Cardano ADA Surpasses USDT in Market Cap Following 14% Surge

In the latest market rally, Cardano (ADA) has managed to surge 14% attaining a market capitalization of around $58 billion, smashing previous records and surpassing Tether (USDT). On Sunday, the cryptocurrency managed to reach the mark of $1.78 on the Binance crypto exchange creating its all-time high.

Cardano ADA Smashes USDT in Terms of Market Cap

The smart contract platform has gained its position back in the elite territory in terms of market capitalization. In order to reach the mark of $1.83 on major crypto exchanges, Cardano (ADA) marked 14% growth on the day, 31 % on the week, and over 47% in the last month.

Looking at the current market values, Cardano is having a market capitalization of $57.8 billion, surpassing the sixth spot of Tether (USDT) on the market leaderboard.

In accordance with the predictions revealed by leading market analysts, there are chances that the market ranking of Cardano can be seen on the fifth position on the crypto data analysis website.

Moreover, the cryptocurrency was also outshining the performance in comparison to Bitcoin, having risen 16% against the market leader. 

However, Cardano remains notably below its ATH when measured in Bitcoin. 

Smart Contract Platform Supported by Technical, Sentimental, and Fundamental Indicators

As investors are getting ready for the next bull run, Cardano is being backed by a convergence of technical, sentimental, and fundamental indicators.

The recent rise in price is driven by the latest announcement, in which it was revealed that the parent company of Cardano, Output has joined hands with World Mobile Group.

Speaking about the roadmap of the company, the CEO of Cardano, Charles Hoskinson stated:

“Of course, I’m a very optimistic person and I tend to underestimate engineering and scientific complexity, so we didn’t quite hit that milestone. 2021 is kind of our overflow year, where we’re pulling together and turning on all the things we dreamed of over the last five years.”