- ADA Cardano prepares to compete with Ethereum, replacing Tether as the third largest cryptocurrency by market capitalization.
- Cardano differentiates itself from Ethereum in that it uses an extended unspent transaction output model to predict transaction fees.
- Traders are optimistic about Cardano, as the blockchain network can execute hundreds of simple transactions and complex scripts running Alonzo Hard Fork.
Smart contracts should go live on Cardano's main network in the next few hours. Analysts have a bullish outlook on the altcoin, predicting a recovery to a new all-time high.
Cardano is the third largest cryptocurrency by market capitalization, should start to compete with Ether
Cardano has claimed its place as the third largest cryptocurrency by market capitalization, behind only Ethereum. ADA's market capitalization is less than three times away from ETH, and trader sentiment is getting increasingly bullish as smart contracts go live on Cardano's mainnet.
Based on data from Santiment, an intelligence encryption platform, Cardano has recovered 12,5% since the September 7 flash crash. Cardano traders are likely to be overrated near the release and crowd euphoria is considered high for the near-term altcoin price.
Altcoin follows a similar model to Bitcoin, using extended unspent transaction output (eUTXO). Using eUTXO Cardano provides greater security and predictability of transaction fees, thus approaching parallelization differently than Ethereum.
Cardano's Alonzo Upgrade inherited Bitcoin's UTXO model and uses multiple UTXOs for decentralized power applications and enforces parallelization. This results in greater scalability for smart contract applications launched on the Cardano network.
Cardano's development team expects dozens of projects that have deployed smart contracts on testnet to increase activity on the core network in the coming months.
Michaël van de Poppe, a cryptocurrency analyst and founder of Eight Global, has predicted that altcoin will likely hit $5. He expects a huge jump in the price of altcoin.
massive bounce on #Cardano.
Might be ready for $5. pic.twitter.com/czTMIIOjHW
- Michaël van de Poppe (@CryptoMichNL) September 11, 2021
