Cardano prepares for serious competition with Bitcoin and Ethereum

Market Trends

Natalia Solovieva | 09/13/2021

Cardano prepares for serious competition with Bitcoin and Ethereum

According to analysts, by the end of the year Cardano will be able to surpass its main rival Ethereum in this indicator.

Cryptocurrency Cardano (ADA) came in third in terms of market capitalization, behind only the recognized market leaders – Bitcoin and Ethereum. According to analysts, by the end of the year it will be able to surpass its main rival, Ethereum, in this indicator. Experts regard the growth of ADA capitalization as a part and driver of the general trend in the development of altcoins.

Cardano, an open source decentralized blockchain platform with proof of ownership, was founded in 2015 by Input Output Hong Kong (IOHK) and Charles Hoskinson, also known as the co-founder of Ethereum cryptocurrency and blockchain crypto platforms Ethereum Classic and BitShares. It got its name from the Italian mathematician, philosopher and physician Girolamo Cardano. ADA is Cardano’s internal cryptocurrency, named after Augusta Ada King Byron (Countess of Lovelace), an English woman mathematician who described the scheme of the world’s first computing machine.

In September 2017, the Cardano Project (ADA) was launched in Japan. By February 2018, the cryptocurrency took the 5th place in the world in terms of market capitalization (over $ 8 billion), which literally in a matter of weeks rose sharply from almost the initial $ 700 million, attracting close attention of the entire blockchain community. However, for the entire subsequent period of 2018, the value of Cardano fell, and by mid-December it reached its lowest point of $ 0.027 per token. However, already in March 2019, when Bitcoin, along with all altcoins, fell in value, Cardano (ADA) was the only coin that showed growth. By the end of 2020, Cardano demonstrated tremendous growth – more than 500% – ahead of all known world cryptocurrencies in terms of this indicator. Since then, the popularity of the ADA token, like its value, has grown exponentially. According to Value the Markets and Write Gate, in March 2021, after Coinbase started supporting Cardano (ADA) and after its appearance in the Bloomberg Terminal computer system, it grew by 16%, and over the past year has shown growth by a staggering 3,557%, which allowed it to take the 4th position in the ranking of cryptocurrencies with the largest market capitalization.

Only during August of the current 2021, the cryptocurrency has steadily added in value more than 18% per week. For example, according to data from the analyst website TradingView, cited by the media, by August 14, the price of ADA crypto coins reached an intraday high of $ 2.2430. Cardano (ADA) was able to demonstrate a new price break after the announcement of the date of planned changes in the source code of the blockchain (hard fork) Alonzo Purple. Support for smart contracts and the ability to create decentralized applications (dApps) will be added to the Cardano mainnet blockchain. The project will launch on September 12, according to Nigel Hemsley, head of shipping and products at IOHK.

In the wake of information about the planned changes, Cardano (ADA) was able to update price highs and increase its position in the ranking of cryptocurrencies with the largest market capitalization to 3rd place (with an indicator of $ 99 billion), displacing from this position the Binance Coin token (with a capitalization of $ 81 billion) and behind only Bitcoin ($ 942 billion) and Ethereum ($ 441 billion).

Cryptopolitan cites one of the crypto influencer Coin Bureau’s analytics, which describes Cardano’s outlook in the most optimistic terms. Despite the fact that the growth potential of this cryptocurrency is limited due to its large market capitalization, it has more opportunities for further growth than its direct rival, Ethereum. In spite of everything, it maintained a very noticeable bull run. The best days for Cardano are yet to come, analysts say. According to many forecasts, by the end of 2021, in terms of market capitalization, the Cardano cryptocurrency (ADA) will be able to overtake or come close to the indicators of Ethereum, which it considers its main rival.

As reported by BitcoinEthereumNews, hundreds of users are waiting for the opportunity to use Cardano’s DApps. Since the Cardano ecosystem is made up of its own unique community-funded projects, early investors will have new opportunities for up to 100x profit growth following the launch of smart contracts.

ETF Daily News financial expert Andy Hecht believes that the rise of Cardano (ADA) to third place by market capitalization can be considered a reflection of the general trend of development of altcoins. So, for example, at the end of August, the altcoin COTI, focused on processing payments on Coinbase, increased in price by 55%, from $ 0.29 to $ 0.45, and at the end of August held the 161st position in the rating of cryptocurrencies with a capitalization of $ 300. 88 million

Cryptocurrency

Magazine: IT-News Magazine, Magazine Subscription

Leave a Comment