In an unexpected twist of events, Cardano (ADA)has officially been ousted from the top 10 cryptocurrencies by market capitalization. The popular altcoin has also been usurped by Tron (TRX), marking a significant shift in the crypto market.
Cardano’s Fall From Grace
According to reports from CoinMarketCap, Cardano has dropped out of the top 10 largest cryptocurrencies by market capitalization. The popular altcoin lost its long-standing position following significant price declines over the past week, which reduced its market capitalization to around $12.3 billion. Bill Morgan, a popular crypto enthusiast and analyst has also commented on the cryptocurrency’s recent fall from grace.
Cardano, once ranked top three amongst all cryptocurrencies during the bull run in 2021 has been experiencing drastic price declines due to widespread market correction. Over the past few months, Cardano’s price has consolidatedaround the $0.3 mark, witnessing only slight upticks during stable market conditions.
Generally, Cardano’s price fundamentals have been somewhat weak, dropping by a whopping 58.6% from its March 2024 price high. Atomic Wallet analysts have also noted that ADA has been on a major downward trend, plummeting by over 90% since around September 2021. The analysts also suggest that ADA’s downward spiral began following the launch of its smart contracts.
Responding to Atomic Wallet analysts, Dave, a Cardano development and DEX enthusiast, has highlighted that the altcoin is significantly undervalued. Despite the ongoing developments in its network and the upcoming Chang hard fork, Cardano continues to experience price and adoption stagnation.
Although the cryptocurrency’s drop from the top 10 cryptocurrencies may be disheartening for many in its community, various members still remain optimistic about the cryptocurrency’s future outlook. One Cardano supporter pointed out that the cryptocurrency had previously fallen as low as 17th in market capitalization on March 27, 2020. Yet, within a year, it rebounded dramatically to the top four during the bull cycle in 2021, demonstrating its potential for recoveryand growth.
Tron Replaces Cardano In Top 10
Additionally, crypto analyst, KingCryptoAryan on X has shared a rather ambitious forecast for Cardano, expecting the cryptocurrency to surge as high as $75 soon. At the time of writing, the price of Cardano is trading at $0.34, recording a slight 3.10% increase in the past 24 hours, according to CoinMarketCap.
Related Reading: Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
Cardano’s fall from the top 10 cryptocurrencies has effectively pushed the rankings of Tron (TRX) upwards. Presently, Tron has replaced Cardano to become the top 10 largest cryptocurrencies by market capitalization.
Tron’s market capitalization is now estimated at approximately $12.7 billion, exceeding Cardano’s by about $400 million. At the time of writing, TRX is trading at $0.146, marking a 6.84% increase in the last 24 hours, according to CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com