The Cardano network token has toppled Dot into the fourth highest market capitalization crypto asset. This new Cardano position comes after the price rose more than 85% from $ 0.35 on Feb.1 to $ 0.68 on Feb.7. With the new price, the token’s market capitalization has increased from $ 11 billion to $ 21.8 billion.
Four rank marks
As a result, the open source blockchain’s ADA token is now the third crypto to be ranked fourth in the first few weeks of 2021. Before ADA, it was the XRP and dot tokens that swapped this position.
As the charts from Markets.Bitcoin.com show, the ADA token briefly peaked at $ 0.69 for the first time since January 2018. However, the new 52-week high is still half of the all-time high of $ 1.30.
Dogecoin continues to rise
Meanwhile, Elon Musk’s preferred crypto, Dogecoin, has hit a new all-time high (ATH) of $ 0.0814. The new ATH follows the ongoing endorsement of the token by celebrities, with Snoop Dogg and Gene Simmons being the latest to bring up the token.
At the time of writing, the meme token was trading at $ 0.077, which is a 24% gain in just 24 hours. With this market capitalization of $ 9.8 billion, ADA ranks the Chainlink token in tenth place.
Despite the apparent approval of Dogecoin by influential figures as well as its large trading volumes, many in the crypto industry remain skeptical of the token. Others expressed concern about the Dogecoin distribution, which they believe is very concentrated.
However, others like Twitter user investor Alex say they don’t believe Dogecoin will go away anytime soon. The user insists that the token’s rise is the perfect demonstration of the “power of retail investors and celebrities”.
What do you think of the new ADA and Dogecoin rankings? Let us know what you think in the comments section below.
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