ADA is gaining momentum lately as it continues to climb higher in the “Top 10” list of largest cryptocurrencies. The asset lost its position as the seventh largest digital asset as BUSD’s valuation surged above its market cap days ago. This happened when the markets experienced a sudden drop that impacted the price of ADA.
Nonetheless, ADA recaptured its 7th position after a price surge as markets rallied. The asset didn’t stop there as it has now flipped XRP to become the sixth largest cryptocurrency. This happened as the asset’s price surged above the $0.55 resistance zone.
Cardano is now the sixth largest cryptocurrency
Cardano (ADA) market cap reached $19.1 billion on Saturday. This is the highest the asset’s valuation has reached in two months. The last was on June 11, when its valuation plummeted on flagging markets. The asset’s market cap has not surpassed the $19 billion mark until now.
This milestone has surpassed ADA (XRP) on the list of top cryptocurrencies by market cap, which had a valuation of $18.68 billion. ADA’s market cap has since fallen slightly below $19 billion, but the asset has retained the 6th spot.
With a current valuation of $18.86 billion at the time of writing, ADA maintains its lead over XRP. Both assets have experienced expected impedance in their respective rallies. The recent bull market rally got the crypto market back on its feet, with BTC and ETH making new highs.
ADA broke above $0.55 for the first time in 2 months
The rise in Cardano’s market valuation was directly impacted by the asset’s rise sparked by the recent rally. ADA successfully broke the $0.55 resistance level after trading below it for over two months.
The asset faced multiple rejections as it attempted to breach the $0.50 resistance from mid-June to early July. Several recovery rallies propelled the asset’s value higher, but each attempt met resistance at the $0.50 level. It wasn’t until late July that ADA started trading comfortably above the half dollar price.
August further consolidated its position above this zone as the asset aimed to conquer the $0.55 resistance. With $0.50 as new support, ADA’s next campaign since August 5 has been unsuccessful. Despite the improving markets in August, the asset never reached $0.55 – until recently. The recent relief rally took ADA to $0.56 before the asset fell slightly to $0.558.
At the time of writing, ADA is currently trading at $0.557. If the bulls continue to propel the markets higher, the value of ADA could surge above the $0.65 resistance as the asset has partially consolidated its position above this level.