- 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.
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.
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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.