Cardano’s ADA recently outperformed Litecoin (LTC) in market capitalization. It may now also have overtaken Bitcoin Satoshi Vision (BSV), depending on how the metric is calculated.
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BCH, BSV, ADA & LTC
BCH, BSV, ADA and LTC. Source: CoinMarketCap.
How many ADAs are out there?
At the time of writing, ADA is ranked seventh, CoinMarketCap, or CMC, while Nomics is ranked sixth, just ahead of BSV. The controversy stems from the current supply: CMC reports 25,927,070,538, while Nomics has 31,112,484,646. This represents an ADA discrepancy of five billion. Blockchair, a blockchain search and analysis engine, agrees with Nomics‘ figure.
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Nomics CTO Nick Gauthier said the difference stems from the fact that his company includes the ADA tokens assigned to the Cardano Foundation, IOHK and Emurgo in the circulating supply, while CMC apparently does not. According to a cached copy of the Cardano Foundation’s website, the three entities received: 648,176,761, 2,463,071,701 and 2,074,165,644 ADA tokens respectively. These numbers add up to 5,185,414,106, precisely the difference between the amount reported by various data providers. According to the current ADA price, these tokens are worth about USD 590 million.
Do the tokens assigned to the company count?
The question still arises as to whether these tokens should be included in the current supply. This should probably depend on the backup mechanisms, if any, for the remaining tokens of these organizations. Presumably, some of the tokens have been used up and have therefore become part of the circulating supply. The updated version of the site does not have any information on the distribution of the tokens.
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Cointelegraph contacted IOHK to clarify this issue, but did not receive a response in time for publication.
ADA’s spring bull run
Regardless of the problem with the circulating supply, ADA has been in a remarkable run-up after Black Thursday, March 11. At that time, ADA’s price was USD 0.024; as of this writing, it is USD 0.114. The difference represents an appreciation of 475%. It is still well below its historical high of USD 1.16, set in January 2018.
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IOHK, the company in charge of the development of Cardano, has reached several key milestones and public announcements during this time. The most important news was the launch of the Shelley main network. At almost the same time, a decentralized identity solution, Atala PRISM, was introduced. There was also news about ADA holders who could bet their currencies while in Coinbase’s custody, and speculation about the likelihood of its inclusion in the exchange by the end of 2020.
This momentum also comes immediately after the Cardano Virtual Summit. According to Charles Hoskison it was bigger than Consensus, having hosted more than 10,000 guests.