Key Takeaways:
- Cardano (ADA) has dropped out of the top 10 cryptocurrencies by market capitalization, now ranking 11th, overtaken by Tron (TRX).
- The drop is influenced by broader market trends, including Bitcoin’s decline and negative investor sentiment, with the Crypto Fear & Greed Index showing “Fear.”
- Cardano faces criticism for low network activity, with only 23,807 active addresses and minimal impact in the DeFi market, representing less than 1% of the sector.
Cardano (ADA) has fallen out of the top 10 cryptocurrencies by market capitalization, now ranking 11th, overtaken by Tron (TRX).
Cardano’s market cap stands at $11.89 billion, while Tron’s is $12.04 billion.
#Tron has entered the top 10 largest #crypto assets by market capitalization. 🚀
— Satoshi Sniper (@SatoshiSniper_) August 20, 2024
The token has displaced the Cardano (ADA) cryptocurrency, which has been in the top ten largest coins for years.
Currently, $ADA is trading 90% below its 2021 all-time high. đź’°
Since the… pic.twitter.com/7VS2cmPAId
This drop reflects broader market trends, including Bitcoin’s 11% decline over the past month.
Cardano’s decline is attributed to market correction, investor sentiment, and economic conditions.
The Crypto Fear & Greed Index indicates a “Fear” level among investors.
Cardano has faced criticism as a “ghost network” due to its low activity compared to rivals like Ethereum and Tron.
With only 23,807 active addresses and a total value locked of $178.07 million, Cardano represents less than 1% of the DeFi market, ranking 29th, while other blockchains like Ethereum, Solana, and Tron dominate the sector.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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