Cardano (ADA) becomes most money-making coin of last week in top 10 by market cap
There was neither fish nor meat in the first week of September; Nevertheless, Cardano emerged as the clear winner. The native token of the Input Output project, ADA, managed to show a growth of 13%, beating all competitors in CoinMarketCap’s top 10 by market capitalization.
Moreover, Cardano (ADA) became the sixth most profitable cryptocurrency among all the coins in the top 100, behind only other fundamentally strong coins such as Cosmos (ATOM) and Chainlink (LINK).
The outstanding growth shown by Cardano during the week has allowed the cryptocurrency to overtake its eternal neighbor, XRP at the top. The capitalization difference between the two projects is $470 million, where Cardano has a capitalization of $16.7 billion.
Above Cardano at the moment are stablecoins and three unshakable giants represented by BNB, ETH and BTC. Putting this trinity out of brackets, such high capitalizations of “crypto dollars” eloquently reflect the current mood of the crypto market. When you do not want to get under the paws of a bear, it is better to sit on the fence.
What will happen to the price of Cardano (ADA) next?
According to an official statement from Input Output, the parent company of Cardano, the long-awaited Vasil hard fork is due on September 22. This event is extremely fundamental to the Cardano ecosystem and should help take it to the next level. Meanwhile, the price of ADA is in the middle of the $0.4-$0.6 price corridor where it has been running for the past four months.
Will the Vasil update be able to push Cardano quotes to the top? Possibly, but a bearish crypto market may not allow such an opportunity. Is it possible to go at least to the upper limit of the range on the expectation of Vasil? This might be more likely.
It is not without reason that one of the main principles of investing is to buy on rumours, sell on facts.
