BREAKING: Cardano (ADA) overtakes Ripple’s XRP as the fourth largest cryptocurrency

Cardano is on the rise: on the morning of February 7th, its ADA token overtook Ripples XRP in fourth place by market capitalization.

More users are starting to interact with DeFi (decentralized finance) on Ethereum ( new all-time high for Ethereum! ), Transaction fees are increasing. This leads to a greater acceptance of „Ethereum killers“. These are alternative smart contract platforms with higher transaction speeds and lower costs.

The cryptocurrency market is directly feeling this movement. One platform that is receiving increased attention is the Cardano network.

Also because ADA, the native currency of the Profit Revolution smart contract platform, has overtaken Ripple’s XRP as the fourth largest cryptocurrency by market capitalization. This is done against the background that ADA gained over 25% in value on the last day and almost 100% in the previous week.

Have we arrived in the altcoin season?

Cryptocurrency investors who have been around since 2017 will likely remember the following cycle. First there is BTC growth, followed by ETH growth, followed by Altcoin growth. It’s a pattern that we seem to be going through again.

Bitcoin hit its all-time high. Then Ether didn’t follow long after that, surpassing $ 1,600 – and now select altcoins are seeing the hype reflected in their cryptocurrency prices.

The past doesn’t repeat itself, but it rhymes. It is hard to deny the pattern’s existence.

Logically, it makes sense, as new users and institutions are most likely to come into contact with Bitcoin and Ethereum before they learn anything about altcoins. This has led to price increases in some of the popular cryptocurrencies in the market with high upside potential.

We have also seen a significant increase in DeFi usage as the Total Contract Value (TVL) increased from less than $ 1 billion in early 2020 to its current value of nearly $ 34 billion.

This has led to an increase in the use of smart contract platforms as these networks allow the creation and hosting of decentralized applications. Some of its biggest competitors, Polkadot, Cardano, EOS, and Stellar have seen positive price movements based on this assumption.

What is ADA?

ADA is the native cryptocurrency Cardano (For Cardano buy manual ), named after Ada Lovelace, a mathematician from the 19th century, which is widely regarded as the first computer programmer.

With ADA, anyone around the world can secure their savings and instantly exchange value with ADA without the supervision of a third party. According to Cardano: „Every transaction is recorded permanently, securely and transparently on the Cardano blockchain“.

Anyone can delegate their ADA and validate transactions on the network, thereby receiving a payment in the form of ADA. This creates a self-sufficient pool of network users who care about the well-being of the platform and earn ADA in the process.

Elon Musk: his latest tweet drives up the value of Dogecoin

Dogecoin is gaining momentum following Elon Musk’s latest tweet about it.

Cryptocurrency-savvy Reddit users have also contributed to the market frenzy.

The DOGE, which started out as a joke, is starting to gain credibility.

Dogecoin (DOGE) is once again at the forefront of massive gains. The assets appear to be riding the relentless wave of promotion from Tesla CEO Elon Musk.

Dogecoin appears to have maintained a steady advance over the week. After showing a few consistent signs, market players have now continued to build on that euphoria following Elon Musk’s tweet.

Elon Musk: Another DOGE tweet, another price hike

On February 4, the asset itself rose another 50% shortly after Elon Musk’s last tweet . Traders interpreted this as a signal, which resulted in further buying.

In December, Musk tested the ground again, via twitter . In January, assets, which rose 250%, proved to be very volatile. This took the price from $ 0.007 to $ 0.07.

The course’s action subsequently calmed down. Dogecoin is now hovering around $ 0.045 and could point towards further progression.

Redditors have also been a huge contributor to the massive dogecoin price action after traders shifted their focus from GameStop (GME) to other assets. Investors in r / WallStreetBet turned their attention to cryptocurrency after the suspension of trading activities on Robinhood.

They achieved this by flooding Reddit with posts , suggesting that investors should quickly take long positions on DOGE. Musk isn’t the only notable person to have contributed to the Rising Frenzy.

On Monday February 1, former rockstar Gene Simmons announced that DOGE was part of his cryptocurrency holdings. He noted that this was not investment advice. Simmons also admitted to owning XRP and other cryptocurrencies.

Dogecoin is gaining momentum

Dogecoin, which may have started as a joke, has grown into a credible cryptocurrency. On Monday, Kronos Advanced Technologies, a publicly traded company, announced that it will receive the DOGE in payment.

Likewise, the BitMEX cryptocurrency derivative exchange has matched the popularity of DOGE. It will launch a permanent cryptocurrency swap contract on Friday, February 5.

The quote can allow traders to take positions as the new swap will have up to 20x leverage. BitMEX has already created a testnet for DOGE / USDT trading . The company said in the announcement that the contract will be visible as of January 4, 2021 at 4:00 UTC.