Cardano Dethroned From Top 10 Cryptocurrencies
20 Aug, 2024 ● Crypto News
According to CoinMarketCap, Cardano has dropped out of the top 10 cryptocurrencies by market capitalization after losing around 3% over the past week.
Cardano, which was once ranked third in the cryptocurrency rankings during the 2021 bull market, has now fallen to 11th place, just behind Tron.
Tron currently holds a market cap of $12.04 billion, while Cardano’s market cap stands at $11.89 billion.
This isn’t the first time Cardano has slipped out of the top 10. In May, Toncoin overtook ADA after TON surged 30% within two weeks.
This decline occurs amid a broader market correction that has pushed most cryptocurrencies below key support levels.
Bitcoin, the largest cryptocurrency by market cap, has led the decline, dropping 11% over the last 30 days and 2.5% in the past 24 hours.
ADA’s lower ranking is largely due to current market conditions, influenced by various factors such as market trends, investor sentiment, and overall market conditions.
According to data from Alternative.me, the Crypto Fear & Greed Index is currently in the “Fear” zone at 28.
While this is a slight improvement from the “Extreme Fear” level observed last week, it indicates that investors remain cautious.
The Cardano blockchain has been described as a “ghost network” with only 23,807 active addresses, compared to Ethereum’s 350,000 and Tron’s 1.9 million, according to DefiLlama data.
The total value locked (TVL) on the network is $178.07 million, which accounts for less than 1% of the DeFi market share, placing it 29th overall, with Ethereum, Solana, and Tron taking the top three positions.
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