Cardano (ADA) has finally relinquished its long-held 10th position among the most prominent crypto assets, slipping to 11th place.
Pro-XRP attorney Bill Morgan called attention to this development in a post on X today. Market data confirms that Tron (TRX) has overtaken Cardano to become the 10th largest crypto asset by market cap, pushing ADA down to 11th.
How Cardano Slipped from Top 10
This shift comes amid Tron’s consistent growth over the past few days. Despite a largely subdued market characterized by price dips, TRX has seen nearly 10% growth over the past week. Today alone, TRX advanced by 3.5%, while ADA’s price dipped by 2.3%.
As a result, Tron now boasts a valuation of over $12 billion, with Cardano slightly trailing at around $11.89 billion. Notably, over the past month, Tron has seen significantly more activity from market participants, registering a 30-day trading volume of $12 billion, more than twice the figure observed for Cardano.
Cardano Attempt to Defend Top 10
In January, Cardano ranked as the eighth-largest crypto asset with a market cap exceeding $17 billion, trading around $0.50. At the time, Tron was in 11th place with a valuation of $9 billion.
Cardano’s market position remained unchallenged until the bears took hold in April, coinciding with the unexpected rise of TON during the same period.
As of early March, during the height of the bull market frenzy, Cardano boasted a market cap of over $2 billion at a price of $0.807. In contrast, TON was far behind in 16th place with a $9.2 billion market cap. However, by the first week of May, TON had overtaken ADA, pushing it to the 10th position.
Meanwhile, despite the broader market downturn, Cardano defended its position at number 10. Even as its price dropped to a fresh yearly low of $0.27 two weeks ago—a 65% drop from its yearly high—Cardano held onto its 10th place.
However, ADA ultimately lost this position as Tron continued its consistent rally while ADA struggled to gain momentum.
ADA has failed to surge in price, even as the blockchain nears one of the most significant milestones in its history. The price action over the past few months has not matched the hype and optimism surrounding the forthcoming Chang upgrade.
Critic Predicted Cardano Fall
Notably, Cardano’s fall out of the top 10 has not surprised some critics. In his 2024 crypto predictions, Bitcoin pundit Eric Wall forecasted that ADA would drop out of the top 10. He made a similar forecast last year, which did not materialize until this recent development.
Meanwhile, Cardano founder Charles Hoskinson remains confident that ADA could surpass Bitcoin in market share someday.
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Source: https://thecryptobasic.com/2024/08/19/cardano-finally-falls-out-of-top-10-as-ada-price-struggles-continue/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-finally-falls-out-of-top-10-as-ada-price-struggles-continue