ADA falls from the top 10 list of largest cryptocurrencies as competing blockchains see an uptick in users.
According to reports from CoinMarketCap, Cardano has dropped out of the top 10 largest cryptocurrencies by market capitalization. The popular altcoin lost its long-standing position following significant price declines over the past week, which reduced its market capitalization to around $12.3 billion. Bill Morgan, a popular crypto enthusiast and analyst has also commented on the cryptocurrency’s recent fall from grace.
Cardano, once ranked top three amongst all cryptocurrencies during the bull run in 2021 has been experiencing drastic price declinesdue to widespread market correction. Over the past few months, Cardano’s price has consolidated around the $0.3 mark, witnessing only slight upticks during stable market conditions.
The Cardano Blockchain 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, per data from DefiLlama. The total value locked on the network is $178.07 million, making up less than 1% of the DeFi market share and ranking at 29, as Ethereum, Solana and Tron take the top three spots.
Generally, Cardano’s price fundamentals have been somewhat weak, dropping by a whopping 58.6% from its March 2024 price high. Atomic Wallet analysts have also noted that ADA has been on a major downward trend, plummeting by over 90% since around September 2021. The analysts also suggest that ADA’s downward spiral began following the launch of its smart contracts.
Although the cryptocurrency’s drop from the top 10 cryptocurrencies may be disheartening for many in its community, various members still remain optimistic about the cryptocurrency’s future outlook.
[Source: Cryptorank]
