According to CoinMarketCap, Cardano has fallen out of the top 10 cryptocurrencies by market capitalization after dropping approximately 3% over the last seven days.
Cardano (ADA), once ranked third in crypto rankings during the 2021 bull cycle, is currently 11th after Tron (TRX). Tron currently has a market cap of $12.04 billion, while Cardano’s market cap sits at $11.89 billion.
This is not the first time Cardano has dropped out of the top 10. In May, Toncoin flipped ADA after TON jumped 30% in two weeks.
Performance of top 10 cryptocurrencies by market capitalization. Source: CoinMarketCap
This comes amid a marketwide correction that has seen most cryptocurrencies drop below key support levels. Bitcoin (BTC), the largest crypto by market capitalization, led the drop by losing 11% and 2.5% over the last 30 days and 24 hours.
The drop in ADA’s position can be attributed to current market dynamics, which are fueled by various 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. Although this is a slight increase from the “Extreme Fear” experienced last week, it suggests that investors are still in a risk-off mode.
Crypto Fear & Greed Index. Source: Alternative.me
Related: Tron network leads in stablecoin market share amid growing monthly transfer volume
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.
Top chains ranked by total value locked. Source: DefiLlama
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.