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Amid the ongoing market downturn and price volatility impacting most assets, Tron (TRX) has maintained a bullish outlook, with the potential to outrank Cardano (ADA). Despite fluctuations, the decentralized proof-of-stake blockchain has stayed above $0.2289, a price that has triggered a surge in its market capitalization.
Tron gains momentum as Cardano struggles
According to CoinMarketCap data, TRX's market cap has increased by 1.27% to $22.16 billion within the last 24 hours. This growth has pushed it closer to Cardano, which is experiencing relatively broader turbulence on the crypto market.
Notably, ADA's market cap has shed 5.15% within the same time frame, dropping to $22.57 billion. This development followed a significant downturn in value, causing the price to dip by over 5%.
Vladislav SopovPerhaps the only thing keeping ADA ahead of TRX is the difference in trading volume. Tron investors appear to have pulled back as trading volume witnessed an 11.94% decline to $400.17 million despite the uptick in price.
In contrast, investors in the ADA market remain unmoved by the price dip as they continue to trade. This increased activity has seen trading volume rise by a significant 26.21% to $620.95 million within the same period.
However, if this metric between chains evens out and TRX investors actively engage in trading, Tron could tilt the market cap scale and flip Cardano. Currently, Cardano is ahead of Tron by $410 million. Market experts maintain that the continued growth of TRX and the decline in ADA could wipe out this difference.
Meanwhile, other positive ecosystem activities on Tron, like its USSD stablecoin staking growth, could push value higher.
What’s next for ADA and TRX?
Tomiwabold OlajideCardano appears to have difficulty rebounding from its downward journey. Recently, the coin was in a ranking battle with Dogecoin (DOGE), which succeeded in flipping it from eighth place to ninth.
With the current development, Cardano’s ninth place is threatened, as Tron could flip it and edge it out to tenth place. If this happens, it could signal more bearish pressure on ADA.
Vladislav Sopov
Dan Burgin