Cardano to outperform Ethereum as ADA ranks among the most developed cryptocurrencies


Share:
  • Over 100 smart contracts went live on the Ethereum-killer blockchain network within 24 hours of Alonzo Hard Fork launch.
  • Popular cryptocurrency analysts expect the Cardano blockchain to follow in Ethereum's footsteps and a bullish outlook on ADA.
  • One of the biggest proof-of-stake blockchain networks, Cardano teases new partnerships in the pipeline.

Cardano has emerged as one of the projects with the largest Git commits over the past year. The blockchain network is gearing up to power more smart contract applications and emulate the success of Ethereum.

Faster development and exciting partnerships to push Cardano price higher

Alonzo Hard Fork's successful completion on September 12 marked the arrival of smart contracts on the Cardano blockchain. A feat that was considered unattainable by a vast majority of the crypto community. 

Polymarket, a global information market platform, lost $50,000 to Charles Hoskinson, founder of Cardano since the platform had bet against the arrival of smart contracts on the network until October 1, 2021. 

Cardano believers who bet in favor of smart contract launch showed conviction in Input Output Hong Kong (IOHK), the company behind the blockchain network and Hoskinson, won over $1 million with the arrival of smart contracts on the Ethereum-rival network.

When the smart contract functionality went live on the Cardano blockchain, over 100 projects were added in a single day. 

In a recent tweet, Sidney Vollmer, Cardano's Head of Brand and Communications, teased that the partnerships that the blockchain network has lined up in the Cardano Summit 2021 event will blow people's minds. 

Based on a research report compiled by Outlier Ventures, a Venture Capital firm based in London, Cardano is one of the most developed projects (from a sample of 50) in the cryptocurrency ecosystem over two years. 

The report correlates strong development activity and a higher number of commits with higher chances of success. Cardano has over 700 commits per month, up 24% from the previous year, against Ethereum's year-on-year growth of 10.5%. 

Benjamin Cowen, a leading cryptocurrency analyst and trader, states that Cardano is currently in the accumulation phase between $1 and $3. Cowen believes that a large percentage of Ethereum's market capitalization comes from NFTs, DeFi applications and dApps. 

Cowen argues, 

Cardano does not really have that effect yet. It does not have that same level of network effect now...I do think that Cardano will grow with time, and I do think that as more utility is actually built out on the platform, that this will have a positive impact on the price.

FXStreet analysts predict that if ADA price remains above the crucial level of $2.2, the altcoin is ready to breakout. 

 


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

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP