- By market capitalization, ADA, the native token of Cardano, is now the eleventh-largest cryptocurrency.
- Since January, the cryptocurrency’s market share has been gradually declining, notwithstanding a slight increase during the weak market of 2022.
Based on market capitalization, Cardano’s native coin is now the eleventh-largest cryptocurrency. Since January, the cryptocurrency’s market share has been gradually declining, notwithstanding a slight increase in the wake of the 2022 bad market.
ADA is currently just behind TRON’s TRX token with a market valuation of $11.9 billion.
After stepping down from his position building Ethereum, a competitor smart contract network, Charles Hoskinson founded Cardano in 2017. One of the first networks to successfully test a proof-of-stake consensus method without sacrificing the UTXO ledger model of Bitcoin was this one.
ADA’s market dominance, or the ratio of a token’s market cap to all other tokens, was 0.3% upon debut, but during the 2017 crypto bull market, it significantly increased in value. In May 2021, the token’s market capitalization of $77 billion made it the fourth-largest cryptocurrency at that time.
Based on TradingView statistics, ADA’s market domination increased from 0.66% in early 2021 to 4.24% in 2022. At present, the market is dominated by 0.58%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
