Cardano (ADA), the eighth largest cryptocurrency, has shown some signs of life in the last two weeks. Minor improvements in the network actually helped investors hope. After that, Cardano has exceeded $ 4 in market capitalization and needs to work harder to catch up with Ethereum.
According to CoinGecko data, ADA is currently trading at around $ 0.48, up about 5% in 7 days. Therefore, if you successfully move a token above the $ 4 threshold, your network definitely needs a lot of support.
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In recent years, Ethereum has been ranked second in Bitcoin value. Although Cardano has significantly increased in value since its inception, it is certainly one of the most important blockchain networks on the market, with Native Coin ADA ranked in the top 10 currencies.
Around Nomic According to statistics, ADA currently has a market capitalization of about $ 16.21 billion, while ETH has a market capitalization of about $ 147.93 billion. ADA accounts for only 10.93% of Ethereum’s market capitalization.
Now, in order to match Ethereum’s market valuation, Cardano needs to surge 9.25 times. In that case, the ADA trades at a price of $ 4 and represents a profit of 823.39%.
In addition, ETH has risen nearly 13% in the past week and is currently trading at $ 1,215.41.according to CoinGecKo According to statistical data, ETH’s daily trading volume is over $ 13,928,520,299, while ADA’s daily trading volume is almost $ 799,420,941. In addition, ADA is down 84% from its peak on September 2, 2021, at $ 3.09, almost 10 months ago.
Ethereum vs Cardano
Anyone interested in cryptocurrencies should be aware of the Cardano vs. Ethereum debate. Cardano (ADA) and Ethereum (ETH) are often compared because both networks provide equivalent services.
This is due to the features provided by both Cardano and Ethereum blockchain technologies. By comparison, Ethereum’s infrastructure is more constrained, resulting in higher operating costs, higher energy consumption, and slower transaction speeds.
ADA has positioned itself as an alternative blockchain and is basically trying to provide a solution to Ethereum’s problems. But unfortunately, that progress has been delayed.
However, the method used to build blocks and validate transactions is to distinguish them from each other. The main difference at this point is that Cardano’s Proof of Stake Ouroboros consensus algorithm has proven to be more adaptable. This method is more efficient than Ethereum’s Proof of Work blockchain.
Development of Cardano to compete with Ethereum
After the Alonzo upgrade, the Cardano network was compatible with smart contracts. The so-called Ethereum Killer aims to introduce the most anticipated Vasil hard fork.
Development and upgrades are the unique characteristics of technology that keep it up to date and susceptible to aging. Network changes called “hard forks” are also required for blockchain.
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Analysts expect Cardano to maintain its value in the future. In addition, they believe that reconstruction is beneficial to the project, given that future Vasil hard forks may offer opportunities for price increases.
Fortunately, nevertheless, this Vasil is a long-awaited upgrade from Cardano (ADA) aimed at improving network scalability and performance.NormallyWill complete the execution of the testnet and will be operational on the mainnet (public blockchain) within 30 days.
Featured image from Flickr, chart from Tradingview.com