In an unexpected turn of events, Cardano (ADA) It has been officially removed from the list of the top 10 cryptocurrencies by market cap. The popular altcoin has also been taken over by Tron (TRX)which represents a major shift in the cryptocurrency market.
Cardano’s fall from grace
According to reports from CoinMarketCap, Cardano has dropped out of the top 10 cryptocurrencies by market cap. The popular altcoin has lost its long-standing position after a major price drop over the past week, which has seen its market cap drop to around $12.3 billion. Bill Morgan, a well-known crypto enthusiast and analyst, also announced that its market cap has dropped to around $12.3 billion. Hang on About cryptocurrency’s recent fall from grace.
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Cardano, which once ranked third among all cryptocurrencies during the 2021 bull run, has been experiencing sharp drop in prices Due to the widespread correction in the market. Over the past few months, Cardano price unified It has been around the $0.3 level, and has only seen minor gains during stable market conditions.
Overall, the fundamentals of Cardano’s price have been rather weak, dropping 58.6% from its all-time high in March 2024. Atomic Wallet analysts also noted that ADA has been in a significant downtrend, Over 90% reduction Since about September 2021. Analysts also suggest that The Downward Spiral of the Americans with Disabilities Act (ADA) It started after launching its smart contracts.
In response to Atomic Wallet analysts, Dave, who is passionate about Cardano and DEX development, said, Spotlight The altcoin is significantly undervalued. Despite ongoing developments in its network and Chang’s next hard forkCardano still suffers from low prices Adoption stagnation.
Although the cryptocurrency’s fall from the top 10 cryptocurrencies list may be disappointing for many members of its community, many members remain optimistic about the future of the cryptocurrency. One Cardano supporter He pointed out The cryptocurrency had previously fallen to a low of $17 in market cap on March 27, 2020. However, within a year, it had rebounded significantly to the top four during the 2021 bull run, demonstrating that Possibility of recovery And growth.
Tron replaces Cardano in top 10
Additionally, cryptocurrency analyst KingCryptoAryan on X has subscriber somewhat ambitious expectations For Cardano, the cryptocurrency is expected to rise to $75 soon. At the time of writing, Cardano price Bitcoin (BTC) is trading at $0.34, up slightly by 3.10% over the past 24 hours, according to CoinMarketCap.
Related Reading: Cardano Analyst: ADA to Reach 2X After Breakout, Chang Hard Fork as Tailwind?
Cardano’s fall from the top 10 cryptocurrencies has pushed Tron (TRX) higher in the rankings. Currently, Tron has replaced Cardano as the top 10 cryptocurrency by market cap.
Tron’s market cap is now estimated at around $12.7 billion, surpassing Cardano’s by around $400 million. At the time of writing, TRX Bitcoin (BTC) is trading at $0.146, up 6.84% in the last 24 hours, according to CoinMarketCap.
Featured image by Adobe Stock, chart by Tradingview.com
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