This is why betting against Cardano is not best idea out there
Arcane Research, a well-known market and on-chain research firm in the cryptocurrency industry, made a bold prediction about a year ago about the Cardano ecosystem and its place at the top of the cryptocurrency industry. currency in terms of market capitalization. He hasn’t aged well.
According to the year-old report, XRP and Cardano should have lost their places in the top 10 of cryptocurrencies by market capitalization. The analysts’ main argument was the share of the market and usage that Cardano and XRP used to have.
With networks like Binance Smart Chain growing exponentially and pushing back older coins, Arcane was betting on blockchain growth with high user-friendliness and revenue, which Cardano and XRP lacked.
The situation changed when Cardano introduced smart contracts technology and the first decentralized applications built on the network started to attract users and investors. At a certain point, the network celebrated more than $300 million locked in a smart contract of decentralized applications.
For now, Cardano is seeing a slight outflow from the global crisis in DeFi and NFT, but it still remains in the top six cryptocurrencies by market capitalization, according to CoinMarketCap, including various stablecoins. Among non-stable cryptocurrencies, ADA remains the fourth largest digital asset in the world.
Besides improving their place on the market, Cardano is getting ready for a variety of updates and announcements in the summer, including the Vasil Hard Fork that will bring many CIPs to life and various solutions like the Djed algorithmic stablecoin.
At press time, ADA is trading at $0.6 and has been rallying since last week. The market capitalization of the coin is $21 billion.
