Cardano is Now the Sixth-Largest Crypto Asset by Market Cap

8:29 am, Wed, 1 June 22

Current Cardano Data

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Cardano is one of the top ten digital assets in the market and has moved up the crypto ranks. Despite the current market movement, ADA has been one of the cryptocurrencies that did not lose its value and prominence.

To the delight of ADA enthusiasts, the crypto asset experienced a significant price surge and has also been moved up the ranks, surpassing XRP and other altcoins by market cap.

In short, Cardano is now the sixth-largest digital currency in the market, which is quite impressive, given the bearish movement of the market.

If you are interested in buying Cardano crypto asset, make sure you opt for an exchange that is secure and suits your needs the most as well.

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Details About Cardano’s Price Surge and More

Cardano is one of the top cryptocurrencies in the world that has the attention of a vast audience already. Even when it did not progress through the crypto ranks, it had an unwavering prominence and value.

The Cardano network is one of the technologically advanced networks in the market. After the Alonzo upgrade, the Vasil hard fork is the most-awaited upgrade at the moment. It is speculated to deliver “massive improvement” to the performance of the network.

Upgrades such as these have been piquing the interest of crypto investors and traders, both novice and experienced.

However, this is not the only outstanding factor that has played a key role in the rising growth and significance of digital asset.

Since the overall crypto market has been stuck in a downward momentum, a large number of Whales were reported to accumulate ADA. The Whale transactions alone surged to a 4-month high after the price of the crypto asset plunged.

Now, the latest development seen for the Cardano network is the minting of more than 5 million native assets. Shortly around this time, the price of the digital asset also surged as seen in the graph by CoinMarketCap below.

ada-graph-01-06-2022

ADA is currently trading at $0.606 (at the time of writing), shortly after which, it also became the sixth-largest cryptocurrency by market capitalization.

This progress up the ranks has caused ADA to surpass altcoins like:

  • XRP
  • Solana (SOL)
  • Dogecoin (DOGE)

Helpful Tips for New Investors

Diving into the crypto space without any prior experience or information can be a risky and stressful step. Whereas, having some information about the kind of exchange to use and crypto to purchase can make the overall experience easier.

Cardano is indeed one of the top cryptocurrencies to invest in. However, if you are new to the crypto space there are a few other helpful tips you should know such as the ones mentioned below.

  • Make sure you opt for the best crypto exchange to buy Cardano.
  • Monitor the price movement of whichever asset you are interested in.
  • Know the right time to invest.
  • Start by investing as much as you can afford to lose.

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