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The digital asset space is becoming more interesting to watch as the battle to stay among the top 10 cryptocurrencies in the industry becomes increasingly competitive. Cardano (ADA), previously the 10th largest coin, was edged out by TRON (TRX) following the success of its meme coin launchpad, SunPump, which boosted investors’ interest in the asset.
Cardano's battle for top 10 supremacy
However, as earlier reported by U.Today, Cardano momentarily reclaimed 10th place from TRON in the past 24 hours. This followed a 5% surge by ADA, which helped it outshine TRON in market capitalization. Notably, TRX stunned the market in the past week with its performance and climbed to 10th place.
Yuri MolchanAlthough Cardano has dropped to 11th place again, analysts remain optimistic that a sustained flip might happen soon. Data show ADA’s price has climbed by 4.82% to $0.3686 in the last 24 hours, with a market capitalization of $13,253,217,043.
Market observers believe if the price of ADA continues to grow steadily, it will only take a little while before it flips TRON, whose market cap has dipped by 5.04% following a drop in 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?
Given this data, the difference in market cap between the current holders in the 10th and 11th places is about $252.52 million. Thus, understandably, a continued price increase for ADA could see it jump back into the top 10 assets club.
Dogecoin (DOGE) has registered a 1.72% price increase and trades at $0.1059 with a market cap of $15.44 billion to retain 9th place. For Cardano to cause an upset in DOGE, analysts say its price must continue on its present bullish path.
Gamza KhanzadaevWhile that might appear difficult, Cardano’s highly anticipated Chang hard fork launch, which is expected anytime from today, might act as a bullish factor to drive up the price. The Chang hard fork will upgrade the Cardano network with the latest version of its validator node, Node 9.1, on Aug. 27.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Valeria Blokhina
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin
Alex Dovbnya