Cardano falls out of top 10 cryptocurrencies as Tron gains ground

Cardano (CRYPTO:ADA) has dropped out of the top 10 cryptocurrencies by market capitalisation.  

This decline comes after ADA fell by approximately 3% over the last seven days, causing it to slip to 11th place, overtaken by Tron (CRYPTO:TRX), which now holds the 10th spot with a market cap of $12.04 billion.  

Cardano's market cap currently stands at $11.89 billion.  

This is not the first time Cardano has fallen out of the top 10.  

In May, the cryptocurrency also lost its position to Toncoin (CRYPTO:TON) following a significant surge in TON’s value.  

The recent decline in ADA's ranking is part of a broader market correction that has affected many cryptocurrencies.  

Bitcoin (CRYPTO:BTC), the largest cryptocurrency by market cap, has also seen a significant drop, losing 11% over the last 30 days.  

The shift in ADA’s position can be attributed to various market dynamics, including changes in investor sentiment and overall market conditions.  

The Crypto Fear Greed Index, a measure of market sentiment, remains in the "Fear" zone at 28, indicating that investors are still cautious and risk-averse.  

Cardano’s challenges are further highlighted by its relatively low level of activity compared to competing blockchains.  

According to data from DefiLlama, Cardano has only 23,807 active addresses, significantly fewer than Ethereum’s 350,000 and Tron’s 1.9 million.  

Additionally, the total value locked (TVL) on Cardano’s network is $178.07 million, representing less than 1% of the DeFi market share, placing it far behind leading networks like Ethereum, Solana, and Tron.  

As the market continues to evolve, Cardano faces increasing competition from other blockchains that are seeing higher user engagement and adoption, particularly in the decentralised finance (DeFi) space.