Key Highlights
- Cardano returned to 14th by market capitalization after its price jumped more than 18% from a recent low.
- Strong buying activity boosted the rally, with trading volume rising 29% to about $582 million.
- ADA overtook Chainlink, Monero, and Canton in the rankings.
Cardano (ADA) has climbed back into the list of the world’s 15 largest cryptocurrencies by market capitalization after posting strong gains over the past week.
The recovery follows a difficult period that saw the cryptocurrency lose ground as heavy selling pushed its price to a multi-year low of $0.1387. After falling to 18th place, Cardano has climbed back to 14th, making it one of the strongest-performing major cryptocurrencies during the recent market recovery. At the time of writing, ADA was trading at $0.1756, up 18.54% from its recent weekly low.
The token has also gained more than 10% over the past 24 hours, while trading volume increased 29% during the same period to approximately $582 million. The rally lifted Cardano’s market capitalization to around $6 billion, helping it recover some of the ground lost during the recent market downturn.
Cardano overtakes major cryptocurrencies in rank
As the rally continued, ADA moved ahead of several well-known cryptocurrencies in the market capitalization rankings. Over the past two days, Cardano overtook Canton (CC), Chainlink (LINK), and Monero (XMR) to reclaim a place among the top 15 digital assets. The latest rankings also show that ADA is closing the gap on higher-positioned rivals.
Cardano now sits less than $800 million behind Stellar (XLM) and around $1.38 billion behind Zcash (ZEC), which currently holds the 12th position.
Can ADA return to the top 10?
Cardano’s rebound has renewed discussion within the crypto community about whether the token can re-enter the top 10 cryptocurrencies by market capitalization.
During the 2021 bull market, ADA briefly became the third-largest cryptocurrency by market value. Although market conditions have changed significantly since then, some investors continue to watch whether the network can regain a higher ranking.
Hoskinson reaffirms commitment to Cardano
As attention returned to the project, Cardano founder Charles Hoskinson reiterated his long-term commitment to the network.
Speaking during an X Spaces session in May, Hoskinson said Cardano remains the project he cares about the most and that he is still fully committed to its future. “This is my life’s work,” Hoskinson said.
Hoskinson explained that he remains one of the largest holders of ADA, although he did not reveal exactly how much he owns. His comments were meant to show that he continues to have both a personal and financial interest in the project’s success. He also said Cardano has the potential to become the world’s biggest cryptocurrency by market value if the network continues to grow.
ADA eyes key resistance
Looking at the ADA chart on the daily time frame, the token has been climbing up with strong momentum. It has printed 3 strong bullish candles in a row. However, the price is closing up to a resistance level at $0.18, which could potentially slow down this rally.
If the price could break above this level with a strong candle, it could propel the price upward, pushing to the nearest resistance at $0.23. However, failure to hold this level could lead to a downtrend for the assets.
However, the Relative Strength Index (RSI) is currently at 56, which suggests the buyers are in control of the market and there’s still room for more rally.
Also Read: Cardano’s SecondFi Hack: EMURGO Sets 2-Week Timeline to Return Stolen ADA
