Cardano (ADA) has flipped XRP to become the 7th largest crypto project by market cap. According to the data from Coinmarketcap, ADA saw over $2 billion enter its market cap in the span of one week.
The sudden increase in investments is most likely due to the Vasil upgrade date announcement. According to Input Output, the Vasil upgrade will take place on the 22nd of September.
The Vasil upgrade has been long awaited by the community. The upgrade will increase network capacity and reduce transaction costs on the Cardano network. According to Input Output, the required 75% of Stake Pool Operators (SPO), and 25 major exchanges (80% ADA liquidity) are well on track to meet the scheduled date. As per Input Output, “Vasil is the most significant Cardano upgrade to date.”
With many delays prolonging the upgrade, the community seems to be riled with excitement upon hearing the confirmation. Moreover, Cardano founder, Charles Hoskinson, earlier stated that the upgrade is not for the average ADA user. Hoskinson had said that the stakes were never higher.
Additionally, Michaël van de Poppe, CEO, and founder of Eight, took to Twitter and shared his thoughts on Cardano’s current rise. The expert believes ADA’s stride would continue.
Furthermore, ADA’s price also seems to have moved in a positive direction, in anticipation of the upgrade. The project is up by 13.9% in the last seven days. At press time, ADA was trading at $0.491593.
What else is pushing Cardano?
Well, the Vasil upgrade seems like the biggest contributor to ADA’s current uptrend. However, ADA was recently listed on Robinhood, the popular crypto exchange. The move from the exchange comes right before the big upgrade.
Flipping XRP is a significant achievement for the crypto project. On the other hand, XRP has been in the spotlight with respect to the ongoing SEC vs Ripple lawsuit. Moreover, the Venezuelan arm of PwC’s Twitter account was hacked, and began running some crypto scams. Among them were some fraudulent Ripple Labs links which promised XRP tokens to investors who would first send some to a given address.
The account posted, “Want to see how #XRP will make you rich?” Additionally, it took about eight hours to clean up the Twitter account of these scam messages.
At press time, XRP was trading at $0.324469, down by 0.2% in the last seven days.