Experts believe Cardano will displace Ethereum as the second largest crypto as ADA prepares for a 400 percent breakout
- Analysts say that a gain of four times the current price and market capitalization would match Cardano with Ethereum.
- Crypto Twitter is full of the possibility that Cardano will flip Ethereum to become the second largest cryptocurrency.
- A cryptocurrency analyst and entrepreneur, Tai Zen, states that the time it takes Cardano to go from $ 5 to $ 10 will be less than the time it takes to go to $ 5.
Before the Alonzo hard fork and the introduction of smart contract functionality on Cardano, the altcoin’s market capitalization rose to $ 92.4 billion. It has replaced BNB as the third largest cryptocurrency.
Cardano is expected to flip Ethereum with a 4x rally
Cardano’s market capitalization is up over 187% in nearly 30 days. Analysts expect the proof-of-stake blockchain network to outperform Ethereum’s market cap if ADA continues to consistently rebound. Independent analyst and YouTube content creator Lark Davis has set a realistic price target of 4x for ADA.
So what is a realistic long-term price target for Cardano, shall we say by the end of the decade?
Well, a 4X pump would now bring ADA to the same market cap as Ethereum = $ 10 per ADA
10X Pump would now give ADA the same market cap as BTC = $ 28 per ada
– Lark Davis (@TheCryptoLark) August 24, 2021
Davis states that a fourfold increase in Cardano’s market cap will match Ethereum and open up the possibility of “flipping”. A Cardano analyst behind the Twitter handle @TheADAApe shares how far ADA has come to turn ETH around.
Analysts expect new smart contract projects and decentralized applications (dApps) to be based on Cardano instead of Ethereum.
As soon as the smart contract functionality is live, it is expected that dApps that are currently working in the testnet will migrate to the mainnet in addition to new dApps in the ecosystem. In their latest development update, shared by the Input Output Hong Kong (IOHK) development team working on the Cardano blockchain, the testnet and mainnet launch is on track, and the smart contract functionality is expected to go live in mid-September walk.
Additionally, analyst and entrepreneur Tai Zen believes the time it takes Cardano to go from $ 5 to $ 10 will be less than the time it takes to go up to $ 5. USD 5 is considered to be a psychologically important level for the altcoin.
The time it takes @Cardano to go from $ 5 to $ 10 is much less than it takes to go from $ 0.05 to $ 5.
In addition, the time to go from $ 10 to $ 20 will be even shorter than from $ 5 to $ 10.
$ 5 is a “magic” #. Once $ ADA $ 5 cracks, people will magically get started on FOMO!
– Tai Zen (@HeyTaiZen) August 23, 2021
Quadrupling ADA’s market cap is likely to turn Ethereum around. Exceeding the market capitalization of ETH would make ADA the second largest cryptocurrency by market capitalization, behind only Bitcoin.
Unlike Ethereum, Cardano currently has no burning mechanism. Cardano founder Charles Hoskinson opposes a burn to create an artificial deflation and supply shock to drive up the price of the altcoin.
Based on the analysts’ views, Cardano has a stronger community compared to Ethereum. While ETH has a total value (TVL) of $ 114 billion from trading volume on non-fungible peer-to-peer token marketplaces and decentralized financial applications, Cardano has yet to host dApps on its blockchain.
Overall, Cardano Flipping Ethereum depends on the work of the Cardano developers and the community after the start of the smart contract functionality in the mainnet. The altcoin is preparing for a 400% breakout.
FXStreet analysts expect ADA to hit $ 3.50 as the altcoin shows strength on the daily price chart.