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Cardano (ADA) Leapfrogs Tether (USDT) to Retake Third Spot But Loses It Shortly After– Cardano Weekly

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It has been one week since the conclusion of Cardano’s summit event. Several announcements were made during the blended event, with most of them centered on the ecosystem’s future. Elsewhere, after losing third place to Tether on Thursday, ADA’s market capital surpassed that of USDT this weekend, reclaiming third place. The retake was short-lived though as ADA’s market cap crumbled and has since been overtaken by Binance Chain’s utility token BNB.

Cardano ecosystem gets a boost in $100 million fund

The Cardano Summit was, for the most part, a success, and among the positives is an investment fund from blockchain firm EMURGO meant to advance the development of the ecosystem. EMURGO, which represents Cardano’s commercial arm, through its chief executive Ken Kodama pledged to inject $100 million into Cardano to accelerate growth in different areas, including DeFI and NFTs.

The global blockchain arm EMURGO revealed that the funding would entail two distinct parties EMURGO Africa and EMURGO Ventures. The two will adopt different investment approaches, but both are aimed at accelerating growth. While the former will direct its efforts towards regional startups by providing seed funding and incubation resources, the latter will concentrate on more advanced markets. A fraction of the sum will also go into educating the public on the blockchain.

Swiss crypto exchange lists Cardano (ADA) token

Last week, Cardano’s token got listed on Lykke Wallet, a Switzerland-based cryptocurrency exchange run by eponymous blockchain and financial product provider Lykke Corp. The FinTech firm, through a Twitter post, confirmed that the token would be available for trading with zero fees. The pairs available include ADA/USD, ADA/ETH, ADA/BTC ADA/GBP, ADA/EUR, and ADA/CHF.

Lykke Wallet users will, however, have to complete the Know-Your-Customer verification process before being allowed to access and trade the token for free on the platform as per the press release. The exchange stated that it would incur the deposit fee for users that send funds to their account using the bank transfer option.

The exchange’s chief executive Richard lauded the move as a significant development for the exchange’s users. He cited Cardano’s drive towards innovation as a source of inspiration for the company. Olsen also noted that the listing was the beginning of a solid collaboration to leverage the merits of blockchain and smart contracts technology. Cardano Foundation head Frederik Gregaard painted a similar image describing the listing as a massive milestone for the blockchain.

Cardano Market Performance

ADA token traded above $2.25 at the start of last week before taking a minor beating and sliding below $2.10 on September’s last two trading sessions. ADA/USD started strongly in October, gaining enough positive momentum to recuperate mid-week losses. The pair continued rallying over the weekend, recovering to the $2.20 – $2.30 range. The token is, as of writing, trading at $2.19 – down 3.77% in the last 24 hours.

Market Capital Outlook

Last month, amid several bumps in the road, ADA’s market capitalization fell by over $20 billion. The token started the month, threatening to cross the $100 billion before seeing a couple of plunges touching a September low of around $64 billion at the end of the third week.

Yesterday, ADA enjoyed trading in the green, for the most part, boasting of market capital of $73.7 billion ahead of both Binance Chain and Tether. Unable to maintain its momentum, though, it lost its spot to Binance Chain token after its [Cardano] market capital dipped to $69.9 billion. The question of the hour now is whether or not ADA can bounce back to occupy third place since BNB’s market capital figure of $70.4 billion is within touch.

 

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.

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