Cardano Development Activity Reaches an All-Time High, and ADA Surpasses BUSD and XRP to Become the Sixth-Largest Cryptocurrency

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Cardano’s steady growth appears to be paying off, as the cryptocurrency has surpassed two others to become the sixth-largest cryptocurrency by market capitalization.

Cardano (ADA) has moved two steps ahead in the global cryptocurrency ranking after a 25% surge in the last 24 hours.

Cardano climbed from eighth to sixth place, passing Binance USD (BUSD) and Ripple (XRP). Cardano now has a market capitalization of $20.6 billion, up over a billion dollars in the last 24 hours.

In the last 24 hours, the price of ADA has risen dramatically. ADA has risen from a low of $0.517 to a high of $0.665 in the last day. According to Coingecko data, the cryptocurrency is worth around $0.653 when writing this line.

Cardano has surpassed Ethereum in transaction volume in less than 24 hours.

Meanwhile, the XRP, which had been in sixth place for a long time, has dropped to seventh place due to ADA’s massive rally.

At the time of writing, XRP had a market capitalization of $20.2 billion, putting the price of one unit at $0.42.

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Cardano’s Constant Growth Pays Off

According to popular on-chain metrics cryptocurrency data provider Santiment, Cardano’s massive surge places the digital currency among the altcoins that have had a remarkable week.

Santiment went on to say that Cardano’s development activity has reached an all-time high as a result of continuous development and innovation, even as prices have been suppressed.

“#Cardano is one of many #altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours. Development activity has hit #AllTimeHigh levels, as $ADA’s team worked on innovating while prices were suppressed,” Santiment noted.

The Cardano team has been concentrating on the project’s development. However, when things are running smoothly, the team believes that more users will have no choice but to flock to the network.

Cardano’s development team has recently been preparing for the launch of the Vasil Hard Fork, an upgrade set to go live by the end of next month.

The Vasil Hard Fork will introduce significant features that will improve Cardano’s overall performance, such as speed, scalability, and smart contract functionality.

Related article: Binance Loans now accepts Cardano (ADA) and Avalanche (AVAX) as collateral

Cardano projects have nearly 1000, while NFTs on Cardano have crossed 5M, Cardano total value locked stands at $154M, and Cardano has 3x Transaction Volume than Ethereum in the last 24 hours indicating that the ecosystem is growing rapidly.