From Top 3 to 11th: Cardano Market Cap Takes a Hit
Cardano market cap dropped by around 3% during the last seven days, and as a result, it is no longer among the top 10 cryptocurrencies, according to CoinMarketCap. During the 2021 bull cycle, Cardano was placed third in the cryptocurrency rankings. However, it is currently ranked eleventh, behind Tron. Tron and Cardano’s market caps are currently $12.79 billion and $12.39 billion, respectively.
Cardano has previously fallen outside of the top 10 lists. Following a 30% increase in just two weeks, Toncoin overtook ADA in May. The majority of cryptocurrencies have fallen below important support levels during the market-wide downturn that has coincided with this. Leading the decline over the past 30 days was Bitcoin, the largest cryptocurrency by market capitalization, which fell 9.36%.
Cardano Blockchain Criticized as a Ghost Network Amid Market Decline
The current state of the market, which is driven by several variables such as investor sentiment, market trends, and general market circumstances, might be blamed for ADA’s position decline. According to research from DefiLlama, the Cardano blockchain has been dubbed a ghost network because it only has 23,807 active addresses, as opposed to 350,000 for Ethereum and 1.9 million for Tron. With $178.07 million secured on the network, it ranks 29th out of 29 coins, less than 1% of the DeFi market share, behind Ethereum, Solana, and Tron.
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