Can Cardano $ADA break back into the top-10...?

A Long Way from the Top

@Cardano's $ADA is no longer a top-10 cryptocurrency. According to CoinMarketCap data, $ADA currently ranks #13 with a live market cap of roughly $8.5 billion, placing it between @Zcash $ZEC and @StellarOrg $XLM in the global rankings.

That is a dramatic comedown for a network that was once among the most valuable in crypto. $ADA hit an all-time high price of $3.09 in September 2021, and at its peak commanded a market cap of nearly $92 billion, previously ranking among the top three or four digital assets worldwide.

ADA is now down over 90% from its all-time high and has fallen out of the top 10 cryptocurrencies.

The Gap to Number 10

Reclaiming a top-10 position is not straightforward. The #10 spot is currently held by @HyperliquidX $HYPE, which has been on a sharp upward trajectory of its own. $HYPE currently ranks #10 on CoinMarketCap with a live market cap of approximately $16.6 billion. That puts it nearly double $ADA's current valuation, meaning Cardano would need to roughly double in market cap without $HYPE declining to bridge the gap.

Hyperliquid recently broke into the top 10 cryptocurrencies by market cap, sitting alongside top players like Bitcoin and Ethereum, after its price surged past $50 and set a new all-time high. A key driver behind the bullish momentum was the launch of spot HYPE ETFs by investment management firms Bitwise and 21Shares in May.

Cardano, meanwhile, has its own potential catalysts in the pipeline. Despite the sharp decline from its peak, a spot Cardano ETF could launch by October 2026, and the CME Group has expanded its round-the-clock crypto derivatives trading to include ADA alongside Bitcoin and Ethereum, with institutional traders now able to hedge and trade ADA futures nearly continuously starting May 29.

In February 2025, Grayscale Investments also filed to create an exchange-traded fund for Cardano with the US Securities and Exchange Commission, which, if approved, would allow traditional investors to buy ADA through regular brokerage accounts.

Whether those developments are enough to close a roughly $8 billion gap to the top 10 remains an open question, and one the market will be watching closely.

Sources:
Cardano (ADA) Market Cap and Rankings, CoinMarketCap
Hyperliquid (HYPE) Market Cap and Rankings, CoinMarketCap
Latest Cardano News and Market Insights, CoinMarketCap