Cardano (ADA) Drop Out Of The Top 10 in February 2024: Cardano (ADA) is currently ranked 8th among the top 10 cryptocurrencies by market value, according to CoinMarketCap. However, there are concerns that Cardano may face challenges in maintaining this position in the near future. Bitcoin supporter Eric Wall has suggested that Cardano could drop out of the top 10 cryptocurrencies by the end of 2024, with Polygon’s token, MATIC, potentially taking its place. This article will discuss the reasons behind this speculation and evaluate what could happen to the future price of Cardano.
Current Market Performance of Cardano Price
The current price of Cardano is $0.524232, and its total value in the market is $18.5 billion. In the past day, the price went up by 2.11%, and in the last week, it increased by 7.18%. However, over the last month, there was a 5.53% decrease, suggesting some difficulties.
Will Cardano fall out of the top 10?
DeFi Growth and Setbacks
Cardano has been doing well in the decentralized finance (DeFi) sector. The total amount of money locked in the Cardano DeFi system is now $359.95 million, thanks to the popularity of decentralized exchanges (DEXes) and decentralized applications (dApps). However, the NFT sector in Cardano’s ecosystem has decreased.
Competition from Rivals
Cardano has a challenging competition with other blockchain platforms such as Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Ethereum (ETH). These competitors claim to have faster transactions, lower fees, and better scalability, which could attract developers and users away from Cardano.
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Whale Movements and Shifts
Big investors in Cardano are starting to pay more attention to other platforms, like Solana and Retik Finance (RETIK) in the world of decentralized finance (DeFi). They are making this change because they find these platforms to be innovative, and it shows how the cryptocurrency market is changing.
Technical Analysis
A detailed look at the technical aspects shows that people have different feelings about the market. Some indicators show a stable market, but the 50-day Simple Moving Average (SMA) indicates there might be a decrease in the future. Traders should keep an eye on short-term momentum and MACD trends to find good times to buy.
ADA’s Trajectory and Bullish Predictions
Fans of Cardano are excited about its bright future. They point to its past success, where it went from 0.013 to $3 without using decentralized exchanges (DEX), oracles, stable coins, or decentralized applications (Dapps). Some hopeful supporters even think it could go up to $10 in the current bullish market.
Developer Activity and Long-Term Viability
Cardano is doing well in terms of developer activity, with a score of 410.5 on Santiment’s Developer Activity scoreboard as of January 12. This high score shows that developers are actively working on improving the protocol and creating new products, which is good for Cardano’s long-term success.
Conclusion
Cardano is in a competitive situation and may encounter challenges. However, its current standing, along with its growth in decentralized finance (DeFi) and consistent developer activity, shows a complicated but hopeful situation. We’re not sure if ADA will stay in the top 10 or experience changes, but the changing crypto world suggests we should keep a close eye on market changes and new technologies.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
