Cardano (ADA), the eighth largest cryptocurrency. have shown indications of life over the past two weeks. The slight improvements to the network are what really support investors’ hopes. After that, Cardano will have to work harder to overtake $4 and catch up with Ethereum in terms of market capitalization.
According to CoinGecko, ADA is trading at around $0.48, up nearly 5% in 7 days, so there’s no doubt regarding it. The network needs a lot of support to successfully move the tokens above the $4 limit.
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Over the past few years, Ethereum has come in second only to Bitcoin in value. Despite its huge increase in value since its inception, Cardano is one of the most important blockchain networks on the market, and ADA’s original coin, ADA. Ranked in 10 Major Currencies
continue Nomics According to statistics, the current market cap of ADA is regarding $16.21 billion. While ETH’s market capitalization is around $147.93 billion, ADA represents only 10.93% of Ethereum’s market capitalization.
To match Ethereum’s market cap, Cardano would have to increase by 9.25 times, then the ADA would trade at $4, representing a profit of 823.39%.
Additionally, ETH is up nearly 13% over the past week. and is currently trading at $1,215.41 accordingly. CoinGecKo from statistical data Daily trading volume for ETH above $13,928,520,299. Meanwhile, daily trading volume for ADA is nearly $799,420,941. Additionally, ADA is down 84% from its high of $3.09 on September 2, 2021, nearly 10 months ago.
Ethereum vs. Cardano
Anyone interested in cryptocurrencies should be aware of the Cardano vs Ethereum debate. Since the two networks offer equivalents, Cardano (ADA) and Ethereum (ETH) are often compared.
This is due to the features that both Cardano and Ethereum blockchain technologies offer. Ethereum’s infrastructure is more limited. This results in higher operating costs. use higher power and slow transaction speed
ADA positioning itself as an alternative blockchain Tried to offer a solution to Ethereum, but unfortunately progress is slow.
Methods used to create blocks and verify transactions. It is what distinguishes them from each other. The main difference at this time is Ouroboros proof-of-stake consensus algorithm Proven to be more adaptable This method is more efficient than the proof-of-work blockchain of Ethereum.
Developing Cardano to compete with Ethereum
After the Alonzo upgrade, the Cardano network became compatible with smart contracts. The so-called Ethereum killer aims to introduce the most anticipated Vasil hard fork.
The inherent nature of technology that makes it current and sensitized to aging is its development and upgrading. A network change known as a “hard fork” is also necessary for blockchain.
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Analysts expect Cardano to retain its value in the future. Additionally, they believe the rebuilding will benefit the project. Due to the upcoming Vasil hard fork there is a chance the price will go up.
The good news, however, is that Vasil, a much anticipated upgrade from Cardano (ADA), has the potential to increase scalability and network performance.”successful” The testnet run has been completed and is scheduled to go live on mainnet (public blockchain) within 30 days.
Featured image from Flickr, chart from Tradingview.com
