Cardano and XRP Beat Coinbase’s Whole Market Capitalization Following Earnings Report

Cardano

One of the biggest crypto companies in the world is now smaller than Cardano or XRP

Following the reveal of the company’s performance in the first quarter of 2022, Coinbase shares fell massively as it posted net losses of $430 million for the quarter. While the company’s stock price has fallen more than 12% in the past few hours, the market capitalization of one of the world’s largest exchanges is now beaten by projects like Cardano.

According to CoinMarketCap, Cardano (ADA) total market capitalization is now sitting at approximately $20.8 billion as Coinbase’s capitalization is now at $19 billion, while being close to almost $40 billion only a one week ago.

Cardano isn’t the only cryptocurrency beating one of the largest cryptocurrency trading platforms in the world, as XRP’s $24 billion market cap also tops Coinbase.

According to the company’s letter to investors, the first quarter of the new year inherited the trend of low cryptocurrency prices and high volatility directly from 2021. Because of increased risks on the market and worsening market conditions, more users had to leave the space for better times, which impacted the company’s performance in Q1.

High volatility in the cryptocurrency market and poor performance of most digital assets in the market led to a drop in trading volume from $547 billion to $309 billion for the period.

Coinbase added that current market conditions are temporary, and the company still believes in the cryptocurrency’s market growth and the industry’s further development.

But despite the company’s idealism, Coinbase’s stock doesn’t seem to reflect the same attitude from medium- and short-term investors. Over the past 90 days, COIN has lost 72% of its value and is now trading at $72, with an ATH at $370.

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