Tron’s (TRX) massive takeover

Cardano (ADA) has finally given up its 10th spot among the top cryptocurrencies and slipped to 11th place. Pro-XRP advocate Bill Morgan drew attention to this shift at X today as market data confirms that Tron (TRX) has overtaken ADA and is now the 10th largest cryptocurrency by market cap.

The move comes amid Tron’s steady growth over the past week. Despite a subdued market, Tron saw a nearly 10% increase in value. In contrast, ADA’s price dropped 2.3% today while Tron rose 3.5%. Tron’s market cap is now over $12 billion, surpassing ADA’s value of $11.89 billion.

Looking closer, significant differences in trading volume can be seen. Over the past 30 days, Tron has seen $12 billion in trading volume – more than double that of ADA. This activity highlights the increased market interest in TRX, which has likely contributed to its rise in the rankings.

Cardano’s fight for survival

Cardano entered 2024 as the eighth-largest cryptocurrency with a market cap of over $17 billion and a trading price of around $0.50. At the time, Tron was ranked 11th with a valuation of $9 billion. ADA’s position remained stable until April, when bears took control, coinciding with a rise in Toncoin (TON).

By early May, TON had displaced ADA from the 9th spot, marking the beginning of ADA’s decline. Although Cardano hit a yearly low of $0.27 – a 65% drop from its yearly high – it has managed to defend its 10th spot to date.

Cardano’s failure to regain momentum comes as the blockchain nears the significant Chang upgrade. Market optimism has not translated into price movements, leading to skepticism among analysts.

The fall of Cardano did not come as a surprise to everyone. Bitcoin expert Eric Wall had predicted ADA’s fall from the top 10, a prediction that eventually came true. Meanwhile, Cardano founder Charles Hoskinson remains optimistic and believes that ADA could one day overtake Bitcoin in market share.

The rise of Tron is a reminder that in the crypto space, sustainable performance often surpasses speculative hype. The question remains: can Cardano recover or is this the beginning of a longer decline?