Cardano Reclaims Top-Ten Cryptocurrency Status Amid Market Surge

Cardano's recent market surge has propelled it back into the top ten largest cryptocurrencies by market capitalization, with a significant rally in price and on-chain activity driving the move.

The asset's resurgence was fueled by a combination of factors, including institutional support from Grayscale Investments, which increased Cardano's weighting in its Smart Contract Platform Select Capped Index Fund to approximately 20.2%. This marks a notable vote of confidence in the asset, with ADA now representing the fund's third-largest holding.

On-chain activity also supports the narrative of strategic buying, with wallets categorized as 'sharks' and 'whales' increasing their combined holdings by more than 819 million ADA during periods of sideways price action. This suggests that large holders are accumulating Cardano rather than simply reacting to market volatility.