Logo
Cardano Ecosystem

Finbold

11/16/2023

·

201 views


The next Cardano? 3 cryptocurrencies set for massive growth in 2024

Cardano (ADA) was created in 2017 by mixing the Proof of Stake consensus algorithm with the UTXO model. This innovative approach led the way in the seek and experimentation for more scalable layer-1...

The next Cardano? 3 cryptocurrencies set for massive growth in 2024

Cardano (ADA) was created in 2017 by mixing the Proof of Stake consensus algorithm with the UTXO model. This innovative approach led the way in the seek and experimentation for more scalable layer-1 blockchains.

Now positioned among the top 10 cryptocurrencies by market capitalization, Cardano’s history is living evidence of experimentation, resilience, and growth. One of the main criticisms of the project lies in the complexity of protocol development due to its unique characteristics, which directly affects the ecosystem rise in total value locked (TVL).

In this aspect, the account dApps On Cardano reported another major pullback for ADA’s TVL. Demonstrating that old challenges are still haunting this layer-1 growth despite its success in user adoption of the native token ADA and its respective market capitalization increase.

Interestingly, the highly competitive cryptocurrency market continues to grow, with promising projects surging as viable alternatives for Cardano. Solana (SOL) was a successful example of a newer and innovative competitor that conquered its ground, surpassing both ADA’s market cap and TVL.

3 Cardano competitors to watch in 2024

However, Finbold looked into lower ranks of capitalization indexes, picking three other Cardano competitors that could present similar growth if they are able to find optimal circumstances and a future increased demand.

Near Protocol (NEAR)

Near Protocol (NEAR) is a promising contender with an active development ecosystem focused on creating a more developing-friendly stage.

Currently, NEAR is trading at $1.71 with $1.71 billion of market capitalization, in the 38th position on CoinMarketCap’s index. Its native token peaked at $20.44 on January 16, 2022, and Near’s total value locked has continuously outperformed other chains. 

NEAR historical price chart. Source: Finbold

Algorand (ALGO)

Another relevant competitor in the space is Algorand (ALGO), focused on delivering an energy-efficient blockchain, attracting users and developers more concerned about the environment. 

At the time of publication, ALGO is changing hands by $0.143 per token, with a $1.11 billion market cap, in the 52nd position on CoinMarketCap’s index. Algorand’s TVL is higher than Near’s, even with a lower price capitalization. Each has $63 million and $49 million of value locked in DeFi, respectively.

ALGO historical price chart. Source: Finbold

Fantom (FTM)

Notably, the lower cap among the 3 alternatives for Cardano is the one with the highest TVL. Fantom (FTM) is focused on delivering a high-scalable decentralized finance experience, registering $66 million of total value locked by press time.

Its native token, FTM, is trading at $0.33, with a market cap of less than a billion dollars in the 53th position on CoinMarketCap’s index.

FTM historical price chart. Source: Finbold

Conclusion

All things considered, the above cryptocurrencies are in a fundamental position to possibly follow Cardano’s steps in 2024. However, taking into account that this sector can often be unpredictable and involves significant risks, there are no guarantees of massive growth for any of them.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Finbold

ORIGINAL SOURCE

https://finbold.com/the-next-cardano-3-c...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Finbold

See more
How to make money online during market downturns with the following 5 best free crypto staking platforms-Earn 20% More on Your Staking Returns
Finbold
How to make money online during market downturns with the following 5 best free crypto staking platforms-Earn 20% More on Your Staking Returns

last Tuesday at 5:17 PM

·

19 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)