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In a notable development, Cardano (ADA) has reentered the top 10 cryptocurrencies by market capitalization, driven by a notable 12% price surge over the past week.

After weeks of price consolidation, Cardano's latest increase has allowed it to retake its position among the top 10 digital assets. In the past week, Cardano's price increase has been impressive, with ADA climbing from $0.328 to $0.376 in just eight days.

At the time of writing, ADA is trading around $0.372, up 4.91% in the last 24 hours and 12% weekly; its market capitalization has also increased.

The surge has caused Cardano to reenter the top 10 cryptocurrencies by market capitalization, flipping TRON to 11th place. Cardano now ranks ahead with a market capitalization of $13.45 billion, while TRON has a market capitalization of $13.17 billion.

The overall positive sentiment on the cryptocurrency market has played a crucial role in ADA's price growth. Cryptocurrencies rallied broadly in the past week as the U.S. Federal Reserve announced its much-anticipated rate cut. The Federal Reserve slashed interest rates by half a point, the first rate reduction in four years.

Cardano moving into decentralized governance

The Cardano network is transitioning to a fully decentralized governance model, where the community will oversee its sustainability and future upgrades.

Once accepted by the community, the Cardano Constitution will define blockchain governance procedures, institutions and obligations of all members. It will serve as the foundational document for guiding the processes that support fair governance.

The Cardano Constitution is the culmination of a process that began over a year ago with CIP-1694 and workshops. CIP-1694 describes the tools, features and other governance components required for effective Cardano governance.

Currently, an interim draft Constitution is in existence as part of the Chang hard fork, and constitutional workshops are taking place all over the world to gather feedback. This temporary document is expected to help Cardano shift into its governance age.