Cardano (ADA), a major decentralized blockchain platform, lost its place in the top 10 cryptocurrencies in the last 24 hours, despite a slight increase in its market capitalization.
Cardano falls to 11th place
According to CoinMarketCap data, Cardano's market capitalization stands at $11,546,310,590, marking a 0.6% rise. However, despite this increase, Cardano was pushed from the 10th place and replaced by Toncoin (TON).
Reasons for Cardano's position drop
Cardano's decline in position comes amid anticipation related to the Chang upgrade. Adaptation to a new era of decentralized governance might have strengthened the cryptocurrency's position, but it did not happen. Earlier in August, Cardano also experienced a drop before the upgrade, but managed to regain the 10th place due to the hype surrounding Chang.
Future prospects for Cardano
According to some analysts, despite the recent upgrade, ADA's price could significantly drop. Blockstream CEO Adam Back expressed the opinion that ADA's price could collapse by up to 90%, despite developers' efforts. At the time of writing, ADA is trading at $0.3221, marking a 0.60% rise in the last 24 hours.
While Cardano's drop to the 11th place has raised concerns among investors, the future developments will depend on the platform's ability to manage a decentralized network and reclaim its lost market position.
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