Cardano (ADA) has officially fallen out of the top 10 cryptocurrencies by market capitalization, a position it had tenaciously defended until being overtaken by Hyperliquid's native token, HYPE. According to CoinMarketCap data, Cardano now sits in 11th place with a market valuation of $10.69 billion, while Hyperliquid claims the 10th spot with a valuation of $10.97 billion—a gap of just $280 million.
The shift was driven by a sharp rally in HYPE, which surged 16% in 24 hours and 32% over seven days following the announcement of Hyperliquid Improvement Proposal 4 (HIP-4). This proposal introduces outcome-based trading, including prediction markets and bounded outcome contracts, to the platform's existing perpetual futures offerings. The new feature, currently on testnet, is designed to be fully collateralized, avoiding leverage and liquidations.
Hyperliquid's growth has been substantial, with its permissionless markets—launched in October via HIP-3—recently hitting a record $1 billion in open interest and $4.8 billion in 24-hour volume. This product expansion contrasts with Cardano's recent struggles, where ADA's price dropped around 7% amid political controversy. Founder Charles Hoskinson's public criticism of the proposed U.S. "Clarity Act," which he argued favors traditional banks over decentralized finance, contributed to negative market sentiment.
The tussle for the 10th rank has been fierce in recent months, with Bitcoin Cash, Chainlink, and Monero also vying for the position. However, a significant $7 billion gap now exists between the 9th-ranked Dogecoin (DOGE) at $17.98 billion and Hyperliquid, indicating that any reclaim of the spot by Cardano would require overcoming HYPE first.
