• Cardano's market cap has crossed $79 billion, nearly 20% of the second biggest crypto, ETH.
  • ADA rallied over 85% in August in response to the upcoming Alonzo hard fork and smart contract upgrade announcements. 
  • Cardano's competitors Solana (SOL) and Terra (LUNA) have surged by over 40% in the past two days.
  • The Ethereum killers are competing for a larger share of the decentralized application ecosystem. 

Cardano, Solana, and Terra surge in value, challenging Ethereum's dominance in the DeFi landscape. 

Ethereum killers hit a new all-time high, enjoy high daily trade volume and market capitalization

The Crypto community's interest in Cardano hit a peak ahead of its smart contract functionality launch. The third-largest cryptocurrency by market capitalization, ADA's price is up nearly 20% in the past day, and it is currently in the price discovery mode. 

ADA has emerged as the biggest crypto to hit a new all-time high (ATH) after over $1 trillion was wiped off the broader cryptocurrency market in the last few weeks. ADA is accompanied by rivals SOL and LUNA in its race to power decentralized applications on its blockchain, directly competing with Ethereum. 

The three altcoins have witnessed a renewed interest from crypto-enthusiasts since the number one crypto Bitcoin started trading sideways. The price of both SOL and LUNA is up over 40% in the past 48 hours, and all three "Ethereum killers" have hit new ATH. 

Despite the rampant security issues in the DeFi ecosystem, traders are optimistic about the three projects. This is evident from the increase in daily trade volume across exchanges. 

ADA is priced the least among the three and enjoys the largest market capitalization. The recent slew of announcements from Input Output Hong Kong (IOHK), the blockchain company behind Cardano, and CEO Charles Hoskinson has led to higher anticipation of smart contract functionality in the trading community. 

Recently IOHK shared a developer update with detailed progress of the Alonzo hard fork and the smart contract functionality tests on Twitter. 

When compared to the July 2021 low of $1, Cardano's historic rise to $2.50 has unseated Binance Coin as the third-largest cryptocurrency. ADA price has gained 150% in less than 50 days, turning traders bullish on its potential for a breakout. 

Simon Dedic, a managing partner of Moonrock Capital, a blockchain advisory and investment partnership, acknowledged the growth of the three "Ethereum killers."
 

Cardano, Solana, and Terra have witnessed a surge in social dominance alongside the price rally as the protocol wars continue. 

Analysts at FXStreet expect the Cardano rally to continue as it is primed for hitting new all-time highs. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. 

More Bitcoin News
ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million

Ondo price is nearing its key weekly resistance of $1.38 on Friday, and a firm close above this level hints at a rally ahead. Ondo launches its Ondo Chain, a new Layer 1 blockchain purpose-built for institutional-grade RWAs.

More Ondo News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines

Bitcoin (BTC) hovers around $97,400 on Friday after losing nearly 5% in the last three days. Ethereum (ETH) and Ripple (XRP) fail to recover and face rejection from their key levels, hinting at further corrections.

More Cryptocurrencies News
XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds

Ripple's XRP was in the limelight on Thursday following the Chicago Board Options Exchange (Cboe) 19b-4 filing to the SEC to list and begin trading XRP exchange-traded funds (ETFs) for asset managers Canary Capital, WisdomTree, 21Shares and Bitwise. 

More Ripple News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP