According to CoinMarketCap (CMC), Cardano (ADA) has re-established their place among the top 10 cryptocurrencies.
Currently, the ADA market cap sits at a whopping $3,277,231,476 and a 24 hour volume of $815,459,043. With such huge output, ADA has found at rank 9 among the top 10 CMC cryptocurrencies.
Current climate of Cardano
The Proof-of-Stake (PoS) blockchain platform, Cardano, is the first cryptocurrency founded based on peer-reviewed research and has continued its development using evidence-based methods. Despite seeing steady bearish movement since mid-July, Cardano has been working tirelessly behind the scenes.
Cardano founder, Charles Hoskinson, has explained in a Slot Leader Podcast that the world is on a path that will see one currency traded globally. With this in mind, Hoskinson discusses the cryptocurrency race to secure the number one spot, adding that he intends to evolve ADA and build “the world’s financial system.”
Current ADA circulation statistics
At the time of writing, the current price is $0.105335, the circulating supply of ADA is 31,112,484,646 ADA of a total supply of 45,000,000,000 ADA.
As one of the most successful PoS consensus blockchain platforms, Cardano maintains these statistics by using less energy that the Proof-of-Work (PoW) algorithm utilized by Bitcoin.
Promoting the DeFi ecosystem
This year, Cardano held a Shelley upgrade which aimed to develop the cryptocurrency into a 50-100 times more decentralized blockchain platform. The DeFi ecosystem could benefit people globally, including the almost two billion people that were considered “unbanked” in an article published in the 31st of August 2020.
Cardano is constantly pushing the boundaries of the DeFi system. If this trend continues, unbanked populations might see financial opportunities open up to them in the near future.
The future of ADA
By re-establishing its place among the top 10, ADA may see steady bullish movement as the future of cryptocurrencies unfolds before our eyes.
While the EU plans to create a cashless future and utilize cryptocurrencies to their full potential, ADA sets its sights on climbing the ranks. If the future truly is decentralized and cryptocurrency-based, we may see ADA reach for the top five or even top three cryptocurrencies in the DeFi world.
