Cody McGrath 
Cardano (ADA) and Ripple (XRP) surpassed Coinbase’s total market cap following the QI report released by Coinbase
Table of contents
Cardano, XRP Surpass Coinbase’s Market Capitalization
Coinbase‘s shares plummeted after the company’s performance in Q1, 2022 was revealed, as it announced a $430 million net loss for the quarter.
With the company’s stock price falling more than 12% in the last few hours, the market capitalization of one of the world’s largest exchanges is now surpassed by projects like Cardano.
According to CoinMarketCap, Cardano‘s (ADA) entire market value is currently about $20.8 billion, while Coinbase’s capitalization is now around $19 billion, after reaching close to over $40 billion only a week ago.
Cardano is not the only cryptocurrency outperforming one of the world’s largest trading platforms, as XRP‘s $24 billion market value also surpasses Coinbase.
Reason For Coinbase Fall In Market Cap
According to the company’s investor letter, the first quarter of the new year carried over the trend of low cryptocurrency prices and high volatility that began in 2021.
Because of growing market dangers and worsening market conditions, more users had to quit the space in search of better times, affecting the company’s performance in Q1.
The period saw a reduction in trading volume from $547 billion to $309 billion due to the high volatility in the cryptocurrency market and the poor performance of most digital assets on the market.
Coinbase also stated that the current market conditions are just transitory, and the company is optimistic about the bitcoin market’s growth and the industry’s future development.
However, despite the company’s idealistic stance, Coinbase’s price does not appear to reflect the same investor mindset in both the medium and near term. COIN has lost 72 percent of its value in the last 90 days and now trades at $72, with an ATH of $370.