Despite a suspicious lull in the crypto market, CoinMarketCap’s top spot by market cap remains the scene of a heated battle for the top spots between XRP and Cardano (ADA).
XRP overtakes Cardano in market cap top
Back in late May, Cardano overtook XRP with $2.3 billion in market cap and was sixth in the top. Then, in a period of general panic and growing speculation, both projects lost their ground, giving way to stablecoins. Now, as of June 24, one of them has not only taken the lead in the competition but has also risen to new heights. So, XRP climbed to the sixth spot with $18 billion in market cap, leaving Cardano $1 billion behind.
The funny thing is that at the end of May, both companies added a few billion dollars more in market capitalization and the current position that Ripple is holding is mainly due to an impressive 13% increase in XRP price today, more than double the price of XRP by Cardano (ADA). Well, at least there is development, and thanks for that.
The battle between Cardano and Ripple is certainly not over. Both projects are waiting for a breakthrough in their path and have some of their trump cards that, if given the right circumstances, will help them not only consolidate their sixth-eighth places at the top but possibly go further and take the sweet fifth place of Binance Coin (BNB), which embodies the power of one of the largest crypto exchanges in the world and a very popular blockchain network, BNB Beacon Chain.
As things settle, Ripple fans and builders are eagerly watching the US SEC’s ongoing case against the company which, according to the latest news, looks to be nearing completion. On the other hand, Cardano is actively working on the Vasil Hard Fork event, which will take blockchain to the next stage of development. We will continue to follow the developments of this multi-billion dollar race with great interest.
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