $2.16 which is a decline of 28.44%. The talk around issues related to its DApps and its careful approach to smart contracts may have dampened the enthusiasm of proponents. Nevertheless, the network has forged new partnerships and a flurry of activities are happening within the ecosystem lit by smart contracts.
Binance Coin: The Usurper
Binance Coin was responsible for toppling Cardano from third place. Over the last week, BNB had climbed by an impressive 20% over the last 7 days to trade at $471.77 which brings the market capitalization to $79.3 billion.
The reason for the asset’s meteoric rise back to the top was a direct result of Binance’s announcement to create a $1 billion fund to foster the adoption of its blockchain and distributed ledger technology in general. The fund has been branded as the biggest growth fund in crypto history and has sent BNB skyrocketing to the moon.
Cardano faces stiff competition for fourth-place from stablecoin USDT. The stablecoin is currently the fifth-largest cryptocurrency with a market capitalization of $69 billion and can overtake Cardano if its poor streak continues. Cardano continues to expand its use cases as it has made a foray into Artificial Intelligence and intends to deepen its footprint in Africa with the announcement of a $6 million fund.