Cardano to outperform Ethereum as ADA ranks among the most developed cryptocurrencies
- 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.
You know what's really funny, Charles? @Cardano still not having smart contracts
— Polymarket (@PolymarketHQ) July 15, 2021
We'll bet you $50,000 on Polymarket that you won't have live smart contracts for Cardano $ADA by Oct 1st
Time to put your money where your mouth is, Charles. Winnings go to charity of choice https://t.co/PPDN5oJCEb
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.
Yesterday @Cardano monumentally launched Smart Contracts & $ADA believers won >$1m on https://t.co/24cV56AYzg
— Polymarket (@PolymarketHQ) September 13, 2021
At Polymarket, we believe in giving credit where it's due & sticking to our word. We stand corrected & donated $50k on behalf of @IOHK_Charles & the Cardano Community. https://t.co/0MfIUh9zZm pic.twitter.com/TqMLlCzEDh
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.
Don’t really want to brag or anything but…
— Sidney Vollmer (@SidneyVollmer) September 14, 2021
some of the partnerships we’re announcing at the #CardanoSummit will blow people’s mind.
Really grateful for the chances we at @CardanoStiftung have to change the world for the better, and have fun together.
Tune in. pic.twitter.com/rkNDky49cw
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
