Cardano (ADA) has dropped down to fourth place in the cryptocurrency charts, with the stablecoin Tether (USDT) overtaking ADA’s market cap.
ADAs slide into fourth first happened on Tuesday as its market cap dropped to $67bn – below Tether’s market cap, which has remained around $68bn for the past week.
After its market cap fell to $65bn on Wednesday, ADA did briefly rebound to overtake Tether but has since slipped back into fourth place. At the time of writing, ADA’s market cap is $66.36bn compared to Tether’s $68.44bn (via CoinMarketCap).
September Crashes Hit ADA
Cardano first broke into the top three in mid-August, replacing Binance Smart Coin (BNB).
After reaching an All-Time High (ATH) of $3.10 on September 2, its price and market cap has since returned to a similar level as ADA was when it entered the top three.
September has been a busy month for Cardano. On September 12, the Alonzo hard fork went live, implementing smart contract support onto the network. Last weekend, IOHK hosted the Cardano Summit 2021, where it announced high-profile partnerships with Chainlink and Dish.
While these provided brief price spikes, the wider pressures on the cryptocurrency market also hit ADA.
The cryptocurrency market suffered from several crashes earlier this month, with the latest coming after China announced it would ban all cryptocurrency transactions. For ADA, which began the month at its ATH, this resulted in a price drop of 26.06%. Out of the top 10 cryptocurrencies, only DOGE (-27.46%) had a sharper decrease than ADA.
ADA’s price is currently $2.07, down 1.34% in the past 24 hours.