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This Is Why Cardano May Fall From the Top 10! The ADA Price Is On The Radar!

With incredible profits, the Global Crypto Space has gotten off to a roaring start in Q4. Bitcoin, Ethereum, Binance currency, Solana, and Polkadot, the top crypto assets in the market, gained 8.29 percent, 8.48 percent, 20.26 percent, 9.59 percent, and 22.44 percent, respectively.

Cardano has also dropped to fourth place with no major price movement. The market is speculating that the altcoin will soon be pushed out of the top ten!

Why Cardano Could Fall Behind?

The Cardano ecosystem's market worth is dwindling by the day. Despite the launch of smart contracts and multiple attempts to get popular, the ADA price did not provide the projected revenues. It was recently surpassed by Binance currency for third place. Binance smart chain surpassed 100 million unique addresses on October 17th, marking a significant milestone.

BNB, on the other hand, is giving ADA and Ethereum a run for their money, with a market valuation of $82 million. Furthermore, Cardano's market capitalization continues to drop below $69 million. As a result, if the ADA price continues to fall, Solana and Polkadot's price action could endanger it.

Furthermore, according to Messari.Io, Cardano's transaction cost is following in Ethereum's footsteps. Its average transaction cost grew from 2 cents to 46 cents during the course of the year. Intriguingly, in its early days of development, ETH's average transaction fees were likewise at the similar level.

If the current trend continues, traders may lose interest in the asset. And I'd be on the lookout for an asset that allows for easy trading with low gas prices.

The Cardano Ecosystem Can Still Bounce Back!

Cardano co-founder Charles Hoskinson has shared a list of major projects in the works. He also announced that Plutus Application Backend (PAB) will be released in late October or early November, which is surprising. It's a backend service that lets developers communicate with smart contracts off-chain. This, he argues, could be a key trigger for asset price action.

Institutional investors, on the other hand, are paying attention to the asset despite its failure to reach new highs. Within the last week, these investors increased their holdings by $3.6 million. However, the ecosystem is working on various upgrades from the ground up. The scaling solutions Basho and Hydra, in particular, are expected to be operational by 2022.

The Cardano Summit and the Alonzo Hard Fork rollout have had no meaningful impact on the price activity. The crypto community is eager to see how impending events may affect price fluctuations.

Disclaimer: The information provided here is for educational purposes only and does not constitute investment advice.  E very investment and trading involves risk, you should always conduct your own research before making a choice. We do not advise investing money that you cannot afford to lose.