Cardano ADA/USD has flipped Dogecoin DOGE/USD to become the eighth largest cryptocurrency by market capitalization.
What Happened: At the time of writing, ADA was trading up 0.55% at $0.32, in the last 24 hours. The current market cap of ADA is slightly over $11.21 billion while DOGE’s market cap is at $11.21 billion, making it the ninth-largest crypto by market capitalization.
Cardano’s rise can be attributed to the current bullish market that has sent Bitcoin BTC/USD skyrocketing past the $18,000 level, resulting in a surge in all major cryptos.
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According to Santiment, investors who sold ADA in late 2022 may have returned and started accumulating it. The analytics firm stated that addresses with between 10,000 and 1,000,000 ADA are copying the behavior of the bear market in 2019 and stocking up the digital currency.
#Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that hold 1M or more $ADA. Trading volume has hit a 2-month high, including increasing large whale transactions. https://t.co/6Zli0Q9IcI pic.twitter.com/GgEVOzXOF8— Santiment (@santimentfeed) January 9, 2023
Price Action: At the time of writing, DOGE was trading at $0.08 up 1.75%, in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Jump After Inflation Data: Analyst Says Apex Coin Might Remain 'Trapped' In This Range
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