Cardano (ADA) Pushed Out of Top 10, Has Chang Hype Faded?

In the volatile world of cryptocurrency, where relevance anchors on performance, there has been a notable shift within the last 24 hours.

Cardano (ADA) has been pushed out of the top 10 cryptocurrencies by market cap, despite recording a 0.6% surge in the last 24 hours.

According to CoinMarketCap data, Cardano dropped to the 11th spot with a market cap of $11,546,310,590. This shift signals a significant decline in performance compared to the enthusiasm that trailed Cardano as it geared up for the Chang hard fork upgrade.

The blockchain suffered the same fate earlier in August, just before the unveiling of the hard fork. However, as the initial August 27 date approached, ADA’s performance helped it regain its top-10 status. The rise was attributed to the hype surrounding the Chang upgrade, which introduced a new era of decentralized governance.

Chang aimed to advance Cardano into a fully decentralized network managed entirely by its community and holders of ADA, marking a pivotal step in the blockchain’s evolution.

Meanwhile, some analysts suggest that the excitement around new governance mechanisms might have diminished, contributing to the observed "position correction" in the market.

As previously reported by U.Today, Blockstream CEO Adam Back predicted that ADA’s price could suffer a considerable setback, suggesting a potential 90% price crash. Back stated this in response to Charles Hoskinson, who lauded Cardano over Bitcoin.

Some analysts believe that although the Chang hard fork did not immediately set ADA on a bullish trajectory, market sentiment could change over time. As of the time of writing, ADA trades for $0.3221, reflecting a 0.60% rise in the last 24 hours.

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