Cardano’s ADA Plummets Out of Top 10 Cryptos: Is the Token Losing Its Edge? - Crypto Economy
TL;DR Cardano (ADA) has dropped to the eleventh position in the cryptocurrency ranking, with a market capitalization of approximately $12 billion. Since January, ADA has experienced a continuous decline in...
TL;DR
- Cardano (ADA) has dropped to the eleventh position in the cryptocurrency ranking, with a market capitalization of approximately $12 billion.
- Since January, ADA has experienced a continuous decline in its market share. Its current dominance is 0.58%, a significant decrease from the 4.24% reached in 2022.
- The Chang hard fork is just around the corner and could give a new boost to ADA’s ecosystem.
Cardano (ADA) has lost a considerable portion of its value and has fallen out of the top 10 cryptocurrencies by market capitalization, currently standing at the eleventh position. Previously, ADA enjoyed consistent growth. However, it has faced several challenges leading to this outcome.
Since early January, ADA has experienced a gradual loss in market share. Despite a slight increase following the 2022 bear market, its overall trend has been downward. Currently, ADA is down by 0.4%, with a trading price of $0.3365 per token. It has a market capitalization of approximately $12 billion, just below TRON’s TRX token, which has a capitalization of $12.15 billion.
Cardano was launched in 2017 by Charles Hoskinson, who had previously worked on the development of Ethereum. The network was notable for implementing a proof-of-stake consensus algorithm while maintaining Bitcoin’s UTXO ledger model.
Cardano (ADA) Needs to Regain Its Dominance
At its launch, ADA had a market dominance of only 0.3%. However, during the 2017 bull market, the token’s value increased significantly. By May 2021, Cardano reached a market capitalization of $77 billion, making it the fourth-largest cryptocurrency at the time.
ADA’s market dominance saw a notable increase from 0.66% in early 2021 to 4.24% in 2022. However, recent data from TradingView indicates that the token’s current dominance has reduced to 0.58%. This decline reflects changes in market dynamics, showing how ADA has lost ground against other cryptocurrencies in the competitive Layer 1 ecosystem.
Cardano is on the verge of its anticipated hard fork, Chang. It is expected to help revitalize its ecosystem and add value to the cryptocurrency. It remains to be seen how ADA will adapt and how the market will respond.
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