Will Cardano(ADA) Exit Top 10 In Feb 2024?

Cardano (ADA) is currently positioned at 8th place among the top 10 cryptocurrencies by market capitalization, as reported by CoinMarketCap. However, recent predictions and market dynamics suggest that maintaining this spot might pose challenges for Cardano in the near future. Bitcoin advocate Eric Wall has stirred speculation within the ADA community, forecasting Cardano’s potential exit from the top 10 cryptocurrencies by the end of 2024. Wall suggests that Polygon’s token, MATIC, might claim ADA’s coveted position. In this article, we’ll explore the various factors contributing to this speculation and assess the possible future outcomes of Cardano Price.

Current Market Performance of Cardano Price

As of the latest data, Cardano price stands at $0.524232, with a market capitalization of $18.5 billion. While experiencing fluctuations, ADA has shown resilience, with a 2.11% increase in the last 24 hours and a 7.18% rise in the last seven days. However, a 5.53% decrease in the last 30 days hints at potential challenges.

Will Cardano fall out of top 10?

Here are some of the factors that could affect Cardano’s price and ranking

• DeFi Growth and Setbacks

Cardano’s recent strides in the decentralized finance (DeFi) sector are noteworthy. The Total Value Locked (TVL) in the Cardano DeFi ecosystem has reached $359.95 million, driven by the popularity of decentralized exchanges (DEXes) and decentralized applications (dApps). However, the NFT sector within ADA’s ecosystem has seen a decline.

• Competition from Rivals

Cardano faces tough competition from blockchain platforms like Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Ethereum (ETH). These rivals boast faster transaction speeds, lower fees, and higher scalability, potentially luring developers and users away from Cardano.

• Whale Movements and Shifts

Prominent Cardano Whales are shifting their focus to alternative platforms, particularly Solana and DeFi powerhouse Retik Finance (RETIK). The shift is driven by the innovative approaches of these platforms, showcasing the evolving landscape of the crypto market.

• Technical Analysis

A comprehensive technical analysis reveals a mixed sentiment. While oscillators suggest a balanced market, the 50-day Simple Moving Average (SMA) signals a potential downturn. Traders are advised to monitor short-term momentum and MACD trends for potential buying opportunities.

• ADA’s Trajectory and Bullish Predictions

Cardano enthusiasts believe in its promising trajectory, citing its previous rise from 0.013 to $3 without decentralized exchanges (DEX), oracles, stable coins, or decentralized applications (Dapps). Some optimistic voices even predict a potential rise to $10 during the current bull market.

• Developer Activity and Long-Term Viability

Cardano maintains a consistent top position in developer activity, scoring 410.5 on Santiment’s Developer Activity scoreboard as of Jan 12. Increased developer activity indicates a commitment to protocol improvement and building new products, enhancing Cardano’s long-term viability.

Conclusion

While facing competition and potential challenges, Cardano’s current position, combined with its DeFi growth and sustained developer activity, presents a complex yet promising scenario. Whether ADA will maintain its top 10 status or face a shuffle remains uncertain, but the evolving crypto landscape suggests ongoing vigilance in monitoring market dynamics and technological advancements.