The earlier Cardano sell-off is not forever, as the current rebound has helped it recover in the market rankings. Data from CoinMarketCap shows that Cardano is now worth $10.6 billion, slightly edging out Bitcoin Cash, with a market valuation of $10.5 billion.
Cardano and market ranking risk
As reported earlier by U.Today, Cardano was dethroned by Hyperliquid (HYPE) from the 10th spot earlier this week as the broader crypto market faced an intense sell-off.
With altcoin volatility unpredictable, Hyperliquid has reverted all of its gains, and as a result, it gave up its spot in the ranking. Bitcoin Cash stepped up in a shocking move and now occupies 11th place among the biggest coins on the market.
Cardano has been on the radar in recent times, with Founder Charles Hoskinson focusing on innovation rather than price setup. In earlier updates, Hoskinson revealed plans for the Logan AI Agent update, a plan that might require input from market participants.
At the time of writing, the price of Cardano was changing hands for $0.2937, down by 1.67% in the past 24 hours. The top altcoin is one of the biggest losers thus far this year, with a year-to-date (YTD) loss of 17%.
The threat to Cardano of leaving the top 10 crypto permanently remains a major one on the market. Like other altcoins, including Toncoin and Shiba Inu, which have left the top 20 ranks, permanent placement is dependent on sustained innovation and broad adoption.
Is Cardano price undervalued?
Cardano is often pitched alongside XRP and Ethereum in terms of its technological capabilities. It is regarded as one of the most decentralized protocols following the Chang hardfork implementation over a year ago.
Despite its current positive boost, Cardano is significantly lower in price and market capitalization compared to ETH, XRP and SOL. However, proponents believe ADA has very positive long-term prospects, a push recognized by its community.
With limited whale interest in recent times, proponents are watching out for crucial network metrics like volume, open interest and ETF expectations Cardano ETF products in particular may help usher in institutional investors, which may in turn help fuel future price growth.
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