Tron Shifts Cardano From Top 10 Crypto List

Cardano sliding Tron from the top 10 list of crypto (Photo; Doc. Bittimes)

JAKARTA - Tron (TRX) managed to shift Cardano (ADA) from a list of the top ten cryptocurrencies with the largest market cap. This change reflects the changing market dynamics and highlights the strong performance of Tron amid Cardano's significant decline.

Cardano, once one of the giants in the crypto world, is now off the top ten list after experiencing a 23% drop in value in the last 30 days. Overall, since the start of this year, ADA has seen a 43.4% drop. This drastic drop has led investors to question Cardano's future amid intense competition in the world of digital assets.

According to Bitcoin.com News information, at the peak of its glory on September 2, 2021, the ADA price had reached 3.09 US Dollars (around Rp47,848) per coin. However, now its value has fallen by 89%, with the current price in the range of 0.335 US Dollars (around Rp5,187) per coin as of August 19. This decline is not only seen in its market value, but also in the decentralized financial sector (DeFi), where the total value of ADA's locked (TVL) only places it in the 28th position in the DeFi hierarchy.

On the other hand, Tron actually recorded impressive performance this year. TRX managed to rise 5% in a day, 12% in a week, and 17.2% in the last two weeks. Since the start of the year, the value of TRX has increased by 32%, making it one of the digital assets with significant growth in 2024. In DeFi space, Tron managed to occupy second place after Ethereum with a total locked value of 7.8 billion US Dollars (approximately Rp120 trillion), based on data from defilama.com.

Meanwhile, Tron has also recorded an extraordinary transfer volume, reaching 13.41 trillion US Dollars (around Rp207 quadrillion) since its launch. In addition, Tron is hosting 60.72 billion US Dollars (approximately Rp940 trillion) tether (USDT) published on its blockchain, surpassing the number of tethers published in Ethereum.

Nonetheless, Tron is still facing a challenge to pursue Dogecoin (DOGE), which is currently ninth with a market cap of 14.6 billion US Dollars (approximately IDR 226 trillion), compared to 12.38 billion US Dollars (approximately IDR 191 trillion) for Tron.

The contrasting movement between Cardano and Tron reflects the changing dynamics of the crypto market, where performance and innovation are key to maintaining a position at the top.