Cardano could not stay in the top three cryptocurrencies

by in Cryptocurrency News


Binance Coin (BNB) again surpassed Cardano (ADA) in terms of capitalization and knocked out the last of the top 3 digital currencies.

The ADA rate on Tuesday, October 19, fell 2% to $ 2.12. Cryptocurrency capitalization is now $ 69.986 billion.

Note that the total cost of BNB tokens for the week soared by more than 21% to $ 81.844 billion. After that, the cryptocurrency was able to break into the top three.

Recall that before the Alonzo fork in early September, the cost of Cardano was steadily increasing. At the same time, altcoin was able to be among the leaders of the cryptosphere. On September 2, the ADA rate was close to $ 3.1.

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However, after updating the network software, the price began to fall. Moreover, interest in altcoin is weakening both in the spot and futures markets.

Open interest in futures on Cardano last month reached $ 1.5 billion, now it is $ 690 million. Traders are guided by short-term transactions with the altcoin. This trend suggests that most investors expect further ADA correction.

Meanwhile, Cardano founder Charles Hoskinson is heading back to Africa to popularize his blockchain project.

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He tweeted late last week that he plans to hold talks with developers representing various startups. Hoskinson may expect to enter into partnership agreements with IT companies to expand the geography of the Cardano cryptocurrency.