Cardano Price Prediction as ADA Drops Out of the Global Top 10 Crypto Rankings – Is It Over for ADA?
The Cardano (ADA) price is struggling on Tuesday as its recent rebound from mid-month lows peters out and the crypto drops out of the global top 10 crypto rankings.
ADA was last changing hands just above $0.50, down close to 3% on the day. After ADA failed to push back above its 21DMA in the $0.52s, sell pressure has picked up.
As per CoinGecko, ADA’s market cap was last around $17.8 billion. That ranks it as the 11th largest by market cap, behind Toncoin (TON) and Dogecoin (DOGE).
Both of these cryptos have market caps of $19.8 and $23.2 billion respectively.
Despite Tuesday’s decline, ADA is still up 25% versus recent lows. The crypto is still down over 20% monthly and more than 15% yearly, however.
Indeed, Cardano has fallen behind other major cryptos in recent months.
While the Cardano price is down 15% in the past 90 days, Bitcoin (BTC) is up 57%. Ether (ETH), BNB (BNB) and Solana (SOL), meanwhile, are up between 40-100% over the same time period.
All of this is probably explained by the fact that Cardano is struggling to achieve real-world adoption.
So, should investors dump all their holdings and switch to other cryptocurrencies?
On-chain metrics demonstrate how Cardano is failing to attract a real base of crypto users.
The blockchain has just $416 million in total value locked (TVL), as per DeFi Llama.
That compares to well over $10 billion locked on the Solana blockchain, one of its major competitors.
Indeed, despite ranking as the 11th largest crypto by market cap, Cardano ranks as the 24th by TVL.
Moreover, comparisons of daily transaction counts paint an equally grim picture.
According to Messari data, Cardano rarely sees over 100,000 transactions on a given day. On the other hand, Bitcoin has seen between 300,000 and
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