Cardano Overtakes Dogecoin and TRON to Claim 8th Spot in Crypto Rankings

Cardano (ADA) has surpassed Dogecoin and TRON in market value, securing the eighth position among the world’s largest cryptocurrencies.  As of press time, ADA is priced at $0.9225, reflecting a 0.35% daily increase and a notable 17.65% gain in the past week. The surge has pushed its market value to $33.87 billion. This upward momentum reshuffled the top-ten rankings. TRON now sits at 9th place with a $32.90 billion market capitalization, while Dogecoin has slipped to 10th at $32.82 billion. Both coins lost their positions as Cardano attracted fresh investor interest, defying the broader downturn in digital assets. https://twitter.com/Cardanians_io/status/1957711194787029342 Global Crypto Market Hits New Records Cardano’s move comes against the backdrop of a historic run for the crypto sector. On August 14, the global market capitalization reached $4.17 trillion, while Bitcoin surged to a record $124,457. The excitement was short-lived, as both quickly made corrections. As of press time, the market stands at $3.89 trillion, with Bitcoin at $115,366, down 7.4% from its peak but showing slight daily gains. Cardano (ADA) Stands Out Amid Correction Even as the wider market cooled from its highs, Cardano briefly reclaimed the $1 level on August 14 amid renewed buying pressure. The development triggered enthusiastic responses from the Cardano community. Founder Charles Hoskinson celebrated the achievement on social media, sharing a humorous GIF to highlight his relief. Hoskinson has often faced criticism when ADA’s price lagged behind peers, but he welcomed the recent rally as proof of the network’s resilience. Analysts Eye Higher Targets Several market analysts expect ADA’s rally to extend further. Javon Marks emphasized that the coin has not yet reached its “minimum target” and could move higher.  According to his analysis, ADA is likely to reach $1.20 in the near term, while the longer-term outlook could take it to $2.91, a 215% jump from current levels. Other well-followed voices, including Crypto Deezy and Dan Gambardello, also share bullish targets. They highlight the presence of a golden cross on ADA’s daily chart, a technical indicator that often precedes significant rallies. Both analysts suggest the coin could approach the $3 mark, aligning with previous bullish patterns observed in 2023. Renewed Confidence in Cardano This wave of optimism marks a shift in sentiment. Cardano has long faced skepticism over its gradual development pace and weaker price action compared to rivals. Its latest performance, however, shows that it can capture market attention when conditions align. By overtaking Dogecoin and TRON, ADA not only climbed the rankings but also restored confidence among its supporters.