As a seasoned researcher with a keen eye for emerging trends and a heart full of crypto enthusiasm, I must admit that the recent surge of Cardano (ADA) has left me quite intrigued. Being in the industry since its infancy, I’ve seen many promising projects come and go, but ADA seems to be carving out a niche for itself as a legitimate contender in the crypto elite club alongside BTC and ETH.
In a recent assessment by Weiss Crypto rating, Cardano (ADA), the ninth-largest cryptocurrency, has moved up to the “A” category, making it the second altcoin, following Ethereum (ETH) and Bitcoin (BTC), in this ranking. Over the past 30 days, the value of ADA has more than tripled, while the total value locked within its DeFi sector has reached new peaks.
Cardano (ADA) joins BTC, ETH in Weiss Crypto elite club
In a significant milestone, Cardano’s native cryptocurrency, ADA, has been moved into the top tier or “A” category in the Weiss Crypto rankings. Previously, only Bitcoin (BTC) and Ethereum (ETH) had held this distinction. This updated ranking was revealed on November 22, 2024.
We have just upgraded $ADA to an “A-” rating.
Cardano joins $BTC and $ETH as the only cryptos in the “A” range:
— Weiss Crypto (@WeissCrypto) November 22, 2024
According to Weiss Crypto evaluators, overall, Cardano (ADA) ranks as A. The assessment for Technology/Adoption was A-, indicating a solid adoption level and exceptional technology, while Market/Performance received a B grade. Furthermore, the Cardano (ADA) price indicates a “Good” risk and momentum level.
In the latest classification, Algorand, Avalanche, Celestia, Pendle, Solana, Dogecoin, Render Token, Ripple, Stellar, Arbitrum, Chainlink, Fantom, Litecoin, Tron, Toncoin, and ZCash have been grouped as ‘B-tier’ cryptocurrencies.
Arpa (ARPA) and Veracity (VRA) dropped to D-category ranking.
Previously mentioned by U.Today, there’s a possibility that Cardano (ADA) could be one of the contenders for approval as a U.S. spot Exchange-Traded Fund (ETF).
Analyst Nate Geraci claimed ADA and AVAX would join XRP and SOL in the altcoin ETFs race.
Cardano (ADA) hits all-time high in major DeFi metric
Over the past month, I’ve observed a remarkable surge in the value of ADA, the native cryptocurrency of Cardano. In just 30 days, ADA’s price skyrocketed from a starting point of approximately $0.33 to an astounding $1.1 per coin! This growth spree has significantly boosted the total market capitalization of ADA, pushing it to an impressive $40 billion.
In September 2021, the value of Cardano (ADA) reached its maximum ever, surpassing $3. Simultaneously, the Decentralized Finance (DeFi) environment associated with Cardano (ADA) broke all previous records during this cycle.
Today, the combined value secured across all Decentralized Finance (DeFi) platforms on Cardano reached an all-time high of approximately $621 million, according to DefiLlama. Interestingly, around 45% of this total value is currently locked within Liqwid and Minswap, two leading DeFi solutions on the Cardano network.
Liqwid, Lenfi and Indigo are the fastest-growing Cardano DeFi protocols.
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2024-11-23 17:58