The present-day volatility of the market is an opportunity for coins such as Cardano [ADA] that are looking to make a comeback. Cardano has now overtaken Satoshi’s Vision, Bitcoin SV [BSV] on the global coin ladder, following the latter’s decline.
At press time, the nChain spearheaded project, Bitcoin SV had declined by 2.92 percent compared to Cardano’s 1.37 percent, a differential that has contributed to Cardano’s new position. The two were overtaken by Binance Coin earlier this month which is riding a massive bullish wave. Cardano has amassed a $19 million market cap lead over Bitcoin SV.
Cardano is currently trading at $0.0457, which is a peg down from its 24-hour high of $0.0480. Previously, the coin was trading fairly consistently just above the $0.04 margin. This is the first time Cardano’s price has passed the $0.046 mark since the beginning of January, when the coin’s volatility had spiked to $0.054, before falling to $0.043.
In terms of market cap, the recent rise saw the coin join the ‘Billion-Dollar Club’ earlier this week, and as the rise persisted, the coin posted its highest market cap for over a month. At the beginning of this past weekend, the coin’s market cap stood at $939.71 billion and rose by a whopping 32.22 percent to reach a high of $1.24 billion on 19 February. Since a market correction that followed, the coin’s market cap has fallen to $1.18 billion.
Bitcoin SV, on the other hand, is focusing less on the market and more on verbal brawls between feuding camps, with proponents of the coin lambasting those who support Bitcoin [BTC]. Recently, a pro-BSV editorial came out against Bitcoin Core developer Jimmy Song, following the latter’s criticism of Craig Wright, Calvin Ayre and what he sees is the lack of development in the BSV camp.
All this may have affected its market position and the coin has been pegged down by two spots in the past few weeks. First, the coin was kicked out of the top 10 following a remarkable rise by Binance Coin, which has cemented its tenth position on the global coin charts. More recently, following Cardano’s rise, BSV was pushed even lower to the twelfth spot. However, its market cap remains above $1 billion.
On 18 February, the coin was under $1.1 billion and rose up with the collective market to $1.24 billion. After the coin reached the mark, however, a market correction pushed down the coin’s market cap to $1.15 billion while other coins managed to hold their own. Cardano’s resilience compared to BSV’s rapid rise and fall saw the former take Satoshi’s Vision by surprise.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.