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Tensions are high in the crypto space as Cardano’s native token ADA drops to the sixth spot according to market capitalization. This occurred due to Solana (SOL) smashing its market cap records to take the fourth spot.
In detail, SOL sits at rank 4 on CoinMarketCap and ADA dropped to rank 6. To note, Tether sits between the two at rank 5. At the time of writing, SOL holds a total market cap of $71,998,409,069. Meanwhile, ADA’s total market cap is $67,845,924,124.
It is clear that the competition here is fierce. While both tokens are performing well on the charts, it is clear that SOL is outperforming. To highlight, the price of Solana (SOL) is currently $238.74 and is sporting a trading volume of $5,317,413,472.
Indeed, Solana has been conquering great quests within the crypto space. To name a few, SOL entered the FTX.US NFT marketplace. In addition, Crypto.com integrated with Solana. Of course, the biggest highlight of all is that SOL set a new all-time high at $247.62.
Meanwhile, Cardano’s ADA is also performing well. Presently, the price of Cardano (ADA) is $2.04 and sports a trading volume of $4,372,699,695. Let’s not forget, the ADA community is one of the most dedicated communities out there. In fact, its CEO and Founder is constantly updating the community.
Speaking of, Charles Hoskinson just recently addressed the community as he felt there was a lot of FUD in the crypto space. Specifically, the FUD was about ADA and its slow progress. On this matter, Hoskinson says that Cardano has never missed a milestone.
To be clear, he says that Cardano’s progress is mirroring that which was promised on its whitepaper’s roadmap. Furthermore, he promised that Cardano will continue to build, upgrade, and deploy as planned.
To add to what he said, Cardano’s projects also feel the same. They firmly believe that progress in this sector will come with interconnectivity. Most Cardano projects are already underway and are hoping to grow in step with the network and its updates.
In particular, one crypto capital venture founder is certain that the price of ADA could hit $10. With this declaration, the crypto community is eagerly awaiting another price surge for ADA. Perhaps this will be the moment that ADA could reclaim its higher rank.