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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano Flips Solana, Tether To Reclaim Spot At 4th Place

Best Owie
Best Owie
3 years ago
3 mins read
Picture of a Cardano coin in front of a market chart

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Cardano has resumed on an upward movement again. The crypto which had staggered continuously for the better part of a week has finally begun to pick up steam, pushing it back up again. Solana, one of the rivals of Cardano, had successfully flipped the latter last week after SOL had hit new all-time highs continuously. At a point, Cardano had been pushed out of the top 5, courtesy of Tether and Solana.

For a while, it looked as if ADA would never be able to pick itself back up from this fall. However, this would prove to not be the case. The smart contracts platform had begun posting a small upward rally that saw the asset begin trading in the green again. This has enabled the digital asset to reclaim its spot on the top 10 cryptocurrencies by market cap.

Related Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed Tokens

Cardano Flips Solana

In what looks to be a flipping the flipper situation, Cardano has reclaimed its spot from rival Solana. ADA now sits at 4th place on the top 10 crypto list on CoinMarketCap, putting it back in the top 5 most valuable cryptocurrencies.

The price of ADA had stagnated after the bull run that saw it break $3 for the first time. Its reign above this price point would later prove to be short-lived as ADA took a beating down that, at some point, the digital asset fell below $2. This gave rival asset Solana the perfect opportunity to pursue a flippening event and it did not take long before SOL had overtaken ADA.

Cardano price chart from TradingView.comADA on a downward trend | Source: ADAUSD on TradingView.com

During this run, ADA also flipped another high-ranking crypto, Tether. Tether has consistently maintained its spot in the crypto top five and has retained this position. But it is now one spot below Cardano which claimed the highly coveted 4th spot from Solana. BNB had flipped ADA last month to take the 3rd place and it has maintained this position ever since.

Optics For ADA

Looking at ADA in the short term does not spell positive trends for the altcoin. ADA has been trading below its 100-day moving average, showing strong sell pressure in the asset. This has worked towards beating down the price of the digital asset to its current value.

Related Reading | Is Cardano Fighting A Losing Battle Against Solana?

The market sentiment being positive has not seemed to rub off on the asset, which has consistently done poorly in the past month despite the rest of the top cryptocurrencies rallying.

Mostly, the lull in Cardano has been due to waiting for decentralized finance applications to debut on the blockchain. The Plutus Application Backend (PAB), is yet to launch, which would aid developers in deploying their applications on the network. Nevertheless, the project is said to be on track, as confirmed by Cardano founder, Charles Hoskinson. Once the PAB launches, the asset should begin to see more upside in its value, in addition to bullish trends picking up.

Featured image from Finbold, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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