Will Cardano (ADA) Remain Among the Top 10 Cryptocurrencies by 2025?
In a recent report, Yuri Molchan highlights a significant shift in sentiment towards the cryptocurrency project, Hyperliquid (HYPE). As of the date of publication, Hyperliquid's market capitalisation stands at an impressive $16.88 billion, marking a staggering 256% increase this year. This growth has brought Hyperliquid close to Cardano (ADA), which currently holds a market cap of $30.44 billion.
Hyperliquid's impending release of the USDH stablecoin, in partnership with Paxos, the same company that issued $25 billion BUSD for Binance, could further bolster its position. If successful, this stablecoin could potentially return $200-220 million annually to Hyperliquid's ecosystem.
Meanwhile, Cardano's community gatherings and discussions have yet to result in material shipments, raising questions about the long-term strategy's sustainability. The concern is that Cardano's strategy may turn short if nothing materializes.
According to DefiLlama, Cardano is moving, but the scale mismatch makes it look more like a "dino coin" holding its spot by muscle memory rather than an ecosystem competing at the front. This observation is further supported by the daily DEX turnover, which stands at $361 million for Hyperliquid compared to just $2.89 million for Cardano.
Moreover, a total of 50,000,000 ADA has been dumped in the past 48 hours, adding to the concerns surrounding Cardano's performance. In contrast, Hyperliquid is currently processing $5.5 billion in stable liquidity, which is currently enriching Circle.
The trend on the year-to-date price chart shows that liquidity and adoption are flowing in opposite directions for HYPE and ADA. As of the date of publication, the year-to-date price chart shows that HYPE has shot up by 254.9%, while ADA has dropped by 29.7%.
It remains to be seen whether Cardano can finally overtake Tron in terms of market capitalization due to Hyperliquid's performance. However, the current state of affairs suggests that Hyperliquid is poised to challenge Cardano's position in the cryptocurrency market.
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