Cardano (ADA) is seeing quote a rebound today, rallying 4% in the last 24 hours and nearly 5% in the last week, according to CoinGecko data. While the current rally is commendable, ADA has faced substantial struggles in the last few years. Not only has Cardano (ADA) fallen out of the top 10 projects by market cap, it is now close to being kicked out of the top 20. Let’s discuss what could happen.
Will Cardano Fall Out Of The Top 20 Projects?
Cardano (ADA) was once among the most developmentally active cryptocurrency projects in the market. Despite its efforts, the competition was too tough. Cardano (ADA) was also late for many industry innovations, such as smart contracts and DeFi adoption. While Ethereum (ETH) and Solana (SOL) began smart contract support in 2015 and 2020, respectively, Cardano (ADA) joined the club in September 2021. DeFi adoption also took a back seat, which Ethereum and Solana saw thriving ecosystems.
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Cardano (ADA) also cancelled its 2026 summit. The decision came after the community voted against a $2 million budget for the event. The development led to questions among investors about the project’s funds. ADA’s price faced a correction after the summit cancelation.
Cardano (ADA) saw significant adoption in 2020, 2021, and early 2020. Investors were more focussed on real adoption after the 2022 market crash, . The project failed to deliver on this front. While development activity was high, it did not convert into mass consumer adoption, like in the case for Ethereum (ETH) and Solana (SOL).
This is also evident from Solana’s (SOL) rebound from tis 2022 lows. SOL’s price fell to below $10 after the collapse of FTX, but has since made a historic comeback, hitting an all-time high of $293.31 in January of last year. Cardano (ADA), however, has not made any attempt at hitting a new all-time high. The situation has given substance to the argument that Cardano (ADA) could fall out of the top 20 projects.