Cardano (ADA) momentarily surpassed Binance Coin (BNB) on the morning of Saturday May 22 and became the fourth most valuable cryptocurrency in the world.
The two cryptocurrencies already had approximate market values.
With the biggest accumulated gains in 2021 thus far, BNB is among the top 10 assets suffering the most at the time of the current slump, paving the way for the ADA, which has lost the least in recent days.
During the morning of May 22, ADA advanced 0.9%, while BNB fell 0.6% in the same period.
It was enough for the native token of the blockchain Cardano to occupy the fourth position in the world ranking, only behind Tether (USDT), Ethereum (ETH) and Bitcoin (BTC), with just over 45 billion dollars in value of market.
Since then, ADA and BNB have alternated between fifth and fourth positions.
At press time, ADA had a capitalization of $ 50.2 million, with an advantage of less than $ 200,000 over its rival.
ADA momentarily surpasses BNB on Saturday, May 22. CoinGecko source.
Cardano prepares update and targets Ethereum. Although it is also a rival to BNB, ADA has more ambitious goals and is actually targeting ETH.
The Cardano project, which already uses a proof-of-stake consensus system, should launch support for smart contracts on the testnet in May, in preparation for the Alonzo update.
Allied to the ERC-20 token converter, Cardano should soon become a major competitor for Ethereum and Binance Smart Chain in the decentralized finance (DeFi) sector.
According to the founder of the project and co-founder of Ethereum, Charles Hoskinson, there is great interest in the community for alternatives to Ethereum.
The expectation that the plan would work caused the token to skyrocket and hit the first high in early May, in a move that spanned the entire month and was record after record.
The optimism also seems to give the price more resistance during the moment of caution in the markets.
While ADA fell around 26% on the week, BNB racked up losses of 48% and ETH fell 42.6%. In the month, while BNB falls 44% and ETH loses 1%, ADA rises 21%.
At the close, ADA was trading at $ 1.57, BNB at $ 324 and ETH at $ 2.422.
The post Cardano (ADA) surpasses Binance Coin (BNB) as the fourth most valuable cryptocurrency was first seen on BeInCrypto.