In a surprising turn of events, Cardano (ADA) has been pushed out of the top 10 cryptocurrencies list by market capitalization. Tron (TRX) has taken its place, marking a significant shift in the cryptocurrency market. Cardano’s fall from grace comes after experiencing substantial price declines over the past week, leading to a decrease in its market capitalization to around $12.3 billion.
Bill Morgan, a well-known crypto enthusiast and analyst, has commented on Cardano’s recent downfall. Once a top-three cryptocurrency during the bull run in 2021, Cardano has seen a sharp decline in value due to the general market correction. The cryptocurrency’s price has been hovering around the $0.3 mark over the past few months, with minimal upticks during stable market conditions. Cardano’s price fundamentals have also weakened, dropping by 58.6% from its peak in March 2024.
According to analysts at Atomic Wallet, Cardano has been on a significant downward trend, plummeting by over 90% since September 2021. This decline is believed to have started after the launch of Cardano’s smart contracts. Despite ongoing network developments and an upcoming hard fork, Cardano continues to face challenges in terms of price and adoption.
While the drop from the top 10 cryptocurrencies may be disappointing for Cardano’s community, some members remain hopeful about the cryptocurrency’s future. One supporter noted that Cardano had previously fallen to 17th in market capitalization in March 2020 before rising to fourth place during the 2021 bull cycle. This demonstrates Cardano’s potential for recovery and growth in the long term.
As Cardano loses its top 10 spot, Tron has ascended to take its place. Tron’s market capitalization now stands at around $12.7 billion, surpassing Cardano by $400 million. TRX is currently trading at $0.146, with a 6.84% increase in the last 24 hours, according to CoinMarketCap. Tron’s rise in the rankings highlights the competitive nature of the cryptocurrency market.
Cardano’s ousting from the top 10 cryptocurrencies by market capitalization reflects the challenges faced by the project in recent months. Despite community optimism and future potential, Cardano must address its price stagnation and adoption issues to regain its position among the top cryptocurrencies. Tron’s ascent serves as a reminder of the dynamic nature of the cryptocurrency market, where rankings can change quickly based on market trends and developments.