Cardano (ADA) Pushed Out of Top 10, Has Chang Hype Faded?

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless shifts and changes that have defined the trajectory of various assets. The recent drop of Cardano (ADA) from the top 10 cryptocurrencies is not an unfamiliar sight for me, having observed similar patterns in traditional equities and commodities.

In the rapidly changing landscape of cryptocurrency, where success determines significance, there’s been a significant reshuffling in the past day. Cardano (ADA), a popular open-source and decentralized blockchain platform, has dropped out of the top 10 most valuable cryptocurrencies.

Cardano drops to 11th place despite market cap increase

Based on CoinMarketCap statistics, Cardano has moved down to the 11th position with a market capitalization of approximately $11.5 billion. Although Cardano experienced a slight increase of 0.6% in its market cap, it was overtaken by Toncoin (TON), which now holds the 10th spot among cryptocurrencies. Essentially, ADA has been bumped down from the top 10 list.

This transition indicates a substantial drop in performance, contrasting with the anticipation surrounding Cardano ahead of the Chang hard fork update. The blockchain experienced similar difficulties back in August, right before the introduction of the hard fork.

As August 27th drew nearer, ADA‘s impressive performance allowed it to reclaim its position among the top 10 cryptocurrencies. This surge was largely due to the excitement generated by the Chang upgrade, which ushered in a new phase of decentralized governance.

As a crypto investor, I’ve been following the Chang hard fork upgrade closely. The primary aim of this upgrade is to transform our blockchain into a truly community-managed and decentralized network, powered by ADA holders like myself. However, as some analysts have noted, the initial enthusiasm surrounding new governance mechanisms seems to be fading somewhat. Consequently, we’ve seen a correction in the market, which I believe is just a temporary adjustment as we navigate this exciting new phase together.

Can Cardano reignite market enthusiasm?

According to a previous report by U.Today, Blockstream’s CEO, Adam Back, recently forecasted that the price of ADA might experience a significant drop. Even after the hard fork, Back continues to predict that ADA could plummet as much as 90%. This prediction was made in response to Charles Hoskinson’s praise of Cardano over Bitcoin.

Some experts believe that while the Chang hard fork didn’t instantly propel Cardano (ADA) towards an upward trend, public opinion might shift favorably over time. Currently, ADA is being traded at $0.3221, representing a 0.60% increase in its value over the past day.

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2024-09-07 19:29