Cardano, one of the leading cryptocurrencies, has seen a significant recovery, adding more than $1.7 billion to its market capitalization, U.Today reported. This growth comes against a backdrop of volatility and uncertainty in the cryptocurrency market.
Data from CoinMarketCap shows that Cardano’s market capitalization has increased from $15.8 billion to $17.5 billion in the current trading session, consolidating its position as the tenth largest cryptocurrency by market cap. Notably, this has put Cardano ahead of Avalanche (AVAX), but still behind Dogecoin (DOGE), which currently ranks ninth with a market cap of $23.4 billion. The main driver of the market cap increase is the price recovery of ADA, Cardano’s native token.
According to the Companies Market Cap global ranking, Cardano will be ranked alongside well-known entities such as Warner Music Group, Subaru and Snapchat. ADA's recovery reflects the cryptocurrency's resilience and potential amid market volatility. The recent growth in market capitalization emphasizes the renewed confidence in Cardano's trajectory as investors and enthusiasts monitor its performance.