As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent development where Cardano (ADA) has been dethroned from the top 10 cryptocurrencies by market capitalization is an interesting twist in the evolving crypto landscape.
Surprisingly, the rankings have changed in the world of cryptocurrency: Cardano (ADA) has now dropped out of the top 10 list when ranked by market capitalization. Interestingly, Tron (TRX) has taken its place, indicating a notable shift within the crypto market.
Cardano’s Fall From Grace
As a researcher, I’ve observed that, based on data from CoinMarketCap, Cardano has slipped out of the top 10 largest cryptocurrencies by market capitalization. This shift comes after a series of price drops over the past week, which have reduced its market cap to approximately $12.3 billion. Notably, Bill Morgan, a well-known crypto enthusiast and analyst, has also weighed in on this recent downturn experienced by Cardano.
Cardano, which was among the top three cryptocurrencies in 2021’s market surge, has recently seen significant drops in value due to a broad market adjustment. Over the last several months, its price has hovered near $0.3, with minor increases only during calm market periods.
In simpler terms, the value of Cardano (ADA) has experienced a significant decline. From its peak in March 2024, it dropped by approximately 58.6%. Furthermore, analysts from Atomic Wallet have observed that ADA has been on a steep slide, falling more than 90% since September 2021. They also suggest that the downward trend for ADA may have started after the introduction of its smart contracts.
In response to insights from Atomic Wallet analysts, a passionate advocate for Cardano development and decentralized exchanges named Dave has pointed out that the altcoin is currently underestimated in value. Despite continuous advancements within its network and the upcoming Chang hard fork, Cardano has yet to see significant increases in price or adoption.
Despite the recent drop that pushed Cardano out of the top 10 cryptocurrencies, causing disappointment among many community members, there’s still a strong sense of optimism about its future prospects. A Cardano supporter highlighted that just over a year ago, on March 27, 2020, the cryptocurrency had sunk as low as 17th in market capitalization. However, it remarkably bounced back during the bull market in 2021, climbing all the way to the top four, which underscores its capacity for recovery and growth potential.
Tron Replaces Cardano In Top 10
Furthermore, crypto expert KingCryptoAryan has put forth a bold prediction for Cardano, anticipating that the digital currency could reach up to $75 in the near future. Currently, Cardano’s price stands at approximately $0.34, reflecting a modest 3.10% growth over the past day, as per CoinMarketCap data.
Related Reading: Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
As an analyst, I’ve observed a significant shift in the cryptocurrency landscape recently. With Cardano slipping from its top 10 position, the stage has been set for Tron (TRX) to step up and take its place. At present, Tron has successfully claimed a spot among the top 10 largest digital currencies by market capitalization, demonstrating its growing strength and potential in the competitive crypto market.
Currently, Tron’s market value is roughly estimated at 12.7 billion dollars, which is around 400 million more than Cardano. As I write this, TRX is being traded at about 0.146 US dollars, representing a 6.84% rise in the last day, as reported by CoinMarketCap.
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2024-08-21 02:10