Cardano has been soaring to new heights as they prepare for the greatest upgrade in their Blockchain’s history. On his daily broadcast, Ran addresses the historic event that has raised the question of whether Cardano can surpass Ethereum in market capitalization.
Ran had a quick talk about Bitcoin and why the pullback is a good thing. Bitcoin has increased by more than 60% since trading around $29,000 on July 21st, about a month ago. He claims that the pullback is unavoidable and necessary before the subsequent leg to the upside.
The long-awaited Cardano Alonzo hard fork mainnet debut is set for September 12th, 2021, and will bring smart contract functionality to the blockchain network. Cardano is more decentralized than Ethereum, costs less per transaction, is faster, and has a larger block size.
In anticipation of smart contract functionality, the Cardano native token price has increased threefold in the last month, putting its total market valuation to over $90 billion. If the price of Cardano rises by more than 4 times the current price, the network can flip Ethereum (in total market cap) if Ether price keeps the same.
Experts predict Cardano will displace Ethereum as the second-largest cryptocurrency, according to an FXstreet story, as ADA prepares for a 400% break out.
According to analysts, a fourfold increase in price and market capitalization would put Cardano on par with Ethereum. According to Ran, the article is deceptive because the experts cited assume Ethereum will not rise at all if the ADA price goes up.
Cardano is 900 times more efficient than Ethereum in terms of accumulated transaction fees, but Ran claims that Cardano will not overtake Ethereum any time soon because Ethereum has been around for a long time and has a larger network impact with thousands of good projects developed on it.
The Ethereum ecosystem is 100 times more vibrant than Cardano’s, despite the fact that Cardano is only just getting started. The Ethereum blockchain has $140 billion in total wealth locked in DeFi, and the entire NFT frenzy expansion is taking place on the network.
Alex Becker agrees with Ran and claims that Cardano has a lot of advantages, but that it has been a speculative asset thus far, and that the price will be determined by performance and how it is adopted when smart contract finally launches.
Alex claims that he would prefer to invest in Solana over Cardano because the Cardano smart contract has yet to be implemented, and no one knows how the ecosystem will respond. When Ran asked where he would invest between Cardano and Solana, he said Solana because it is already up and running with a lot of intriguing NFTs and gaming applications established on the network.
This episode premiered on August 24, 2021.