Cardano drops out of the top 10 cryptocurrencies by market cap ranking

Cardano’s native token, ADA, is now ranked as the 11th-largest cryptocurrency by market capitalization. The cryptocurrency has slowly been losing market share since January after seeing a modest uptick following the 2022 bear market.

ADA currently has a market cap of $11.9 billion, putting it just behind TRON’s TRX token, according to The Block’s price page.

Charles Hoskinson launched Cardano in 2017 after leaving his role developing rival smart contract blockchain Ethereum. It was one of the first networks to successfully experiment with a proof-of-stake consensus algorithm while maintaining Bitcoin’s UTXO ledger model.

At launch, ADA had a market dominance (the ratio of a token’s market cap relative to all other tokens) of 0.3%, but it quickly gained value during the 2017 crypto bull market. The token reached a market cap of $77 billion in May 2021, making it the fourth-largest cryptocurrency at the time.

ADA’s market dominance rose from 0.66% in early 2021 to 4.24% in 2022, according to TradingView data. The current market dominance stands at 0.58%.