Hyperliquid’s HYPE Knocks Cardano Out of Crypto Top 10

Highlights:

• HYPE pushes Cardano out of the top 10 as market cap ranking shifts sharply.
• Cardano is also under pressure as Bitcoin Cash moves closer in value.
• Hyperliquid momentum remains strong with rising demand, trading activity, and expanding market exposure.

Cardano (ADA) has fallen out of the top 10 cryptocurrencies by market capitalization after Hyperliquid’s HYPE token moved ahead in the latest rankings. The change shows how fast altcoin positions can shift. CoinMarketCap ranked HYPE at No. 10 with a market cap of about $10.21 billion, while Cardano dropped to No. 11 with around $9.75 billion.

The move is notable because Cardano has kept its place among the largest digital assets for a long time. Earlier this month, ADA was still clearly ahead. A CoinMarketCap snapshot from 8 March showed Cardano in 10th place with a market cap of nearly $8.99 billion, while HYPE was in 13th place at about $7.92 billion. In less than two weeks, Hyperliquid closed the gap and moved past Cardano.

HYPE PUSHES CARDANO OUT OF TOP 10 CRYPTO

Hyperliquid (HYPE) has overtaken Cardano, knocking $ADA out of the top 10 by market cap.

Over the past week, $HYPE surged 21% to $43, outpacing ADA’s 16% rise to $0.29. pic.twitter.com/vLGtOKJhJH

— Coin Bureau (@coinbureau) March 19, 2026

Cardano Also Faces Pressure from Bitcoin Cash

Meanwhile, Cardano is also facing pressure from below, as Bitcoin Cash (BCH) is moving closer in market value. BCH now ranks 12th with a market cap of about $9.14 billion, leaving it less than $1 billion behind ADA. If Bitcoin Cash keeps rising, it could also pass Cardano soon.

At the time of writing, HYPE was trading near $39.76, down 3.78% over the past 24 hours. However, its daily trading volume rose 76.69% to about $641.6 million. Cardano was trading around $0.2702 at the time of writing, down about 6.4% over the past 24 hours. Its daily trading volume stood near $595 million.

The latest rankings can vary slightly across platforms because each tracker updates price, supply, and market cap at different times. Still, the main picture stayed the same.

What Is Driving HYPE Higher

This growth followed S&P Dow Jones Indices’ decision to license the S&P 500 to Trade[XYZ] for a perpetual contract on Hyperliquid. The product gives eligible non-U.S. users round-the-clock onchain access to the index with leverage and official S&P data. The launch also pushed Hyperliquid beyond crypto-only trading and brought a major stock market benchmark onto the platform. That wider market exposure may have helped boost interest in the Hyperliquid ecosystem as HYPE gained ground against Cardano.

Hyperliquid is a crypto-native decentralized derivatives exchange. Trading activity on the platform has grown during the Middle East conflict, as it lets users trade not only crypto but also onchain markets tied to assets such as oil and gold. The platform then saw open interest in HIP-3 markets climb to a record $1.43 billion, up from below $800 million earlier this year.

LATEST: HYPERLIQUID OPEN INTEREST HITS $1.43B ALL-TIME HIGH

Hyperliquid has recorded a new milestone in open interest on March 14.

HIP-3 market open interest surged past $1.43 billion, according to data from @TheBlockCo.

This marks the highest level ever on the platform.… pic.twitter.com/UCbhSeuz8F

— BSCN (@BSCNews) March 18, 2026

 

One reason behind HYPE’s rally is the strong activity on Hyperliquid itself. Data shows the platform recorded about $8.51 billion in 24-hour perpetual futures volume and around $7.05 billion in open interest. It also generated nearly $2.88 million in fees in one day. That shows traders are still very active on the platform, and that usually helps support confidence in the token.