In a surprising turn of events, Cardano (ADA) has recently been pushed out of the top 10 cryptocurrencies by market capitalization, making way for Tron (TRX) to take its place. This shift signals a significant change in the crypto market, with Cardano losing its long-standing position among the top digital assets.
According to reports from CoinMarketCap, Cardano’s market capitalization dropped to around $12.3 billion, leading to its removal from the top 10 list. The popular altcoin, once among the top three cryptocurrencies during the 2021 bull run, has been facing drastic price declines in recent times. Its price has been hovering around the $0.3 mark, showing minimal growth even during stable market conditions.
Cardano’s price fundamentals have been weakening, with a significant 58.6% drop from its March 2024 price high. Analysts from Atomic Wallet have observed a major downward trend in ADA, with a staggering 90% decline since September 2021. This decline is believed to have started after the launch of Cardano’s smart contracts.
In response to the downward trend, some experts believe that Cardano is undervalued despite ongoing network developments and the upcoming Chang hard fork. While the drop from the top 10 may be discouraging for its community, there are still optimistic voices within the Cardano community. Some members point to the cryptocurrency’s past resilience, citing its rebound from 17th to top four in market capitalization within a year.
As Cardano’s ranking slipped, Tron (TRX) saw an increase in its market capitalization, surpassing Cardano to become one of the top 10 largest cryptocurrencies. Tron’s market cap now stands at approximately $12.7 billion, reflecting a $400 million lead over Cardano. The current price of TRX is $0.146, showing a 6.84% increase in the past 24 hours.
The fall of Cardano from the top 10 cryptocurrencies by market capitalization underscores the volatile nature of the crypto market. While Cardano faces challenges in price stability and adoption, there remains hope for its recovery and growth. As Tron takes its place among the top digital assets, both cryptocurrencies are navigating a shifting landscape driven by market forces and investor sentiment.
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