Cardano Unseats Binance Token as the Third Largest Coin – Coinfomania

cardano-unseats-binance-token-as-the-third-largest-coin-–-coinfomania

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August 19, 2021

Cardano (ADA)

Cardano flips the Binance token to become the third-largest coin. The flip comes as the now third largest coin by market cap experienced a 16% increase in the last 24 hours. As the coin peaked at $2.46 during the intraday sessions it total worth increased to more than $78 billion.

In recent times, ADA had put up a hard struggle against the bears to cling to the $2 and gradually progress while staying off bearish sentiment but it dipped below this support 72 hours ago as a result of massive seller congestion.

The price correction turned to be the needed boost Charles Hoskinson coin needed as it bounced off the $1.98 support and went bullish since then. The current peak of the ADA/USD pair brings it less than 2% short of its all-time high.

The previous prediction that in the coming days, more short positions will liquidate as cardano is aiming for $3 is still in play as the coin seems to be attaining a new high with every short burst it enjoys. Traders lost more than $11 million as it was liquidated over the last 24 hours on both long and short orders.

BNB Fights Back

The Binance token did not back down from the struggle for the third spot on the market cap ranking. The BNB/USD pair enjoyed a 9% increase that brought its value as high as $436 per coin.

The intraday high is also the highest the coin has reached in the last 90 days. Unfortunately, the increase was not enough to win the spot as it only amounted to $73.3 billion; falling short by more than $4 billion.

The activities of these two coins have not gone unnoticed as their increase also contributed to the current worth of the total market capitalisation of cryptocurrency. As of the time of writing, the value of the global crypto currency market us above $2 trillion.

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About the Author: Kate