In an unexpected twist, Cardano (ADA) has been ousted from the top 10 cryptocurrencies by market capitalization, replaced by Tron (TRX). This significant shift in the crypto market comes as Cardano suffers substantial price declines, reducing its market capitalization to approximately $12.3 billion. Crypto enthusiast and analyst Bill Morgan has commented on Cardano’s fall from grace, which saw the formerly top-three ranked cryptocurrency during the 2021 bull run lose its position.
Recent reports from CoinMarketCap reveal that Cardano has been grappling with declining prices, consolidating around the $0.3 mark with only minor upticks during stable market conditions. The altcoin has seen a 58.6% drop from its March 2024 high and a staggering 90% decline since September 2021. Atomic Wallet analysts attribute the downward trend to the launch of Cardano’s smart contracts and subsequent market corrections.
Despite these setbacks, some in the Cardano community remain optimistic. Dave, a Cardano development and decentralized exchange (DEX) enthusiast, argues that the altcoin is significantly undervalued. He points to ongoing network developments and the upcoming Chang hard fork as potential catalysts for future growth. Historical performance lends some hope; Cardano had previously plummeted to 17th place in market capitalization on March 27, 2020, only to rebound dramatically to the top four during the 2021 bull cycle.
Meanwhile, Tron has capitalized on Cardano’s decline, moving into the top 10 with a market capitalization of roughly $12.7 billion, $400 million more than Cardano. At the time of reporting, TRX is trading at $0.146, reflecting a 6.84% increase in the last 24 hours according to CoinMarketCap. This shift comes even as some analysts, such as KingCryptoAryan, predict an optimistic future for Cardano, forecasting a potential surge to $75. As of now, Cardano is trading at $0.34, with a slight 3.10% increase in the past 24 hours.
Despite the disheartening development for ADA enthusiasts, the cryptocurrency’s community looks to its history of resilience and potential for future recoveries. Enthusiasts are hopeful that ongoing and upcoming technological advancements will help Cardano regain its footing in the competitive crypto market.
