End of an Era: Major Altcoin No Longer Among the World’s Top 10 Cryptocurrencies

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Bitcoinsistemi2024/08/19 21:09

By:Mete Demiralp

According to the latest data, the long-established altcoin, which was once one of the most talked-about cryptocurrencies, is no longer one of the biggest.

Cardano (ADA) has dropped to 11th place in the global cryptocurrency rankings by market capitalization.

The cryptocurrency, which once held a dominant position in the market, currently sits just below TRON’s TRX altcoin with a market cap of $11.95 billion.

End of an Era: Major Altcoin No Longer Among the World’s Top 10 Cryptocurrencies image 0

The decline is part of an overall downtrend for ADA, which has been gradually losing market share since January. While the token has seen a modest recovery after the 2022 bear market, it has failed to maintain its position among the top 10 cryptocurrencies.

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Over the past month, Cardano’s total market cap has fallen from $16 billion to its current position. At its all-time high, ADA’s market cap exceeded $90 billion.

Cardano was launched in 2017 by Ethereum co-founder Charles Hoskinson to develop a new blockchain focused on security and scalability. Cardano was one of the first networks to implement a proof-of-stake consensus mechanism while preserving Bitcoin’s UTXO ledger model.

In its early days, ADA had a market dominance of just 0.3%, but it quickly gained momentum during the 2017 crypto bull run.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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