- Cardano price could jump up as proponents argue transaction stability and speed of the Ethereum-killer network has increased.
- Analysts are bullish on Cardano, predicting a 25% in the Ethereum-killer's price.
- Proponents believe Cardano could compete with Visa if speed increases by 250 TPS.
Cardano price struggles to recover from a 12% drop over the past week. Proponents believe that the altcoin could compete with Visa in terms of transaction stability and speed.
Cardano price prepares for breakout despite criticism
Cardano price has posted 12.5% losses over the past week. However, analysts argue that the Ethereum-killer would have to increase its transaction settlement from 250 TPS to compete with Visa.
The altcoin's proof-of-stake consensus mechanism is more energy-efficient than other blockchains like Bitcoin and Ethereum. Visa's theoretical capacity of 65,000 TPS is relatively higher than Ethereum and Cardano. However, the stability in transactions on the Cardano network makes it the "Visa of crypto" for investors.
The introduction of Hydra and off-chain ledgers on Cardano's blockchain could push the supported capacity of transactions to 1 million TPS. This would leave behind Visa's 65,000 TPS.
Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), the firm behind the development of Cardano, told users that despite the criticism received from the community, his work on Ethereum-killer is open transparent and verifiable.
Hoskinson argued,
Every single thing in the Cardano ecosystem is the product of people spending time to write stuff or code stuff, and each and every one of you can see those things and verify these things for yourself.
Analysts evaluated the Cardano price trend and predicted a 25% upswing in the altcoin. FXStreet analysts used time as a tool to identify the swing highs and lows in the Cardano price chart. Analysts argue that a 180-day cycle followed by a price rally is extended in the Cardano chart.
Cardano downtrend continued for 190 days and is primed for a major balancing act, pushing the Ethereum-killer up 25%.
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