For months, Cardano had maintained its position at 3rd place on the crypto top 10 projects by market cap, before being pushed out by BNB last month. This was mainly due to the run-up in the digital asset in August that saw the price of ADA break above $3 for the first time. Its market cap skyrocketed with this rally to over $75 billion, making it one of the most valuable cryptocurrencies in the market.
Recent trends have however not been favorable for Cardano. The coin had not seen any significant movement after crashing back down to the low $2. While the broader market had rallied, ADA had remained mostly stagnant and this provided Solana the perfect opportunity to make a place for its spot.
SOL trading at $239 | Source: SOLUSD on TradingView.com
Solana (SOL) has had a profitable couple of months with the advent of its decentralized finance (DeFi) marketplace and this has played into the high value of the asset. The early hours of Thursday saw the price of Solana hit a new all-time high, pushing its market cap to $72 billion, considerably higher than that of Cardano.
With its new market cap, Solana clenched the 4th spot on the crypto top 10, while Cardano slid down to 6th place behind Tether. Given that SOL has a considerably lower circulating supply than ADA, it far exceeds the latter in terms of value.