ADA No Longer Among the Top 10 Cryptocurrencies in the World
Cardano (ADA) has dropped to 11th place in the global cryptocurrency rankings by market cap.
The once dominant cryptocurrency currently sits just below TRONâs TRX altcoin with a market cap of $11.95 billion.
The decline is part of a general 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.
Last month, Cardanoâs total market cap fell from $16 billion to its current position. At its all-time high, ADAâs 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.
