Cardano Racing, Temporarily Flips Polkadot
The ADA price is one of the top performers in the top 10, racing 10 percent and cementing its position at eight. At spot rates, Cardano commands a market cap of $7.2 billion, trailing Polkadot. As the competition intensifies, the smart contracting platform is emerging as a leader with immense potential considering what lies ahead. Following Shelley's launch in October, enabling staking, Cardano has emerged as the leader in staking, eclipsing Polkadot. Developers are also working on smart contracting, an activation that may see the ADA/USD price rally above $0.40 in the medium term.
The squeeze and fall of crypto prices on Jan 11 was quickly reversed on Jan 12 when prices of most digital assets, including ADA, recovered, soaking sell pressure and even registering gains versus the USD. As of writing, the ADA/USD is up 10 percent, flirting with $0.30 and around twice the valuation of two months ago. Besides, most ADA holders prefer staking their stash to secure the network. For this, it has surpassed Polkadot both as a staking leader and in market valuation. This could continue in days ahead because ahead of Goguen, there is a marked rise in the number of wallets being created, suggesting interest from holders, a net positive for ADA prices.
Impact on the ADA Price:
Bullish. On Jan 11, crypto markets lost a cumulative $190 billion, sparking fear that sellers could press the pedal even lower. Prices have since stabilized, and ADA is one of the top performers on the last day besides XLM. With what lies ahead, Cardano's prices could gain versus the USD, BTC, and ETH.
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