This is why betting against Cardano is not the best idea
Arcane Research, a well-known on-chain and market research firm in the crypto industry, made a bold prediction almost a year ago regarding the Cardano ecosystem and its place at the top of cryptocurrencies by market capitalization. His age was not right.
According to a year-old report, XRP and Cardano should have lost their places in the top 10 cryptocurrencies by market capitalization. The main argument of the analysts was the market share and usage of Cardano and XRP.
With networks like Binance Smart Chain growing rapidly and pushing back older coins, Arcane was betting on the development of blockchains with high utility and revenue, which Cardano and XRP lacked.
The situation changed when Cardano introduced smart contract technology and the first decentralized applications built on the network began to attract users and investors. At one point, the network celebrated over $300 million in decentralized applications smart contracts.
For now, Cardano sees a mild outflow of funds following the overall crisis in the DeFi and NFT sectors, but according to Coinmarketcap, it still remains among the top six cryptocurrencies by market capitalization, which includes various stablecoins. Among non-stable cryptocurrencies, ADA is the fourth largest digital asset in the world.
In addition to improving its position in the market, Cardano is gearing up for a variety of updates and announcements over the summer, including the Vasil hard fork that will bring many CIPs to life and various solutions such as the DZ algorithmic stablecoin.
At press time, ADA is trading at $0.6 and has been rallying since last week. The market capitalization of the coin is $21 billion.