The crypto market is known for its volatility, with coins rising and falling in value at a moment’s notice. In an unexpected twist of events, Cardano (ADA) has officially been ousted from the top 10 cryptocurrencies by market capitalization. This popular altcoin has also been eclipsed by Tron (TRX), marking a significant shift in the crypto market landscape.
According to reports from CoinMarketCap, Cardano has dropped out of the top 10 largest cryptocurrencies by market capitalization. The once highly ranked altcoin lost its position following significant price declines over the past week, reducing its market capitalization to around $12.3 billion. Bill Morgan, a popular crypto enthusiast and analyst, has weighed in on Cardano’s recent fall from grace. Once a top three cryptocurrency during the bull run in 2021, Cardano has been facing drastic price declines due to widespread market correction.
Over the past few months, Cardano’s price has remained stagnant around the $0.3 mark, showing only minor upticks during stable market conditions. The coin’s price fundamentals have been weak, dropping by a staggering 58.6% from its March 2024 price high. Analysts at Atomic Wallet have noted that ADA has been on a major downward trend, plunging by over 90% since around September 2021. The downward spiral is believed to have begun following the launch of Cardano’s smart contracts.
Responding to criticisms from analysts, Dave, a Cardano development and DEX enthusiast, has defended the altcoin by stating that it is undervalued. Despite ongoing network developments and the upcoming Chang hard fork, Cardano continues to face price and adoption stagnation.
Although Cardano’s drop from the top 10 cryptocurrencies may be disheartening for many in the community, some members remain optimistic about the coin’s future outlook. One Cardano supporter pointed out that the cryptocurrency had previously fallen as low as 17th in market capitalization in March 27, 2020. Yet, within a year, it rebounded dramatically to the top four during the bull cycle in 2021, demonstrating its potential for recovery and growth.
Crypto analyst, KingCryptoAryan, has shared an ambitious forecast for Cardano, expecting the coin to surge as high as $75 soon. At the time of writing, Cardano is trading at $0.34, recording a slight 3.10% increase in the past 24 hours, according to CoinMarketCap. Despite the setbacks, there are still believers in Cardano’s potential to rally and reclaim its former glory.
Cardano’s fall from the top 10 cryptocurrencies has paved the way for Tron (TRX) to step into the spotlight. Tron has now replaced Cardano in the top 10 largest cryptocurrencies by market capitalization, with a market cap estimated at approximately $12.7 billion, surpassing Cardano by about $400 million. TRX is currently trading at $0.146, marking a 6.84% increase in the last 24 hours, according to CoinMarketCap.
The crypto market is ever-changing, with coins rising and falling in value based on various factors. The ousting of Cardano from the top 10 cryptocurrencies by market capitalization serves as a reminder of the market’s unpredictability. As Cardano faces challenges and setbacks, only time will tell if the coin can regain its footing and climb back up the ranks in the future.