The market dynamics took a huge turn in August. Cardano (ADA) has been in the top 10 for the longest time. The altcoin has maintained a strong hold but more recently it was dethroned by Justin Sun’s Tron (TRX). It should be noted that ADA in 2021 ranked third on the list. Currently, the asset stands as the 11th largest cryptocurrency with a market cap of $12.09 billion. Tron, on the other hand, has settled in the 10th spot with its market value at $13.23 billion.
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Numerous factors contributed to Cardano’s decline. The current state of the market, which is driven by several aspects such as investor mood, market trends, and general market circumstances, might be blamed for ADA’s position decline.
This wasn’t all. The Cardano network has been labeled a “ghost network” for a lot of reasons. According to data from DefiLlama, the blockchain has 23,807 active addresses as opposed to 376,527 for Ethereum and 1.94 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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Can Cardano Get Back Up on Its Feet?
At press time, Cardano ADA was trading at $0.3361 following a 2% drop over the past 24 hours. According to Changelly, the altcoin will surge to a high of $0.342 this month. Cardano’s average trading price remains at $0.330.
This represents a dainty rise from the asset’s current price level. To take over Tron or Toncoin (TON) and get back into the top 10, Cardano will need to record a much bigger spike. As a result, entering the coveted top cryptocurrency list this month is almost impossible for the altcoin.
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