After Ripple dethroned Ethereum as the second cryptocurrency after bitcoin, we have another change in the top 5. This time, the emerging Cardano coin is known also as ADA, has ousted Litecoin (LTC) from the top 5.
According to CoinMarketCap, Cardano’s market cap is just above $16 billion after surging some 46% in the past 24 hours. On the other hand, Litecoin’s market capitalization is only somewhere above $12 billion, losing some 6.5% in the past 24 hours. Litecoin’s current fall isn’t huge, but it was one of the biggest losers in the crypto-crash of December 22nd.
Similar to the case of Ripple versus Ethereum, the move is mostly the work of the rising coin rather than the incumbent one. Ripple certainly has reasons to rise. In order to reach the fourth place, Cardano would have to jump another 2.5 times in value. Bitcoin cash currently has a market cap of $43 billion.
Here is how the situation looks on ConMarketCap:
What is Cardano? Here is the description according to Cardanohub:
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers