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The return of Altcoins in the cryptocurrency markets has seemed thrilling for the past few months. Major cryptocurrencies are consolidating, while transactions on tokens and coins are increasing daily.
Cryptocurrencies are breaking boundaries and setting new record milestones in the markets. Whale action seems to be focussing on small coins and tokens with potential.
Earlier, Cardano (ADA) displaced Ripple (XRP) on the list of the largest crypto asset by market capitalization. ADA is currently 7th on the list, while XRP has been shifted to 8th.
This displacement occurred a week when Shib Inu overtook Tron Link on the crypto’s most significant market cap.
Cardano Market Capitalization Soars Past XRP
Cardano transcending over Ripple (XRP) seems to be a very unexpected move or action in the cryptocurrency market.
The Cardano decentralized blockchain seems ready to build a stable and significant community with a bullish run on its asset. ADA market cap has dropped steeply since the start of this year.
This steep downtrend may be attributed to the consolidation and bearish trend in the market since June. On the 18th of June 18, the Cardano coin declined by approximately 69%, pegging the coin price at $0.42.
However, the coin has rebounded for the past few weeks and may like to hit its $1.377, where it dropped before. Cardano market cap recorded its all-time-lows market cap in July 2022, when the capitalization dropped to $13.8 billion.
Although after hitting its lowest lows, ADA has set out on a mission in the market to reclaim its position. During the bull run in the crypto markets in 2021, the coin reached $3.09, its all-time high.
However, in early January, the coin price dropped from $3.09 to $1.44, almost 86% of the price in 2021. ADA has increased by 18% in the past two weeks.
Despite recording its lowest lows since inception, ADA still overtook Ripple (XRP) in the same month. Experts predict this displacing action is attributed to the upcoming Vasil upgrade to Hard Fork on the network.
Cardano’s Vasil Hard Fork Upgrade Shifted again
The reclamation by Cardano might be triggered by the announced Cardano’s Vasil Hard fork upgrade on its network. Vasil Hard fork upgrade aims to improve some features on the network.
After the upgrade, the performance, scalability, interoperability of Cardano, and efficiency of Apps will be increased. Block propagation will also be implemented on the network via the diffusion pipelining feature.
The network developer announced the upgrade to happen last month in June. Although, due to some problems, it was later shifted to come up in the July end.
However, the network upgrade (Vasil Hard Fork) has been shifted by the developer team again. Kevin Hammond, a Technical manager, made the announcement a few days. He stated that the upgrade wouldn’t happen as scheduled.
The Vasil Hard Fork upgrade could be termed as delayed indefinitely. Kevin stated that the developers would ensure that all the necessary preceding are ready before upgrading.
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