As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless battles for dominance among digital assets. The latest skirmish between Cardano (ADA) and TRON (TRX) to claim the 10th spot in the crypto top 10 has caught my attention.
The world of digital assets is getting more intriguing as the struggle to remain among the leading 10 cryptocurrencies within the industry grows fiercer. Previously ranking at number 10, Cardano (ADA) was surpassed by TRON (TRX) due to the triumph of its meme coin launchpad, SunPump. This success has sparked a surge in investor interest towards TRON’s asset.
Cardano’s battle for top 10 supremacy
In the last day, as previously reported by U.Today, Cardano managed to move back into 10th position from TRON due to a 5% increase in ADA‘s value. This growth allowed ADA to surpass TRON in terms of market capitalization. Interestingly, TRX had impressed the market over the past week with its performance and had climbed up to 10th place.
Despite Cardano temporarily sliding back to 11th position, analysts continue to express confidence that a lasting reversal could occur soon. The latest figures demonstrate that ADA‘s value has increased by approximately 4.82% over the past 24 hours, reaching $0.3686, and boasting a market capitalization of $13,253,217,043.
Market analysts predict that if the price of ADA maintains its steady upward trend, it might not be long until it surpasses TRON’s market capitalization. This prediction comes after a 5.04% dip in TRON’s market cap, following a drop in its price to $0.1562.
As of the time of writing, TRON’s market cap stood at $13,505,736,584.
Can Chang hard fork prove potential game-changer?
Based on the provided data, the gap in market capitalization between the investor holding the cryptocurrency in the 10th position and the one in the 11th position is approximately $252.52 million. Consequently, if the price of Cardano (ADA) continues to rise, it has a good chance of rejoining the exclusive club of the top 10 digital assets by market cap.
Dogecoin (DOGE) has seen a 1.72% rise in value and is currently trading at $0.1059, maintaining a market capitalization of approximately $15.44 billion to hold the 9th position. For Cardano to displace DOGE, analysts believe its price needs to keep following its current bullish trend.
Although it may seem challenging, the imminent launch of Cardano’s anticipated Chang hard fork could potentially boost the price by acting as a positive factor. Scheduled to occur anytime from today, the Chang hard fork will update the Cardano network with the newest version of its validator node, Node 9.1, on August 27th.
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2024-08-22 15:36