Cardano is no longer the worlds third largest cryptocurrency – Business Insider India

While the rest of the crypto market struggled to decide its direction, the decentralised blockchain platform was knocked off its perch by Tether, the largest stablecoin in the world, on September 29.

This time around, even the slew of new partnerships announced by the platform barely two days ago, were not enough to shelter Cardano from the pressures of the global crypto market, which has settled into a slump.

"[It is an] autonomous bank that buys and sells stablecoins for a price in a range

Cardano founder, Charles Hoskinson, describes Djed in its whitepaper published in August 2021

Just like Google has the Play Store for Android Apps and Apple has the App Store, the Plutus dApp Store is where users will be able to download applications that are powered by Cardano.

And, if all this wasnt enough, the commercial and venture capital arm of the cryptocurrency, Emrugo, announced $100 million in fresh funding to further develop the Cardano ecosystem.

The higher the market cap of a particular digital asset, the more dominant it is considered to be in the global market. The more dominant it is, the more likely it is to weather the tides of time in the volatile environment that is cryptocurrencies.

The crypto market initially shrugged off Chinas proclamations as just another scare tactic. However, big wig companies did not have the same reaction.

The biggest crypto exchanges in the world, Binance and Huobi, announced they will no longer be accepting new registrations from users based out of China. Sparkpool, the second largest mining pool in the world for Ethereum, will be shutting down operations in less than 24 hours. And, Alibaba Chinas e-commerce giant announced it will no longer be selling mining equipment.

SEE ALSO:Keeping your cryptocurrency safe 12 ways to keep hackers, scammers and fraudsters at bay

Alibaba, Binance, Sparkpool and other companies are scrambling to avoid any heat from China over crypto concerns

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Cardano is no longer the worlds third largest cryptocurrency - Business Insider India