In a surprising turn of events, Cardano (ADA) has been officially ousted from the top 10 cryptocurrencies by market capitalization. This popular altcoin has been surpassed by Tron (TRX), signifying a significant shift in the crypto market.
Cardano’s Decline in Rankings
Recent reports from CoinMarketCap reveal that Cardano has fallen out of the top 10 largest cryptocurrencies based on market capitalization. The altcoin lost its longstanding position due to substantial price drops over the past week, resulting in a market capitalization of approximately $12.3 billion. Crypto enthusiast and analyst Bill Morgan has also provided insights on the cryptocurrency’s recent decline.
Further Reading
Once ranked in the top three cryptocurrencies during the 2021 bull run, Cardano has experienced significant price declines amidst a widespread market correction. The price of Cardano has been hovering around $0.3, showing minimal growth during stable market conditions.
The fundamentals of Cardano’s price have weakened, with a notable 58.6% drop from its price peak in March 2024. Analysts at Atomic Wallet have observed a major downtrend in ADA, plummeting over 90% since September 2021. They attribute ADA’s decline to the launch of its smart contracts.
In response to Atomic Wallet analysts, Cardano developer and DEX enthusiast Dave has emphasized that ADA is undervalued. Despite ongoing network developments and the upcoming Chang hard fork, Cardano continues to face price and adoption challenges.
While the drop in rankings may disappoint many in the Cardano community, some members remain optimistic about the cryptocurrency’s future prospects. One supporter noted that Cardano had previously dropped to 17th in market capitalization in March 2020, but quickly rebounded to the top four during the 2021 bull cycle, demonstrating its potential for recovery and growth.
Tron Surpasses Cardano in Top 10
Furthermore, crypto analyst KingCryptoAryan on X has shared a bold prediction for Cardano, expecting the cryptocurrency to reach $75 soon. At present, Cardano is trading at $0.34, showing a 3.10% increase in the last 24 hours according to CoinMarketCap.
Cardano’s exit from the top 10 cryptocurrencies has propelled Tron (TRX) to higher rankings. Tron has now replaced Cardano in the top 10 largest cryptocurrencies by market capitalization.
Tron’s market capitalization is currently estimated at around $12.7 billion, surpassing Cardano by approximately $400 million. TRX is trading at $0.146, reflecting a 6.84% increase in the last 24 hours per CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com