Cardano’s native ADA token fell to sixth place by market capitalization, and tensions are high in the cryptocurrency space. This is because Solana (SOL) broke its market cap record and took fourth place.
Cardano Fell to 6th Position By Market Cap
In a report on November 4, SOL ranked 4th on CoinMarketCap while ADA fell 6th. It should be noted that Tether is in between the two, taking fifth place. At the time of writing, the total market value of SOL is $71,998,409,069. At the same time, the total market value of ADA is $67,845,924,124.
The competition here is very fierce. Although these two tokens performed well on the chart, it is clear that SOL performed well. It should be noted that the price of Solana (SOL) is currently $238.74 and the transaction volume is $5,317,413,472.
Solana has done great things in the cryptocurrency space. To name just a few, SOL entered the FTX.US NFT market. In addition, Crypto.com is integrated into Solana. The biggest bright spot, of course, is that SOL hit a record high of $247.62.
At the same time, Cardano’s ADA also did well. Currently, the Cardano (ADA) price is $2.04 and the transaction volume is $4,372,699,695. Let’s not forget that the ADA community is one of the most engaging communities. In fact, the CEO and founders keep updating the community all the time.
Charles Hoskinson Says Cardano Will Continue to Build Amidst FUD
Speaking of which, Charles Hoskinson just recently made a speech in the community because he thought there was a lot of FUDs out there in the field of crypto. In particular, FUD is about ADA and its slow progress. On the matter, Hoskinson said Cardano has never missed a milestone.
To be clear, he said Cardano’s progress reflects the commitments made in the roadmap of his white paper. Additionally, he promised that Cardano will continue to build, upgrade, and deploy as planned.
Coupled with what he said, the Cardano project has the same feeling. They firmly believe that advances in this area will come with networking. Most of the Cardano projects are already in the works and hope to keep up with the network and its updates.
One crypto capital venture founder, in particular, believes the price of ADA could reach $10. With this announcement, the crypto community is eagerly awaiting another price hike for ADA. Perhaps this will be the moment when ADA ranks higher again.