The cryptocurrency rankings witnessed a significant shift as the Canton (CC) token surpassed Shiba Inu (SHIB) in market capitalization. According to CoinMarketCap data, Canton now holds the 25th position with a market cap of $4.6 billion, while SHIB has slipped to 26th with a $4.34 billion valuation.
Canton's price surged to $0.1254, recording impressive gains of +14.05% over 24 hours and +17.04% over the week. In contrast, SHIB showed more modest growth, trading around $0.000007373 with daily and weekly gains of approximately 2.2%.
The market movement is particularly notable because of the narrative surrounding Canton, which is being marketed as an institution-friendly platform for real-world assets (RWA) – a space long dominated by XRP's narrative. This "XRP killer" label has transformed what might otherwise be a routine ranking change into a potential shift in market sentiment and competition.
Cardano founder Charles Hoskinson recently commented critically on Canton's approach, suggesting that legacy finance institutions are partnering with Canton to pursue the RWA market. Hoskinson argued that ecosystems like XRP and Cardano's Midnight are already operating at a scale "100x beyond their ambitions," emphasizing that the RWA sector represents a $10 trillion arena where incomplete strategies face rapid failure.
Meanwhile, Bitcoin (BTC) has shown limited movement, trading sideways between $87,500 and $88,000 after recent volatility. The asset faced rejection at the $90,000 resistance level multiple times, particularly following better-than-expected US CPI data for November, which initially sparked a rally before significant selling pressure emerged.
Among other altcoins, ADA emerged as a top gainer among larger caps with a 5% surge to $0.37, while DOT and FIL gained 8-9% each. The total cryptocurrency market cap added approximately $30 billion, reaching $3.060 trillion, with Bitcoin's dominance holding at 57.3%.
