The eighth-largest cryptocurrency, Cardano (ADA), has shown some indications of life during the last two weeks. The network’s minor improvements were what actually encouraged investors’ hope. After that, Cardano must work even harder to surpass $4 and catch up to Ethereum in terms of market capitalization.
According to CoinGecko’s data, ADA is now trading at about $0.48 with a 7-day gain of almost 5%. So, without a doubt, the network requires a lot of support if it wants to move the token beyond the $4 threshold successfully.
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In recent years, Ethereum has ranked second to Bitcoin in value. Despite a significant increase in value since its inception, Cardano is certainly one of the most significant blockchain networks in the market, and its native coin ADA ranks in the top 10 currencies.
Per the Nomics statistics, the market cap of ADA is currently approximately $16.21 billion, while the market cap of ETH is roughly $147.93 billion. ADA accounts for just 10.93% of Ethereum’s market capitalization.
Well, to match the market valuation of Ethereum, Cardano will have to surge by 9.25x. ADA would then trade at a price of $4, representing a gain of 823.39%.
Furthermore, ETH has gained nearly 13% over the past week and is presently trading at $1,215.41. According to CoinGecKo statistical data, the daily trading volume for ETH is over $13,928,520,299, while the daily trading volume for ADA is almost $799,420,941. In addition, ADA is down 84% from its peak of $3.09 on September 2, 2021, or almost 10 months ago.
Ethereum Vs. Cardano
Anyone interested in cryptocurrency must be aware of the Cardano vs. Ethereum debate. Because both networks offer comparable services, Cardano (ADA) and Ethereum (ETH) are frequently compared.
This is due to the features that both Cardano and Ethereum’s blockchain technologies offer. As a comparison, the infrastructure of Ethereum is more constrained, which results in higher operating costs, higher energy consumption, and slow transaction speeds.
ADA, which positions itself as an alternative blockchain, essentially seeks to offer a solution to Ethereum’s issues. But unfortunately, its progress has been sluggish.
The method used to build blocks and validate transactions, though, is what distinguishes them from each other. The main…
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