In 2021 Cardano (ADA) price finally broke through and even looked like a contender to overtake Ethereum (ETH) price. However, this did not happen, and now Ethereum has a much higher market capitalization and a higher price per coin compared to Cardano. In this article, we will discuss whether Cardano can ever be worth as much as Ethereum, and what is needed for it to happen.
Cardano and Ethereum may be competitors, but they also have a lot in common. Before Charles Hoskinson founded Cardano in 2015, he was one of the founders of Ethereum.
Cardano’s goal is to provide a scalable and secure blockchain to create decentralized applications and smart contracts. The concept is similar to what Ethereum is working on. Ethereum’s advantage is that it is several years older, and hence so much more has been built on it. Also, the hype for altcoins during the bull market in 2017 came mainly from projects on Ethereum.
Why Is Ethereum Higher Than Cardano?
As of writing, Ethereum’s price is $1,820 while its market capitalization is $219.2 billion. In contrast, Cardano’s price is about $0.37, and it has a market capitalization of $13.3 billion.
However, Ethereum also has a greater range of development and use in the crypto community. The platform has a wide range of applications and smart contracts used by companies and developers, which increases the demand for cryptocurrency.
Staking on Cardano and Ethereum
Users can stake both coins. As of writing, there are over 19 million ETH, worth around $35 billion, staked on the Ethereum network. In contrast, there are 23 billion ADA staked on Cardano, with a total value of around $8.7 billion. As much as 65% of all ADA is staked.
Can Cardano Reach the Same Price as Ethereum?
It is certainly possible that Cardano may one day become worth as much as Ethereum. The platform has already reached several important milestones and has made a good first quarter.
For example, it launched Aiken, a new, simpler programming language, which is expected to attract more developers and companies to use the platform, which may increase the value of the coin.
But at the moment, Ethereum has a big advantage in almost every area. Look at statistics for non-fungible tokens (NFTs) – Ethereum is at the top, while Cardano has less than 1/100th of its volume.
How Can Cardano Become Worth as Much as Ethereum?
A few things must happen for Cardano to be worth as much as Ethereum. First, the platform must attract more developers and users. This can be achieved by improving support for smart contracts and decentralized applications and working with companies.
Cardano must have its own face and be better than different blockchains. The platform must continue to innovate and introduce new functions and possibilities.
Realistically speaking, almost all data appear to speak in favor of Ethereum. However, there is one factor that we have not yet considered. The difference between how well Charles Hoskinson is compared to Vitalik Buterin, the founder of Ethereum, in using marketing to create hype around the project.
If another bull market arrives and Hoskinson manages to reach the masses with his fancy talks, everything is possible. Then, Cardano can overtake its eternal rival, Ethereum.
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