Cardano price could jump 25% as proponents consider Ethereum-killer the next Visa


  • 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%. 

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

More Cryptocurrencies News

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

More Shiba Inu News

Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium

Dogwifhat crashes 60%, but here's why you should not buy WIF yet

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

More Dogwifhat News

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP