Cardano ($ADA ) Surpasses Tron ($TRX ). Is the Top 5 Close?
Cardano (ADA) has once again taken the 8th position among the largest cryptocurrencies by market value, leaving behind Tron (TRX) and Dogecoin (DOGE).
The asset, often dubbed the "Ethereum killer", now has about $33.5 billion in market cap, slightly surpassing the two competitors.
Still, the distance to the much-desired Top 5 remains significant. Currently, the 5th place is BNB, with an impressive $115 billion in capitalization.
From Top 3 to Exile and Return
In 2018, at the height of crypto euphoria, ADA managed to establish itself among the five largest digital currencies, even with a much lower valuation than today ($18.5 billion compared to today’s $33.5 billion). At that time, XRP occupied the 2nd position, just behind Ethereum.
Shortly after, the reality of the 2018 bear market caused the token to plummet. By the end of that year, Cardano was no longer in the Top 10, with its value shrinking to just $895 million. For much of 2019, it oscillated between the 10th and 13th positions, until it regained traction and returned to the select group of the top 10.
In the 2021 bull run, the project shone again: it reached the 3rd position in September, totaling nearly $94 billion in capitalization, driven by the anticipated hard fork Alonzo, which introduced smart contracts to the network.
Current Performance
In recent days, ADA recorded a 14% increase, far surpassing the performance of other major coins. During the same period, XRP fell 7%.
The advance is related to the growth of activity on the network and the strong engagement of developers.
Still, the path to reclaiming its past glory is long. The asset remains 71% below its all-time high of $3.09, recorded nearly four years ago.