Cardano (ADA) has raised its position in the TOP 10 of the largest cryptocurrencies list. A few days ago, when there was a sudden drop in the market, ADA also lost its 7th place position to BUSD. But now the wind has started to blow in favor of ADA. Cardano reclaimed its position in the top coins list first.
According to data from CoinMarketCap, ADA is up about 5% in the last 24 hours. Thus, it became the best performing token among the top 10 cryptocurrencies. After the recent price increase, ADA has taken back the sixth place by market capitalization, surpassing the Ripple token XRP. ADA's market cap is currently close to $20 billion.
The token price skyrocketed after Input Output, the tech company behind Cardano, updated on the upcoming Vasil hard fork. The major upgrade, originally expected to take place in July, was delayed due to technical difficulties. In early August, Input Output CEO Charles Hoskinson said that Blockchain is in the final stages of testing, meaning there will be no significant delays.
Input Output has repeatedly stressed that it wants to eliminate all technical issues to ensure the release of the Vasil hard fork is as smooth as possible. A recent report by Messari shows that the ADA token is priced “more aggressively” compared to its peers.
While the ADA token currently stands at an impressive $40 billion market cap, it has lost 80% of its value since the Alonzo hard fork last year aimed at bringing smart contracts to its network. Earlier this week, billionaire Mark Cuban said that almost a year after the launch of smart contracts, Cardano hasn't had "a lot of impact."
Cardano price was turned down several times from the $0.50 level. Now, it is good news for the coin that it has successfully broken the $0.55 resistance. The ultimate target of Cardano price is naturally the 1 dollar level. $1 is critical for the ADA price.