TLDR:
Cardano (ADA) has fallen out of the top 10 cryptocurrencies by market cap
Tron (TRX) has replaced Cardano in the top 10 list
ADA has seen significant price declines in recent months
Tron has shown growth in market cap and DeFi activity
Overall cryptocurrency market is experiencing a correction
Cardano (ADA) has fallen out of the top 10 cryptocurrencies by market capitalization, according to data from CoinGecko. The cryptocurrency, which was once ranked third during the 2021 bull market, has been replaced by Tron (TRX) in the top 10 list.
As of the latest data, Tron’s market capitalization stands at $12.04 billion, while Cardano’s has dropped to $11.89 billion. This shift comes amid a broader market correction that has seen most cryptocurrencies drop below key support levels.
Cardano’s price has been on a downward trend, falling approximately 3% over the last seven days. The cryptocurrency has experienced a significant decline since its all-time high in September 2021, dropping by about 89% from its peak of $3.09 per coin. Currently, ADA is trading at around $0.35.
Cardano 1 Month Price at Coingecko
The drop in ADA’s position can be attributed to various factors, including market trends and investor sentiment. The Crypto Fear & Greed Index remains in the “Fear” zone at 28, suggesting that investors are still in a risk-off mode.
Cardano has faced criticism for its low network activity. It has been referred to as a “ghost network” with only 23,807 active addresses, compared to Ethereum’s 350,000 and Tron’s 1.9 million, according to data from DefiLlama. The total value locked on the Cardano network is $178.07 million, making up less than 1% of the DeFi market share.
In contrast, Tron has seen growth in recent months. TRX has increased by 5% today, 12% this week, and 17.2% over the last two weeks. Year-to-date, TRX has climbed 32%. Tron’s success is particularly notable in the DeFi space, where it ranks second in total value locked with $7.8 billion, just behind Ethereum.
Tron has processed $13.41 trillion in transfer volume since its network launch and hosts $60.72 billion in Tether (USDT) on its blockchain, surpassing the amount on Ethereum.
Despite Cardano’s current struggles, some community members remain optimistic about its future. They point out that ADA has previously fallen as low as 17th in market capitalization but rebounded to the top four during the 2021 bull cycle.
The overall cryptocurrency market is experiencing a correction, with Bitcoin, the largest cryptocurrency by market cap, dropping 11% over the last 30 days and 2.5% in the last 24 hours.
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