In 2021, the price of Cardano (ADA) finally broke out to look like a contender to overtake the price of Ethereum (ETH). However, this did not happen and now Ethereum has a much higher market capitalization and a higher price per coin compared to Cardano. In this article, we will discuss whether Cardano can equal the value of Ethereum, and what is required for this to happen.
Cardano and Ethereum may be competitors, but they also have a lot in common. Before Charles Hoskinson founded Cardano in 2015, he was a co-founder of Ethereum.
Cardano’s goal is to provide a scalable and secure blockchain for creating decentralized applications and smart contracts. The concept is similar to what Ethereum is working on. The advantage of Ethereum is that it is several years older, and thus a lot has been built on it. Also, the hype on altcoins during the bull market in 2017 mainly came from projects on Ethereum.
Why is Ethereum better than Cardano?
As of this writing, Ethereum has a price of $1,820 while its market cap is $219.2 billion. In contrast, Cardano has a price of around $0.37 and a market capitalization of $13.3 billion.
However, Ethereum also has a greater scope of development and use in the crypto community. The platform has a wide range of applications and smart contracts that are used by companies and developers, which increases the demand for cryptocurrencies.
Bet on Cardano and Ethereum
Users can bet on both lots. As of this writing, there is more to it than that 19 million ETH, worth about $35 billion, is held hostage on the Ethereum network. In contrast, there is 23 billion ADA stakes on Cardano, with a total value of about $8.7 billion. Up to 65% of all ADA’s are off.
Can Cardano reach the same price as Ethereum?
It is certainly possible that Cardano will one day be worth as much as Ethereum. The platform has already reached several important milestones and had a good first quarter.
For example, it launched Aiken, a new, simpler programming language, which is expected to attract more developers and companies to use the platform, which could increase the value of the coin.
But for now, Ethereum has a huge advantage in almost every area. Look at the stats for Non-Fungible Tokens (NFTs) – Ethereum is on top, Cardano has less than 1/100th of its volume.
How can Cardano become as valuable as Ethereum?
A few things have to happen for Cardano to be worth the value of Ethereum. First, the platform must attract more developers and users. This can be achieved by improving support for smart contracts and decentralized applications and by working with businesses.
Cardano should have its own face and be better than the different blockchains. The platform must continue to innovate and offer new functionality and capabilities.
Realistically, almost all of the data seems to speak in favor of Ethereum. However, there is one factor that we haven’t considered yet. The difference is how well Charles Hoskinson is compared to Vitalik Buterin, the founder of Ethereum, at using marketing to create buzz around the project.
If another bull market hits and Hoskinson can reach the masses with his fancy talks, anything is possible. Then, Cardano could outpace its eternal rival, Ethereum.
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