Cardano’s ADA Placed At 7th Spot By Market Capitalization

Cardano’s ADA currently sits at the sixth or seventh spot depending  upon who calculates in the current market capitalization.The Cardano’s ADA had leapfrogged Litecoin (LTC) in market capitalization in the recent times.

Now as it stands, it might have surpassed Bitcoin Satoshi Vision (BSV) as well. Nomics is at the sixth spot in comparison to the Cardano’s ADA in the present situation. 

According to reports, the controversy stems from the circulating supply as CMC reports 25,927,070,538, while Nomics has the figure at 31,112,484,646. 

The figure shows a five billion ADA discrepancy. Blockchair, a blockchain search and analytics engine, agrees with Nomics.

Nomics CTO Nick Gauthier highlighted that the difference emerges from the fact that his company includes ADAs allocated to the Cardano Foundation, IOHK, and Emurgo in the circulating supply, while, apparently CMC does not. 

According to a cached copy of the Cardano Foundation website, the three entities were given 648,176,761, 2,463,071,701 and 2,074,165,644 ADA tokens respectively. These numbers add up to 5,185,414,106 which is precisely the difference between the amount reported by various data providers. 

Based on the current ADA price, these tokens are worth about $590 million.

At the moment, the question arises of whether these tokens should be included in the circulating supply. This should probably depend on the lockup mechanisms, if any, for the tokens remaining with those organizations. 

It is believed that some of the tokens have been spent and thus have become part of the circulating supply. The updated version of the site does not have any information on token distribution, according to a Cointelegraph report. 

ADA has been on a remarkable bull run that ensued after Black Thursday. 

The price of ADA was $0.024; as of now, it is $0.114. The price difference shows a 475% appreciation. It is still far below its all-time high of $1.16, set in January 2018.