The prediction of Cardano (ADA) depends on the success of the smart contracts, reaching Ethereum is unlikely
Cardano (CRYPTO: ADA) is a cryptocurrency that quickly gained momentum after its launch on September 27, 2017. This makes Cardano one of the ten most valuable cryptocurrencies. Actually, it’s the third. The prospects of investing in Cardano have been assessed by our expert. We tried to make a prediction of the Cardano (ADA) rate.
The value performance of Cardano (ADA) is currently inferior to Bitcoin and Ethereum (ETH) and occupies third place in the list of top cryptocurrencies. Bitcoin has reached a capitalization of $ 927 billion while Ethereum has around $ 399 billion. Cardano’s market capitalization is only $ 70 billion. While this is far from defeating the king of cryptocurrencies (BTC), ADA’s steady and calm growth can pose a threat to Ethereum’s position, some experts believe.
Cardano (ADA) Rate Predictions: Pros and Cons of the Coin
There are some definite Cardano options. These will likely allow the cryptocurrency to bypass Ethereum and become the second after Bitcoin.
- Experts describe Cardano (ADA) as an environmentally friendly cryptocurrency. This is the third of the six greenest cryptocurrencies, and Ethereum and Bitcoin are not on that list at all. Together, Ethereum and Bitcoin consume 180 terawatt hours per year.
- Ethereum alone consumes 20 to 25 terawatt hours per year. Cardano only consumes 6 gigawatt hours per year. In other words, Ethereum uses a lot more energy than Cardano. It is very natural that people would want to use a cryptocurrency like Cardano that uses less energy. Either for environmental reasons or because of the high costs involved.
Despite its low power consumption, Cardano processes far more transactions than Bitcoin and Ethereum together. Bitcoin processes 5 transactions per second and Ethereum processes 15 transactions per second. The Cardano account has 257 transactions per second.
On the other hand:
- Although Cardano is currently the third largest cryptocurrency, there has actually been a slow decline in value and market capitalization over the past three weeks;
- Other cryptocurrencies like Tether and Binance Coin are very close today to catching up with Cardano and possibly taking its place;
- Ethereum will sooner or later switch to PoS and become as environmentally friendly as other modern cryptos.
Lovelace’s diagram from “note G”, the first published computer algorithm
Cardano’s decentralized blockchain platform with open source code and proof of ownership was founded in 2015 by Input Output Hong Kong (IOHK) and Charles Hoskinson, also known as co-founders of the cryptocurrency Ethereum and the blockchain crypto platforms Ethereum Classic and BitShares. It was named after the Italian mathematician, philosopher and doctor Gerolamo Cardano. ADA is an internal Cardano cryptocurrency named after Ada Lovelace (Augusta Ada King Byron, Countess of Lovelace), an English mathematician who (in popular belief and factually wrong!) Described the scheme of the world’s first calculating machine.
ADA’s early years, success, and decline
ADA (Cardano) rate at Bitfinex, log scale
The Cardano (ADA) project was started in Japan in September 2017. By February 2018, the cryptocurrency ranked 5th. For the entire subsequent period of 2018, however, Cardano’s costs fell, reaching the lowest level of USD 0.027 per token in mid-December. In March 2019, however, when Bitcoin fell in price along with all Altcoins, Cardano (ADA) was the only coin that showed some growth. According to the 2020 results, Cardano has shown tremendous growth – more than 500 percent – ahead of all known world cryptocurrencies through this indicator. Since then, the popularity of the ADA token, as well as its value, has grown exponentially. According to Value the Markets and Write Gate, it grew 16 percent in March 2021 after the Coinbase Cardano (ADA) cryptocurrency exchange listed and after it appeared on the Bloomberg Terminal computer system, seeing an increase of a staggering 3557 percent over the past year, which it is enabled him to take 4th place in the ranking of cryptocurrencies with the largest market capitalization.
Cardano (ADA) Smart Contracts: the great thing on the waiting list
In August of the current year 2021, the cryptocurrency continuously gained more than 18 percent in value per week. For example, according to TradingView, ADA’s price hit an intraday high of $ 2.2430 on August 14th. Cardano (ADA) was able to demonstrate ATH after announcing the date of planned changes in the source code of the blockchain ‘Alonzo Purple’. The blockchain of the Cardano main network will be expanded to include support for smart contracts and the ability to create decentralized applications (dApps). According to Nigel Hemsley, Head of Delivery and Products at IOHK, the project will start on September 12th. Smart contracts are still on the to-do list today. The longer they don’t become a reality, the longer crypto will be under pressure.
Cardano (ADA) Prediction: Will Cardano Overtake Ethereum?
If you look at the market capitalization and the price, it is unlikely that ADA will overtake and become the “killer” of ETH. The gap between ETH and ADA’s market capitalization is about $ 330 billion, which is a lot. Cardano’s market capitalization is closer to the 100th cryptocurrency than it is to Ethereum. However, experts pay attention that forecasts in the field of cryptocurrencies are not always accurate as this market is unpredictable. It is likely that Cardano will continue to make progress in the long run. With that in mind, the Cardano (ADA) forecast looks bleak in the medium term and quite bright when all the bells and whistles are ready to go. The problem is, who knows exactly which functions are being implemented in the competitor’s blockchain at the same time?