According to data from CoinGecko, Cardano (ADA) has seen a market rally today, rising 4% in the past 24 hours and nearly 5% in the last week. While the current rise is commendable, ADA has faced considerable struggles in recent years. Cardano (ADA) has not only fallen out of the top 10 projects by market capitalization, but is now on the verge of being kicked out of the top 20 as well. Let’s discuss what happens.
Will Cardano fall out of the top 20 projects?
Cardano (ADA) was once one of the most actively developed cryptocurrency projects on the market. Despite the efforts, the competition was too stiff. Cardano (ADA) also lagged behind many industry innovations, such as the adoption of smart contracts and DeFi. Ethereum (ETH) and Solana (SOL) started supporting smart contracts in 2015 and 2020, respectively, while Cardano (ADA) joined the club in September 2021. DeFi adoption has also taken a backseat and we have seen the Ethereum and Solana ecosystems flourish.
Cardano (ADA) also canceled its 2026 summit. The decision came after the community voted against the $2 million budget for the event. The development raised questions among investors about the project’s funding. After the summit was canceled, ADA’s price faced a correction.
Cardano (ADA) saw significant adoption in 2020, 2021, and early 2020. Investors focused more on actual hiring after the 2022 market crash. The project was unsuccessful in this regard. Although there was a lot of development activity, it did not lead to mass consumer adoption, as was the case with Ethereum (ETH) and Solana (SOL).
This is evidenced by Solana (SOL)’s recovery from its 2022 lows. SOL’s price fell to below $10 after the FTX bankruptcy, but has since made a historic comeback, hitting an all-time high of $293.31 in January of last year. However, Cardano (ADA) is not about to hit new all-time highs. This situation lends substance to the argument that Cardano (ADA) could fall out of the top 20 projects.
(Tag translation) Cardano
