Dogecoin drops to the sixth spot as newcomers Tether and Cardano land the top five categories. The meme cryptocurrency remains at a standstill with its market cap and selling price. Meanwhile, Tether was originally part of the top ten blockchains in the charts, while Cardano is a rising star that has taken advantage of Bitcoin's recent drop.
This was what experts meant regarding the unpredictable changes in the world of blockchain and cryptocurrency, especially with the recent drop of Bitcoin ($BTC), and the unexpected rise of newbies. It was not foreseen by cryptoanalysts that Bitcoin would plummet as much as it has now, but the good thing is that it remains in the top spot.
$BTC is now below $40,000 in selling price, and the fans and "purists" of the largest cryptocurrency in the world are making ends meet, especially as the value of the coin depreciates at this time. And opposite Dogecoin's massive high last month, is one of its most trying times, as the value of the coin seems to have frozen at 30 cents.
Tether and Cardano Push Dogecoin to 6th Spot
In the most recent data from CoinMarketCap (as of Wednesday, May 19, 6 PM PST), Dogecoin is down to the sixth spot, after initially being replaced by Binance Coin as the third largest, and resting at fourth.
After several weeks, Tether and Cardano have clawed their way up, and Doge is then again pushed lower than before, now to the sixth spot.
Dogecoin's rise to the third was unexpected and phenomenal, especially as it was the "underdog" of the cryptocurrency world, especially as it only sells for less than half a dollar, making it one of the most affordable. Still, Doge is at $46 billion in Market Cap, meaning that it has retained its valuation, but has been surpassed by more valuable cryptos.
Tether is the "stable coin" of the crypto world and remains at a $1.00 selling price amidst the changes in its valuation or market cap through the different trends in the world.
It was initially part of the top 10 cryptos, playing at the number seven, eight, and nine spots before this, eventually making way to the 3rd spot where Dogecoin and Binance Coin were originally seated.
Cardano, the 'Green' Cryptocurrency
On the other hand, Cardano is one of the lesser-known blockchains here and is now considered to be a "rising star" especially with its branding as the "Green" cryptocurrency in the market, opposing that of BTC's coal mining.
The Ada cryptocurrency rose 20 percent, and is now more than $2 in the market, and does not use energy when "mining" coins (Ada), hence its "green" nickname.
Cardano is valued at $50 billion, while Tether is at $58.4 billion, beating Dogecoin's current market cap of $46 billion.
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Written by Isaiah Richard