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Cardano Ecosystem

Finbold

04/09/2024

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Cardano is out of the top 10 most valuable cryptocurrencies; What’s next for ADA?

Toncoin (TON) has surpassed Cardano (ADA) in market capitalization, entering the top 10 most valuable cryptocurrencies in leading indexes. Cardano lost this position to the thriving competitor as bearish...

Cardano is out of the top 10 most valuable cryptocurrencies; What’s next for ADA?

Toncoin (TON) has surpassed Cardano (ADA) in market capitalization, entering the top 10 most valuable cryptocurrencies in leading indexes. Cardano lost this position to the thriving competitor as bearish signals started rising for ADA in the past few days.

Notably, the cryptocurrency landscape shift happened as TON registered a $24.2 billion market cap against ADA’s $21.3 billion. The Finbold index retrieved this data from CoinGecko’s API on April 9, which displays a similar state.

Furthermore, the index shows Toncoin’s positive 7-day price performance, trading at $6.94, against Cardano’s negative action at $0.60.

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Cryptocurrencies index by market cap. Source: Finbold

Cardano still in CoinMarketCap’s top 10

However, Cardano still features as the 10th most valuable cryptocurrency in the market according to the CoinMarketCap index. The index discrepancy has raised doubts and controversy among the project’s supporters, but it has a simple explanation.

Cryptocurrencies index by market cap. Source: CoinMarketCap

Essentially, each index provider can establish its own rules for arbitrarily ranking cryptocurrencies, which includes objective data or particular preferences. For undisclosed reasons, CoinMarketCap does not include Lido’s Stacked ETH (stETH) tokens on its first page, which CoinGecko does. 

Interestingly, both indexes recognize stETH capitalization at above $34.5 billion. Yet, CoinMarketCap places it in the 201st position, while CoinGecko ranks it 6th, according to its market cap.

Lido Staked ETH (stETH) ranks on CoinGecko (above) and CoinMarketCap (below). Source: Finbold

ADA price analysis

In the meantime, Cardano’s native token, ADA, trades at $0.61 against the dollar, according to the TradingView crypto index.

Previously, Finbold reported ADA trading slightly above the $0.57 key support level. On that note, we explained that losing this support would be a bearish signal for the token.

Cardano (ADA) daily price chart. Source: TradingView (Finbold)

Yet, Cardano resisted the downward breakout for now, and stages what could be a trend reversal, as it gains momentum.

Looking for further insights, Finbold turned to CoinCodex‘s machine-learning algorithm, which prices ADA at $0.626 on April 30. Therefore, despite temporary winning against the bearish signal of a possible support breakout, Cardano’s price forecast remains neutral for the rest of the month.

Investors now wonder if this will be enough for ADA to get back among the top 10 most valuable cryptocurrencies.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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