Gate News: On March 19, Cardano dropped out of the top 10 cryptocurrencies by market capitalization, surpassed by Hyperliquid. Over the past week, Hyperliquid’s token HYPE increased by 21.22% to $43, while Cardano’s ADA rose by 16% to $0.29. This change makes Hyperliquid the 10th largest cryptocurrency with a market cap of $10.58 billion, surpassing Cardano’s $9.85 billion.
The broader cryptocurrency market shows signs of recovery, with major assets like Bitcoin and Ethereum posting gains. However, Hyperliquid outperformed the market, climbing from $36 to a high of $43.66 before retreating to $41.17. Meanwhile, Cardano’s ADA pulled back to $0.2730, up 5.35% for the week, while Hyperliquid’s weekly gain was 14.36%.
Cardano is now facing pressure from Bitcoin Cash, ranked 12th, with a market cap of $9.14 billion. Further increases in Bitcoin Cash’s valuation could push Cardano down another position. Despite setbacks, the Cardano development team plans to launch the Midnight mainnet and Ouroboros Leios later this year to enhance its ecosystem and regain market share.
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