There was a time when Cardanos ADA was one of the top ten cryptocurrencies.
At the height of the bubble in 2018, the altcoin was trading above $ 1.00. That coincided with a market cap of over $ 30 billion. At the time, Cardano had a market capitalization the size of a midsize company.
However, things have changed as the value has consolidated among proven players like XRP, Litecoin, and Binance Coin.
ADA is now the eleventh largest cryptocurrency and was even lower on the list a few months ago.
However, one executive says this weakness is unlikely to last, especially as the Shelley upgrade approaches.
ADA could be in the top 5 crypto assets by 2021: Executive
Ryan Selkis, CEO of Messari, believes the top ten cryptocurrencies will get a facelift in 2021 as “real junk” repopulated the industry.
He expects the third largest cryptocurrency to be the tenth largest, which means that Tether’s USDT, XRP, and others will be replaced with other projects. All but Binance Coin, which he expects to remain a top altcoin.
It is noteworthy that ADA will be the fifth largest cryptocurrency. At current prices, the market cap of the asset that occupies that place would double to $ 4.5 billion.
Cardano has to intervene in Ethereum
According to Charles Hoskinson, Cardano’s growth will depend on it beating other blockchains.
The Cardano founder told the executive in a recent interview in June that Ethereum has not yet reached a point where it will crucially become the leading blockchain for smart contracts.
In fact, Hoskinson went so far as to say that Cardano and other networks / technologies can begin to destroy the incumbent.
This comment was made regarding Cardano’s Shelley upgrade. The blockchain upgrade, which is his “Ethereum 2.0” moment, so to speak, is supposed to increase its usability exponentially.
However, whether it can be done and whether ADA will see an adoption remains to be seen.
Cardano’s success is also being questioned as the launch of Ethereum 2.0 approaches too.
This upgrade is expected to be a big market catalyst for ETH. A brand is the biggest economic shift in crypto that has ever happened.
Not the only one expecting a crypto switch
In particular, Selkis is not the only executive expecting a switch in the top cryptocurrencies. However, the Messari founder appears to be one of the few investors who expect Cardano to take a top spot.
The co-founder of crypto research firm Blockfyre and a fund / advisor called MoonRock Capital, Simon Dedic, recently commented:
“I will get serious hatred for it, but I stand by my opinion: XRP, BCH, BSV, LTC and EOS absolutely do NOT deserve to be among the TOP 10 cryptocurrencies.”
I will get serious hatred for it, but I stand by my opinion: $ XRP, $ BCH, $ BSV, $ LTC and $ EOS absolutely do NOT deserve to be among the TOP 10 cryptocurrencies.
Actually, I can’t wait for them to go away and clear the way for solid candidates like $ VET, $ LINK, $ XTZ or $ ATOM.
– Simon Dedic (@scoinaldo) June 21, 2020
His comment suggested that he has no hostility towards Cardano, but he said he expects Vechain, Chainlink, Tezos and Cosmos to intervene in the incumbents.
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