Cardano (ADA) Kicked Out of Top 10: Tron (TRX) Takes Its Place!

The cryptocurrency landscape is ever-evolving, with projects constantly vying for dominance. In a notable shift, Cardano (ADA) has been displaced from the top 10 cryptocurrencies by market capitalization. This comes as Tron (TRX) surges, marking a significant change in the pecking order. Let’s delve into the factors behind Cardano’s fall and what this means for the future of the project.

Cardano’s Descent: What Happened?

According to CoinMarketCap data, Cardano has lost its position among the top 10 largest cryptocurrencies due to a combination of price declines and market dynamics. The altcoin’s market capitalization has shrunk to approximately $12.3 billion, leading to its displacement. Bill Morgan, a well-known crypto analyst, has also commented on this development.

Cardano, which once held a top-three position during the 2021 bull run, has experienced a significant correction in its price. For months, ADA’s price has hovered around $0.30, with only minor upward movements during periods of market stability.

Several factors contributed to Cardano’s decline:

• Weak Price Fundamentals: ADA’s price has fallen by 58.6% from its March 2024 high.
• Downward Trend: Atomic Wallet analysts noted a 90% drop since September 2021, suggesting the launch of smart contracts may have triggered this decline.
• Market Correction: Widespread market corrections have impacted ADA’s price.

Is Cardano Undervalued?

Despite the negative trends, some Cardano enthusiasts believe the cryptocurrency is currently undervalued. Dave, a Cardano development and DEX enthusiast, has voiced this opinion.

Ongoing network developments and the upcoming Chang hard fork have not yet translated into significant price appreciation or increased adoption.

Historical Perspective: Cardano’s Resilience

While dropping out of the top 10 is a setback, some community members remain optimistic. One supporter pointed out that Cardano fell as low as 17th in market capitalization on March 27, 2020.

Within a year, Cardano rebounded dramatically, reaching the top four during the 2021 bull cycle. This demonstrates its potential for recovery and growth.

Tron’s Ascent: TRX Enters the Top 10

As Cardano’s ranking declined, Tron (TRX) moved up to take its place among the top 10 cryptocurrencies by market capitalization. KingCryptoAryan on X has even predicted a surge to $75 for Cardano.

Currently, Cardano is trading at $0.34, showing a slight 3.10% increase in the last 24 hours, according to CoinMarketCap.

Tron’s market capitalization is now approximately $12.7 billion, exceeding Cardano’s by around $400 million. TRX is trading at $0.146, up 6.84% in the last 24 hours.

What’s Next for Cardano?

The displacement of Cardano from the top 10 raises questions about its future. Will it rebound as it has in the past? Here’s what to consider:

• Network Developments: The success of the Chang hard fork and other network upgrades will be crucial.
• Adoption Rates: Increased adoption of Cardano’s technology is essential for long-term growth.
• Market Sentiment: Overall market conditions and investor sentiment will play a significant role.

Only time will tell if Cardano can reclaim its position among the crypto elite. However, its history of resilience and ongoing development efforts offer hope for the future.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.