Cardano’s ADA token has slipped out of the crypto top 10 by market capitalization, a symbolic shift as newer platforms attract attention and capital.
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While ADA struggles with price pressure and political controversy around crypto regulation, Hyperliquid’s HYPE token has surged sharply, underscoring how quickly market leadership can change in the current cycle.
The contrast accentuates diverging narratives, one centered on governance and ideology, the other on rapid product expansion and trader demand.
ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
Hyperliquid Rally Fueled by New Market Design
HYPE jumped more than 20% after the HyperCore team backed HIP-4, a proposal that introduces “outcome trading” to the protocol. The move pushes Hyperliquid beyond its core perpetual futures offering into event-based contracts, a category that includes prediction markets and bounded outcome instruments.
Following the announcement, HYPE reached its highest price since late November 2025, with trading volume climbing to around $1 billion. Open interest on the platform has also expanded, reflecting rising participation.
The proposal is currently live on testnet and is expected to launch with fully collateralized contracts that avoid leverage and liquidations, differentiating them from traditional derivatives.
The timing aligns with broader growth in prediction markets. Industry data shows monthly trading volume in the sector hit a record in January, driven by platforms such as Kalshi and Polymarket.
Cardano (ADA) Faces Price Pressure and Political Headwinds
While Hyperliquid gains momentum, Cardano has faced a different set of challenges. ADA dropped around 7% following public comments from founder Charles Hoskinson criticizing the proposed US “Clarity Act,” which aims to define regulatory oversight between the SEC and CFTC.
Hoskinson argued the bill favors banks and centralized custodians, warning it could undermine decentralized finance. These remarks reignited debate over Cardano’s positioning as a values-driven project at a time when parts of the industry are moving closer to traditional finance.
Although Cardano continues to emphasize research-led development, decentralized governance, and long-term infrastructure upgrades, market sentiment has been less forgiving in the short term.
Shifting Rankings Reflect Changing Priorities
ADA’s exit from the top 10 does not signal the end of the project, but it does reflect changing investor priorities. Tokens tied to fast-growing use cases and near-term trading activity are gaining ground, while slower-moving platforms face tougher scrutiny.
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Currently, Hyperliquid’s rise and Cardano’s slide illustrate a market increasingly driven by execution speed and product relevance rather than legacy status alone.
Cover image from ChatGPT, ADAUSD chart on Tradingview
