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In the volatile world of cryptocurrency, where relevance anchors on performance, there has been a notable shift across the board within the last 24 hours. Cardano (ADA), the open-source and decentralized blockchain platform, has been pushed out of the elite top 10-ranked cryptocurrencies.

Cardano drops to 11th place despite market cap increase

According to CoinMarketCap data, Cardano has dropped to the 11th spot with a market cap of $11,546,310,590. Despite recording a 0.6% surge in its market capitalization, Cardano was edged out of the top 10. ADA has been replaced by Toncoin (TON) as the 10th-ranked crypto asset.

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 Aug. 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.

The core reason for the Chang hard fork upgrade is to make the blockchain a fully decentralized network managed by the community and holders of ADA. With the current reality, some analysts suggest that the excitement of new governance has almost disappeared. Hence, the "position correction" was witnessed in the market.

Can Cardano reignite market enthusiasm?

As earlier reported by U.Today, Adam Back, the Blockstream CEO, recently predicted that ADA’s price could suffer a considerable setback. Despite the hard fork, Back maintains that ADA could collapse by up to 90%. He stated this in response to Charles Hoskinson, who lauded Cardano over Bitcoin.

Some analysts suggest 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 traded for $0.3221, a 0.60% rise in the last 24 hours.