Ethereum-killer Cardano is cheaper than world's largest altcoin, according to Grayscale


  • Cardano has over 2.8 million active users, up 7.3 times since the beginning of 2021. 
  • The valuation of Cardano per monthly active user, as per Grayscale, ADA is nearly 45% cheaper than its rival Ethereum. 
  • Analysts expect Cardano to exhibit greater volatility than Bitcoin and other risk-on assets during market cycles, attracting more traders to ADA. 

Next-generation internet platform Cardano poses tough competition to Ethereum with its smart contract functionality, attracting exciting DeFi projects and applications to its blockchain. 

Third largest cryptocurrency ADA is 45% cheaper than ETH based on user fundamentals

Grayscale, a leader in cryptocurrency asset management, recently published a report on Cardano. The asset management firm has evaluated the Web 3.0 crypto network.

The Cardano network is currently processing over 115,000 transactions per day, up over 13 times since the beginning of 2021. 

The early ecosystem projects on Cardano have attracted several applications to the blockchain. 

A feature of Cardano that differentiates it from top competitors like Ethereum is that the network allows users to send multiple asset types within the same transaction. This feature is expected to attract more decentralized applications projects to the network. 

The altcoin’s transaction count has increased despite the price rise.

ADA price v. transaction count.
ADA price v. transaction count.

The asset management firm valued the altcoin in terms of active users per month and revealed that Cardano is currently nearly 45% cheaper than Ethereum. 

Though the rollout of decentralized applications (dApps) on Cardano mainnet is still in its early stages, there is an ecosystem of projects testing their smart contract capabilities on the Ethereum-killer’s blockchain. 

Besides, Cardano’s monthly active wallet address count exceeds Ethereum, fueling the narrative that ADA is ready to take over the largest altcoin by market capitalization. 

Cardano & Ethereum monthly active addresses.

Cardano & Ethereum monthly active addresses. 

Grayscale analysts expect that ADA would display higher volatility than Bitcoin and most other altcoins in the long term. 

Proponents consider that the rise of use cases and projects on the Cardano network is likely to increase network usage and support value rotation into ADA. 

FXStreet analysts have evaluated the ADA price trend and expect the altcoin to rally past $2.64. Analysts expect a transition in ADA price trend on October 5. 

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP