Tron Triumphs as Cardano Fades—ADA Drops From Crypto’s Top 10

Based on recent market data, the cryptocurrency cardano (ADA) has fallen out of the top ten rankings, making way for tron (TRX) to take its place. ADA has struggled to hold its ground among the leading cryptocurrencies this year, and in the past 30 days alone, it has dropped 23% against the U.S. dollar.

Once a Top Ten Titan, Cardano Is Now Struggling Below the Threshold

ADA’s removal from the top ten list is reflected in metrics on coinmarketcap.com and other major crypto market cap aggregation sites. Unlike several other digital assets that have soared to new price highs and market achievements in 2024, cardano (ADA) has had a lackluster performance since 2021. Since the start of the year, ADA has declined by 43.4%. Over the last six months, it has lost 45% of its value, and just in the past month, it has seen a 23% drop.

This smart contract crypto asset has faced a particularly rough road since reaching its all-time high almost three years ago on Sept. 2, 2021. At that peak, ADA was priced at $3.09 per coin. Today, it has plummeted 89%, currently trading at $0.335 per coin at 4:30 p.m. EDT on Aug. 19. In the decentralized finance (defi) space, ADA’s total value locked (TVL) places it at the 28th spot, which is quite low on the defi hierarchy.

When it comes to all-time non-fungible token (NFT) sales, Cardano ranks as the eighth-largest blockchain. It has recorded $651,916,330 in all-time NFT sales as of Aug. 19, which pales in comparison to Ethereum’s $43 billion, Solana’s $5.7 billion, and even Bitcoin’s $4.4 billion. This week, ADA’s top trading pairs include USDT, USD, USDC, BTC, and EUR. Among more than 10,000 digital assets, ADA currently holds the 18th position in trading volume as of Aug. 19.

ADA’s downward trajectory and loss of its top-ten status reflect a challenging environment that raises questions about its future market viability. With significant losses across multiple metrics and tough competition from other digital assets, the road ahead for ADA appears uncertain. Investors are left to wonder if this once-promising asset can recover or if further decline is inevitable.

Tron, on the other hand, has outpaced ADA this year. TRX is enjoying a 5% increase today, a 12% gain this week, and a 17.2% rise over the last two weeks. Year-to-date, TRX has climbed 32%, though it’s still slightly behind some of its market rivals. While Tron’s presence in the NFT space is minimal, it shines in the defi arena, holding the impressive position of number two. Tron’s total value locked in defi is just shy of Ethereum’s lead, with the TRX chain securing $7.8 billion, according to defillama.com data.

According to Tronscan, Tron has processed $13.41 trillion in transfer volume since the network launched, and it hosts $60.72 billion tether (USDT) minted on its blockchain. This figure surpasses the $52.58 billion worth of tethers issued on Ethereum. However, TRX still has some catching up to do to overtake dogecoin (DOGE), the popular meme coin, which now ranks as the ninth largest cryptocurrency with a market cap of $14.6 billion, compared to TRX’s $12.38 billion.

What do you think about cardano getting knocked out of the top ten standings this week? Share your thoughts and opinions about this subject in the comments section below.

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This Week’s Crypto Winners and Losers: SUN Skyrockets While TON Stumbles

This week delivered a solid performance for the crypto economy, with several coins posting impressive double-digit gains over the past seven days. Leading the charge was sun token (SUN), which skyrocketed by 187%, claiming the top spot among the week’s best performers. However, it wasn’t all sunshine and roses, as Telegram founder and CEO Pavel Durov’s arrest caused TON to plummet by over 21%, making it the biggest loser of the week.

Crypto Rollercoaster: SUN Token Surges 187%, TON Loses 21% Amid Telegram CEO Arrest

Over the course of the week, sun token (SUN) emerged as the crypto economy’s brightest star, with a dazzling 187% increase. SUN serves as a multifunctional governance token that plays a pivotal role in the Sun.io platform, built on the Tron blockchain. Close behind, arkblock (ABT) secured the second spot, climbing 62.07%. Fetch ai token (FET) wasn’t far off, posting a 61.52% gain against the U.S. dollar.

This Week’s Crypto Winners and Losers: SUN Skyrockets While TON Stumbles — SUN/USDT on Aug. 26, 2024.

Ocean protocol (OCEAN) rode the wave with a 60.73% increase, while echelon prime (PRIME) soared by 58.48%. Other noteworthy gainers this week included AGIX, SUPER, RENDER, CHR, PEOPLE, and TRB, with gains ranging from 32.46% to 57.09%. But not everyone enjoyed such fortune; the fallout from Pavel Durov’s arrest hit TON hard.

TON took a significant hit, losing 21.39% against the U.S. dollar. Notcoin (NOT), another casualty, dropped 18.46%, making it the second-largest loser of the week. As a token issued on the TON blockchain, NOT’s decline is also tied to Durov’s detention. Apart from TON and NOT, only a few other coins saw losses, including Helium (HNT) with a 9.90% decrease and zcash (ZEC) which dipped by 9.67%. Litecoin (LTC) and convex finance (CVX) also experienced minor losses of 4.15% and 3.56%, respectively.

This week’s crypto market painted a vivid contrast between the top performers and those dragged down by external factors like the Telegram CEO’s arrest. The sharp rise of certain coins, juxtaposed with the steep decline of others, underscores how external events can significantly influence individual assets. These fluctuations highlight the importance of staying informed about the latest developments and their potential market impacts.

What do you think about this week’s crypto market action? Share your thoughts and opinions about this subject in the comments section below.

South Korea’s Bitcoin Premium Persists Amid Market Volatility

Despite recent turbulence in the crypto market, bitcoin’s price continues to carry a premium in South Korea. As of 4 p.m. EDT, bitcoin is trading at $59,002 per unit, but in South Korea, the exchange rate hits $59,900, reflecting a 1.52% premium.

Despite First Negative Dip Since Oct. 2023, South Korea’s Bitcoin Premium Continues

Interestingly, bitcoin (BTC) has consistently traded at a premium in South Korea since Oct. 30, 2023, dipping into the negative just once on Aug. 22, 2024. According to cryptoquant.com, BTC was priced at around $60,500 per coin on that day, and within two days, it climbed to $64,000. Although the price momentarily fell 0.36% below the global average in South Korea on Aug. 22, the dip was fleeting.

South Korea's Bitcoin Premium Persists Amid Market Volatility — Starting on Oct. 30, 2023 and for 297 days, BTC has witnessed a premium in South Korea. The premium jumped more than 10% in mid-March 2024. The first dip since then occured on Aug. 22, 2024, dipping 0.36%.

By Aug. 23, the premium had bounced back to nearly 1%, reaching 0.93% above BTC’s global average. The premium climbed to 2.63% on Aug. 27 and settled at 1.94% by Aug. 29. As August comes to a close, bitcoin is trading at a 1.52% premium on the South Korean crypto exchange Upbit, with prices approximately $898 higher. Ethereum (ETH) is also trading at a premium on Upbit, albeit a smaller one at 0.95%, according to the latest price data.

While stablecoins USDT and FDUSD are BTC’s top trading pairs, the South Korean won ranks as the second most traded fiat currency, just behind the U.S. dollar. Throughout 2024, the won has been a significant player in trade volume, second only to the greenback. Interestingly, Coinbase saw a consistent premium from Aug. 4 to Aug. 28, though it remained far below South Korea’s, peaking at just 0.07% on Aug. 22.

However, by Aug. 29, Coinbase BTC prices had slipped back into the negative after 24 days of a slight premium, according to cryptoquant.com metrics. The ongoing bitcoin premium in South Korea, contrasted with the modest premium on Coinbase, highlights a stronger and more persistent demand in the South Korean market. Nevertheless, a Coinbase Premium often reflects increased demand for bitcoin, which can drive up its price.

What do you think is driving the persistent bitcoin premium in South Korea, and how do you see it impacting the global market in the coming months? Share your thoughts in the comments below.