Cardano (ADA) managed to beat BNB in the market value rankings after a tough week for altcoins.
As Bitcoin fell, it dragged altcoins after it
The recent decline in the bitcoin price has resulted in a week in which the entire market has almost sunk into the ground. Bitcoin touched $ 30,000 this week and fell to its lowest in four months. He also pulled the altcoins down with him.
Bitcoin’s price drop has been linked to news from China. China announced that it will put pressure on Bitcoin miners to focus on protecting the country’s financial system and reducing carbon emissions.
China has also made it clear that it will prohibit financial institutions from using forward-looking crypto services.
BNB down, ADA out
The news had a negative impact on the market. Altcoins took the burden of the sales. While BNB and ADA saw sharp drops in prices, ADA ranked fourth, ahead of BNB. Meanwhile, Tether has returned to third place.
Tether launched one billion tokens on Saturday alone, according to Whale Alert.
Cardano came up with numerous announcements this month. Recently, Canadian-based crypto company iMining announced that it will launch Cardano staking.
Cardano also announced its new ERC20 converter, which will be released soon. The move seems to offer a viable alternative to the Ethereum network.
As the price of ADA hit an all-time high this week, so has its popularity. ADA reached $ 2.45, according to CoinGecko.
Graph Blockchain has praised Cardano after the recent price surge. Graph Blockchain CEO Paul Haber commented positively on the growth of the project and said:
“We strongly believe in Cardano and ADA, its developers and community. The Proof of Stake approach implemented by Cardano is the future of the crypto ecosystem and solves a number of problems with Proof of Work algorithms, including environmental issues that have received a lot of attention recently. Cardano will undoubtedly make a long-term contribution to the crypto space, and this new all-time high deserves. We are proud that Cardano is on the list of projects we own and support. “