Cardano has dropped out of the top 10 cryptocurrencies by market capitalization after being overtaken by Hyperliquid.
This development marks another setback for ADA holders, raising fresh concerns about the token’s near-term outlook. Although Cardano briefly reclaimed a top 10 spot toward the end of February, it has once again lost its position amid the latest broader market pullback.
Key Points
- Hyperliquid has overtaken Cardano to become the tenth-biggest cryptocurrency globally.
- Over the past week, HYPE surged 21.22% to $43, while Cardano grew 16% to $0.29.
- Currently, HYPE has a valuation of $10.58 billion, while ADA boasts a market cap of $9.85 billion.
- Bitcoin Cash poses an immediate threat to Cardano, ranking 12th with a valuation of $9.14 billion.
Hyperliquid Outpaces Cardano
At the start of the week, the crypto market showed signs of recovery. Major assets such as Bitcoin, Ethereum, and XRP posted modest gains, while Cardano also moved higher.
However, not all assets performed equally. Some tokens significantly outpaced the market, triggering a reshuffle in global rankings. Hyperliquid emerged as one of the standout performers during this period.
Over the past week, Hyperliquid recorded stronger gains than Cardano, ultimately overtaking it in the rankings. Specifically, HYPE surged from around $36 to a multi-month high of $43.66, up 21.22%.
In contrast, Cardano climbed from approximately $0.25 to $0.29, delivering a respectable 16% gain. However, ADA has since retraced part of its gains and now trades at $0.2730.
Meanwhile, Hyperliquid has also pulled back slightly to $41.17. Despite this decline, it still maintains a 14.36% weekly gain, compared to Cardano’s 5.35% increase over the same period.
As a result of this performance gap, Hyperliquid now ranks as the 10th-largest cryptocurrency on CoinMarketCap, with a valuation of $10.58 billion. Cardano, on the other hand, has slipped to 11th place, with a market cap of $9.85 billion.
Bitcoin Cash Emerges as Immediate Threat
In the meantime, Cardano’s position remains under pressure as Bitcoin Cash continues to close the gap. Currently ranked 12th, Bitcoin Cash has a market cap of $9.14 billion, less than $1 billion behind ADA.
If Bitcoin Cash gains further momentum, it could soon overtake Cardano. For instance, a 9.41% increase in BCH’s valuation to $10 billion, assuming ADA remains unchanged, would push Cardano down to 12th place.
Despite the recent setback, some Cardano supporters remain bullish. This optimism stems from comments by Charles Hoskinson, who stated that the network is still “fighting for everything.”
Analysts interpret this as a signal of Cardano’s push to regain market share, accelerate DeFi activity, and strengthen its ecosystem.
To support this outlook, the development team is preparing to launch Midnight on mainnet later this month. In addition, Ouroboros Leios is expected to debut later this year. Together, these upgrades could attract more users and potentially drive broader adoption.
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