Cardano (ADA), which has long held a prominent position among top cryptocurrencies, has recently slipped to the tenth spot as toncoin (TON) surged ahead, surpassing ADA’s market capitalization.
Over the past year, Bitcoin (BTC) has experienced a 148.4% increase, while Ethereum (ETH) has grown by 93.9%. In contrast, ADA has seen more modest growth of 56.8%. However, this week marked a significant change as toncoin (TON) overtook ADA, becoming the ninth-largest cryptocurrency by market cap.
Despite this shift, ADA still maintains a higher market capitalization than avalanche (AVAX), with a value slightly above $22 billion compared to AVAX’s $18.27 billion as of April 9, 2024. While BTC and many other cryptocurrencies are reaching new heights, ADA remains 80% below its peak value of $3.09 per coin on September 2, 2021.
According to data from intotheblock.com, ADA’s market indicators are currently “bearish,” with only 54% of its holders seeing profit at its current price. In the last 24 hours, ADA had a trading volume of $428 million, with Binance being the busiest platform for Cardano transactions. The primary trading partners for ADA are USDT, USD, KRW, BTC, EUR, and USDC. Notably, 10.22% of all ADA exchanges are conducted in Korean won. Similar to BTC’s premium in South Korea, ADA also commands a 4.74% premium over the global average in the country.
In terms of decentralized finance (defi), ADA ranks 17th in total value locked (TVL), with $396.31 million, according to defillama.com. When it comes to non-fungible token (NFT) sales, ADA-focused NFTs hold the eighth spot among top blockchains, accumulating $643.80 million in sales, as reported by cryptoslam.io.
The future of ADA’s recovery from its underperformance compared to other blockchain entities remains uncertain. Similar to XRP’s trajectory in this bull market, ADA has not received as much attention from traders as many other digital currencies. However, history has shown that the cryptocurrency world is full of unexpected twists and turns.
What are your thoughts on ADA’s market performance over the past year compared to the rest of the market? Feel free to share your opinions in the comments section below.
