Cardano (ADA) has dropped to 11th place in the global cryptocurrency rankings by market capitalization.
The cryptocurrency, which once held a dominant position in the market, currently sits just below TRON’s TRX altcoin with a market cap of $11.95 billion.
The decline is part of an overall downtrend for ADA, which has been gradually losing market share since January. While the token has seen a modest recovery after the 2022 bear market, it has failed to maintain its position among the top 10 cryptocurrencies.
Over the past month, Cardano’s total market cap has fallen from $16 billion to its current position. At its all-time high, ADA’s market cap exceeded $90 billion.
Cardano was launched in 2017 by Ethereum co-founder Charles Hoskinson to develop a new blockchain focused on security and scalability. Cardano was one of the first networks to implement a proof-of-stake consensus mechanism while preserving Bitcoin’s UTXO ledger model.
In its early days, ADA had a market dominance of just 0.3%, but it quickly gained momentum during the 2017 crypto bull run.
*This is not investment advice.
