The Cardano network token toppled the Dot and is now the crypto stock with the fourth largest market cap. This new position in Cardano comes after the price jumped more than 85% from $0.35 on Jan. 1, Feb. to $0.68 on the 7th. February is here. With this new price, the token’s market capitalization has now increased from $11 billion to $21.8 billion.
This makes the open-source ADA token the third crypto-currency to rank fourth in the first weeks of 2021. For ADA, it was the XRP and Dot chips that changed this position.
As the charts from markets.Bitcoin.com show, the ADA token also briefly hit a high of $0.69 for the first time since January 2018. However, the new 52-week high is still halfway to the all-time high of $1.30.
Continue to advance Dogecoin
Meanwhile, Dogecoin, Elon Musk’s favorite crypto, reached a new record high of $0.0814. The new ATH follows continued celebrity support for the token, with Snoop Dogg and Gene Simmons being the latest to speak out.
At the time of writing, the chip was trading at $0.077, a gain of 24% in just 24 hours. At this price point, ADA ranks tenth with a market capitalization of $9.8 billion.
Meanwhile, many in the crypto industry remain skeptical of the token, despite dogecoin’s clear endorsement by influencers and high trading volume. Others have expressed concern about the distribution of docecoin, which they say is highly concentrated.
But others, like Twitter user Investor Alex, don’t think dog bones will disappear anytime soon. The user stresses that the emergence of the token is a great demonstration of the power of small investors and prominent supporters.
What do you think of the new ADA and Dogecoin rankings? Tell us what you think in the comments below.
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