Cardano price forecast, ADA falls out of global top 10 cryptocurrency rankings - is it over for ADA?
Cardano (ADA) prices declined on Tuesday as the rebound from recent mid-month lows faded and #ADA dropped out of the top 10 global cryptocurrency rankings.
ADA's last trading price was above $0.50, falling nearly 3% in a single day. Selling pressure intensified after ADA failed to break above the 21 DMA around $BTC According to CoinGecko, ADA's recent market capitalization is around $17.8 billion, making it the 11th largest cryptocurrency by market capitalization after Toncoin (TON) and Dogecoin (DOGE).
These cryptocurrencies have a market capitalization of $19.8 billion and $23.2 billion, respectively.
Despite Tuesday's drop, ADA is still 25% above its recent lows. However, the cryptocurrency is still down more than 20% month-over-month and 15% year-over-year.
In fact, #Cardano has been lagging behind other major cryptocurrencies in recent months.
Over the past 90 days, Cardano's price has fallen 15%, while #bitcoin (BTC) is up 57%. At the same time, Ether (ETH), #BNB (BNB), and Solana (SOL) are up 40-100% over the same period.
All of this is likely due to Cardano trying to gain recognition in the real world.
So should investors dump all their assets and move to other cryptocurrencies?
Is the Cardano price prediction the end of the ADA?
Blockchain indicators show that Cardano is failing to attract real-world cryptocurrency users.
According to #BNB Llama, the total value locked in the blockchain (TVL) is only $416 million.
This compares to more than $10 billion locked on the Solana blockchain, one of its main competitors.
Indeed, Cardano ranks 11th in terms of market capitalization, but 24th in terms of TVL.
Moreover, comparing the number of daily transactions paints an equally bleak picture.
No wonder Cardano's critics continue to call it a ghost chain.
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