In what has been considered to be one of the most difficult weeks for altcoins, Cardano has managed to overtake BNB. The current drop in price in recent times has led to a complete market slump. The largest cryptocurrency went down to a low of around sixteen weeks where it touched $30,000. And this led to several altcoins sinking along with it.
Cardano Stands Above Binance Coin
The price drop of Bitcoin has been credited to news coming out from the Chinese media. When the country declared that it would be restricting bitcoin mining to safeguard the carbon emissions of the country, it led to a massive reduction in crypto prices.
The Chinese government has also declared they would be implementing a crackdown on most financial institutions from using crypto services in the long run. As expected, the news has met with widespread outrage throughout the cryptomarket. Most of the altcoins have already been taking it hard. Binance Coin and Cardano both slipped in their prices, but Cardano managed to come out on top and has now secured fourth place. Tether is back in third, with the stable coin currently minting USDT. According to Whale Alert, Tether managed to print almost a billion tokens last Sunday.
Cardano has been in the news the entirety of this month. Recently, iMining, a crypto company based in Canada has announced that it would soon be establishing Cardano Staking. The altcoin has also declared that they would be releasing their ERC20 converters in a few months- which would provide an alternative to the much more expensive Ethereum network.
Graph Blockchain has also been impressed with the development of Cardano. Paul Haber, the CEO of the company mentioned that they truly believe in the altcoin and the proof of stake that the altcoin is currently implementing to ensure the future of cryptocurrency.