Cardano Draws Close Attention as Alonzo Upgrade Approaches; Is It an Ethereum Killer Indeed?

It seems that cryptocurrency users and investors are more interested in Cardano (ADA) than Bitcoin (BTC). Cardano is now a potential Ethereum killer compared to other altcoins.

Data from Google Trends shows that search frequency for the word Bitcoin has dropped to a 9-month low, which could be due to its low performance in the market. The greatest interest for Bitcoin has begun to wane. Currently, the average number of 7-day searches is about 25 out of 100 scales provided by Google Trend.

However, this does not mean that users are not interested in cryptocurrencies in general. Rather, it highlights that other coins are attracting more attention. For example, in mid-May 2021, searches for Cardano reached a high of 100 amid the general market crash during the time ADA changed hands at around $2.47. On August 24, ADA broke its ATH (of about $2.97) and flirted with a price of $3 cap. Google Trends recorded a very high return of searches for the word cardano and its chart has increased to touch a number of 60.

Alonzo upgrade brings excitement to the crypto market

The upcoming Cardano upgrade called Alonzo could be one of the reasons for the rising interest of crypto users in the altcoin. The Alonzo upgrade is expected to take place on September 12 and could bring effective smart contract functionality to the distributed ledger technology (blockchain), which will enable Cardano to present itself as a major and recognized player in the DeFi sector.

Cardano is loved by investors and traders for its relatively low price and excellent marketing and promotion, so it has a promising future. Even as Ethereum continues to dominate the growing $100 Bln DeFi space, the ADA’s ability to run smart contracts has led the token to gain more traction.

Is Cardano the Ethereum killer?

At press time, Cardano price stands at $2.64, with a market cap of $84,776,678,796 and volume of $9,298,405,986, representing a gain of about 13.39%.

It is worth noting that ADA price has gained about 30% in the last 7 days and cardano returns have also skyrocketed by about 150% in a 30-day period to become the third largest digital currency.

Cardano needs to more than double if it wants to overtake Ethereum. In other words, ADA’s market cap needs to gain around $10.5 Bln to overtake ETH.