Something quite intriguing has been happening in the crypto market and now every keen trader and enthusiast out there has their eyes on the charts. First off, Tron was briefly displaced by ADA on the top 10 most popular coins on the crypto charts. That position has now been scooped up by Cardano (ADA).
The Weekend Will Be “Lit”
This new development happens just as the weekend trading picks up the pace. As such, the weekend is expected to be a busy period for the crypto market. At the moment, Cardano is still dangling between the 10th and 11th spot on the charts right next to Tether which sits at position 9.
The kick up to the new position was brought about by a sudden 7.7% price hike that quickly shored up the crypto to surpass Tron in terms of total market cap. Of course, that happened because the ADA’s trading volume shot up. At the time of this writing, ADA trades at around $0.058, a cool 3.85% increase as posted on coinmarketcap.
However, ADA’s and Tron’s total market cap remain in a competitive stance, with ADA posting $1,535,894,320 as compared to Tron’s 1,531,114,852. Whether this gap will widen or thin it is yet to be seen, but a lot of speculators have a feeling that Cardano is headed for the upside. The events of the weekend will help shed a light on that.
Cardano (ADA) Upgrade
As many put it, one of the reasons Cardano is currently making waves stems from its recent upgrade dubbed Cardano 1.5. As has been seen numerous times in the crypto space, a good upgrade is almost always accompanied by a corresponded market reaction that more often than not ends up with a price increase. In fact, the release of the upgrade on the Cardano mainnet was officially termed as a “milestone.”
Besides the Cardano 1.5 upgrade, the development team is releasing another upgrade, Cardano 1.5.1, meant to improve the management processes of data migration and log rotation. Granted, these upgrades might have contributed to the price movement that put the crypto at its new position.