The eighth largest cryptocurrency, Cardano (ADA), has shown some signs of life over the past two weeks. Small improvements to the network have raised investor optimism. However, Cardano will have to work harder to break the $ 4 mark and catch up with Ethereum in terms of market cap.
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According to CoinGecko data, Cardano is currently trading at around $ 0.48 with a 7 day gain of almost 5%. So, of course, the network needs a lot of support if it wants to successfully push the signal above the $ 4 mark.
In recent years, Ethereum is second in value after Bitcoin. Despite a significant increase in value since its inception, Cardano is one of the most prominent blockchain networks on the market. Its ADA home base is in the top 10 currencies.
According to Nomics stats, the ADA market limit is currently around $ 16.21 billion. On the other hand, ETH market limit is around $ 147.93 billion. ADA only makes up 10.93% of the Ethereum market cap.
To match the Ethereum market valuation, Cardano would need a 9.25x increase. ADA would then trade at a price of $ 4, representing a gain of 823.39%.
In addition, ETH is up almost 13% in the past week and is currently trading at $ 1,215.41. According to CoinGecKo data, the daily trading volume for ETH is over $ 13,928,520,299. On the other hand, the daily trading volume for ADA is close to $ 799,420,941. In addition, ADA is down 84% from the peak of $ 3.09 on September 2, 2021, almost 10 months ago.
Ethereum vs Cardano
Anyone who has been interested in cryptocurrencies for a while is aware of the Cardano vs Ethereum debate. Because the two networks offer comparable services, Cardano (ADA) and Ethereum (ETH) are often compared.
This is due to the features that both Cardano and Ethereum blockchain technologies offer. In comparison, Ethereum’s infrastructure is more constrained. This results in higher operating costs, higher energy consumption and slower transaction speeds.
ADA, which is positioning itself as another blockchain, is basically trying to solve Ethereum’s problems. Unfortunately, progress is slow.
However, they are set by the method used to create blocks and validate transactions.
The main difference at present is that Cardano’s Ouroboros consensus algorithm, which is based on a proof-of-concept process, is more adaptable. The method is more efficient than the Ethereum proof-of-work blockchain.
How does Cardano stack up against Ethereum?
After the Alonzo upgrade, Cardano’s network was compatible with smart contracts. The so-called Ethereum killer aims to introduce the most anticipated Vasil hard fork.
The basic properties of the technology that currently maintains it and is at risk of aging are development and upgrading. Blockchain – so-called “hard forks” also require network changes.
Analysts assume that Cardano will continue to maintain its value in the future. In addition, they believe the reconstruction will be beneficial for the project as the upcoming Vasil hard fork could allow for a price increase.
Also, the good news is that Vasil has finished running testnet “successful” completed and scheduled to go live on the mainnet (public blockchain) within 30 days. Vasil from Cardano (ADA) is a highly anticipated upgrade designed to increase network scalability and performance.
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Text credit: Newsbtc
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