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08/20/2024

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Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On?

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...

Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On?
Cardano

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 consolidated around 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.  

Cardano
ADA out of top 10 cryptocurrencies | Source: Bill Morgan on X

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 recovery and 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.

Cardano
ADA trading at $0.34 on the 1D chart | Source: ADAUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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