Cardano is no longer the world’s third largest cryptocurrency

• The cryptocurrency Cardano has lost its crown as the “third largest player in the market”.
• Instead, Stablecoin Tether has now taken its place.
• The difference fluctuated between $ 70 billion and $ 3 billion.

Cardano’s ADA token rose 150% in August and became the third largest cryptocurrency in the world by market capitalization. But his triumph seems to have been short-lived.

While the rest of the crypto market was battling for its direction, the decentralized blockchain platform was launched on Jan.

The difference between the two rose to $ 3 billion during the night but has shrunk to just $ 1 billion as of 9:00 a.m. Indian Standard Time (IST) as Cardano seeks to reclaim his throne.

This isn’t even the first disappointment Cardano has seen of his month. ADA’s market cap had risen to $ 100 billion as recently as Sept. 2 and was riding its skirt laps on the Alonzo hard fork update. Some even hoped it would reach the heights of Ethereum. But the platform missed its three-digit target with an all-time high of $ 98.91 billion.

This time, even the numerous new partnerships that the platform announced just under two days ago weren’t enough to protect Cardano from the pressures of the global crypto market, which has settled in a slump.

Cardano’s market capitalization as of September 2021Coinmarketcap / BI India

Cardano falls despite unveiling a new stablecoin, partnerships, new DApp store, and more funding

The Cardano Summit, which took place from September 25th to 26th, included the announcement of the blockchain’s new stablecoin, Djed, in collaboration with the fintech company COTI.

“[It is an] autonomous bank that buys and sells stablecoins at one price in a row … “

Cardano founder Charles Hoskinson describes Djed in his white paper published in August 2021

The development company behind Cardano, Input Output, has also announced two new partnerships. One is with the Oracle Chainlink protocol and another with the US satellite TV provider DISH Network – a Fortune 500 company.



Developers on the Cardano blockchain also have the option of presenting their decentralized applications (DApps) in a “trustworthy and democratized environment for developers to publish their DApps without censorship”, called Plutus dAppStore.

Just like Google has the Play Store for Android apps and Apple has the App Store, users can download applications from the Plutus dApp Store that are supported by Cardano.

And as if that weren’t enough, Emrugo, the trading and venture capital arm of the cryptocurrency, announced $ 100 million in new funding to further develop the Cardano ecosystem.

Why is market capitalization important?

A cryptocurrency’s market capitalization is one of the most important ways investors can judge whether or not a coin is safe to buy compared to its competitors – it indicates its potential for growth.

The higher the market capitalization of a particular digital asset, the more dominant it is seen in the world market. The more dominant it is, the more likely it is to weather the tides of time in the volatile environment of cryptocurrencies.

September was a roller coaster ride for all cryptocurrencies, not just Cardano

The crypto market has been battling the Fear, Doubt, and Uncertainty (FUD) created by China since last week. The country reiterated its anti-crypto stance and has vowed to cease all crypto-related activities within its borders.

The crypto market initially dismissed China’s proclamations as just another scare tactic. Big wig companies didn’t respond in the same way, however.

The world’s largest crypto exchanges, Binance and Huobi, announced that they will no longer accept new registrations from users in China. Sparkpool, the world’s second largest mining pool for Ethereum, will cease operations in less than 24 hours. And Alibaba – China’s e-commerce giant – announced it would stop selling mining equipment.

The crypto market seems to be finding its sea troubles when it returns to the countryside on September 30th. Cardano is up 1.95% at a price of $ 2.11 but hasn’t been able to come back to third place so far.

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source https://www.bisayanews.com/2021/09/30/cardano-is-no-longer-the-worlds-third-largest-cryptocurrency/