According to CoinMarketCap, Cardano has dropped out of the top 10 cryptocurrencies by market cap, falling by around 3% over the past seven days.
Cardano (ADA), which ranked third in the cryptocurrency rankings during the 2021 bull cycle, is now ranked 11th, behind Tron (TRX). Tron’s current market cap is $12.04 billion, while Cardano’s market cap is $11.89 billion.
This isn’t the first time Cardano has fallen out of the top 10. In May, Toncoin overtook ADA after TON surged 30% in two weeks.
Top 10 cryptocurrencies by market cap. Source: CoinMarketCap
This comes amid a market-wide correction that has seen most cryptocurrencies drop below key support levels. Bitcoin (BTC), the largest cryptocurrency by market cap, led the way, losing 11% and 2.5% over the past 30 days and 24 hours, respectively.
ADA’s decline in status could be attributed to the current market dynamics triggered by a number of factors including market trends, investor sentiment, and overall market conditions.
According to data from Alternative.me, the Crypto Fear & Greed Index remains in the “fear” zone at 28. This is a slight increase from the “extreme fear” level experienced last week, but suggests that investors are still in risk-off mode.
Crypto Fear & Greed Index. Source: Alternative.me
relevant: Tron Network Ranks 1st in Stablecoin Market Share Amid Increase in Monthly Transaction Volume
According to data from DefiLlama, the Cardano Blockchain has been dubbed a “ghost network” with 23,807 active addresses, compared to Ethereum’s 350,000 and Tron’s 1.9 million. The total value locked on the network is $178.07 million, accounting for less than 1% of the DeFi market share, ranking 29th, with Ethereum, Solana, and Tron rounding out the top three.
Top chains ranked by total locked value. Source: DefiLlama
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.