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Cardano (ADA) has slipped out of the rankings of the top 10 cryptocurrencies by market capitalization.
All the while, Cardano had fiercely defended its spot in the top 10 cryptos, as the 10th largest cryptocurrency by market capitalization, until it was flipped today by Hyperliquid (HYPE).
In recent months, several cryptocurrencies, including Bitcoin Cash, Chainlink and Monero, had vied for the spot of the 10th-largest crypto, as they closed in on Cardano's market capitalization.
However, Cardano stood its ground and held on as the 10th-largest cryptocurrency, until today, when it was surpassed by Hyperliquid.
At the time of writing, Cardano sits in 11th place among the top cryptocurrencies by market capitalization, while Hyperliquid (HYPE) now ranks as the 10th-largest cryptocurrency, a position previously held by Cardano.
Hyperliquid's native token, HYPE, began to rally in late January, as the exchange's permissionless markets, which allow anyone to create markets on assets like crypto, stocks and gold by staking 500,000 HYPE tokens, gained traction.
The markets, introduced in October with Hyperliquid Improvement Proposal 3 (HIP-3), recently reached a record high of $1 billion in open interest and $4.8 billion in 24-hour volume.
In the last 24 hours, Hyperliquid’s HYPE token is up 16% after the exchange unveiled HIP-4, a proposal to add outcome-based trading to its platform.
This surge has pushed HYPE to a standout 32% gain over seven days, in contrast to other major cryptocurrencies, including Cardano, which was down 16% in this time frame.
What's needed for a comeback?
Cardano's market valuation is currently $10.69 billion, according to CoinMarketCap data, which has earned it 11th place among the top cryptos, while Hyperliquid's market valuation is currently $10.97 billion.
To reclaim its previous spot as the 10th largest, Cardano needs to rally to close the gap between it and Hyperliquid, which is just $0.28 billion, or $280 million. That said, the tussle for 10th place remains fierce.
A large gap (of about $7 billion) exists between the 9th largest crypto, Dogecoin (DOGE), currently with $17.98 billion, and the current 10th largest crypto, which increases the chances of a flip.
Tomiwabold Olajide
Gamza Khanzadaev
Arman Shirinyan
Yuri Molchan
Godfrey Benjamin