Cardano Shows Indications Of Life But Can It Surpass ETH’s Market Cap?

Cardano shows indications of life during the past bearish two weeks but is it able to surpass Ethereum’s market cap? Let’s read more today in our Cardano ADA news.

The eight biggest cryptocurrencies Cardano shows indications of life in the past two weeks and the minor improvements were encouraged with investors’ hope. After that, Cardano had to work hard to surpass $4 and catch up to ETH in terms of market cap. According to the data, ADA is trading at $0.48 with a 7-day gain of 5% and without a doubt, the network requires plenty of support if it wants to move the token above $4.

In the past years, Ethereum ranked second to BTC in value but despite the increase in value since its inception, Cardano is among the biggest blockchain networks on the market while ADA ranks in the top 10 currencies. The market cap of ADA is now set at $16.21 million while the market cap is set at $147 billion and ADA accounts for 10.93% of the ETH market cap. To match the market valuation of ETH, Cardano will have to surge by 9 times and ADA will then trade at a price of $4. furthermore, ETH gained about 13% in the past week and now trades at $1,215 so according to the statistical data, the daily trading volume of ETH is over $13,928,520,299 while the daily trading volume for ADA is about $799,420,941 and also, ADA is down 84% from its peak of $3.09 in 2021.

ADA is in a good position to become the alternative blockchain and seeks to offer solutions to Ethereum’s issues but its progress has been quite sluggish. The method used to build the blocks and validate the transactions is what distinguishes them. The main difference is Cardano’s proof of stake Ouroboros consensus algorithm and the method is more efficient that the Ethereum proof of work blockchain. Following the Alonzo upgrade, the Cardano network was compatible with Smart Contracts and the ETH killer is aiming to introduce the Vasil hard fork.

The inherent traits that keep it current and make it susceptible to aging are the developments and upgrades with the network changes termed hard fork are necessary for the blockchain. Analysts anticiapted that Cardano will keep its worth in the future and they believe rebuilding will be favorable for the project given the upcoming vasil hard fork which can present a chance for the price hike. The good news is that Vasil seeks to boost the network’s scalability and performance which completed its testnet run and now is scheduled to go live on the mainnet in 30 days.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]