According to U.Today, Cardano (ADA), the ninth-largest cryptocurrency, has been elevated to the "A" category in the Weiss Crypto rating, joining Bitcoin (BTC) and Ethereum (ETH) as the only cryptocurrencies in this elite group. The updated ranking, released on November 22, 2024, highlights Cardano's significant achievements in the cryptocurrency space. Cardano received an overall "A" rating, with an "A-" for Technology/Adoption, indicating "Good" adoption and "Excellent" technology, and a "B" for Market/Performance. Weiss Crypto observers noted that Cardano's price demonstrates "Good" risk and momentum.
In the latest rankings, other cryptocurrencies such as Algorand (ALGO), Avalanche (AVAX), Celestia (TIA), Pendle (PENDLE), Solana (SOL), Dogecoin (DOGE), Render Token (RENDER), XRP, Stellar (XLM), Arbitrum (ARB), Chainlink (LINK), Fantom (FTM), Litecoin (LTC), Tron (TRX), Toncoin (TON), and ZCash (ZEC) were categorized as "B" grade cryptos. Meanwhile, Arpa (ARPA) and Veracity (VRA) were downgraded to the "D" category.
Cardano's recent performance has been noteworthy, with its price tripling in the past 30 days, rising from $0.33 to $1.1 per coin, and its market capitalization reaching $40 billion. This surge in value has been accompanied by a record-breaking performance in Cardano's DeFi ecosystem. The total value locked (TVL) across all Cardano's DeFi protocols reached an all-time high of $621 million, according to DefiLlama. Liqwid and Minswap are the leading DeFi protocols on Cardano, with Liqwid, Lenfi, and Indigo identified as the fastest-growing.
Previously, U.Today reported that Cardano might be a potential candidate for spot ETF approval in the U.S., with analyst Nate Geraci suggesting that ADA and AVAX could join XRP and SOL in the altcoin ETFs race. Cardano's price reached its absolute high in September 2021, when it soared over $3. The recent developments in Cardano's DeFi metrics and its inclusion in the Weiss Crypto "A" category underscore its growing influence and potential in the cryptocurrency market.
