Ethereum is currently the biggest smart contract platform in market cap and Total Value Locked (TVL). However, several other competitors are waiting for the slightest chance to overtake the second-largest cryptocurrency by market cap and take its place.
Some of these blockchains, over time, have been nicknamed “Ethereum killers,” with some of them, like Solana, Polkadot, and others possessing enough potential to flip Ethereum one day possibly.
The Ethereum and Cardano Blockchain Upgrades
One of the chains with the most potential has to be Cardano.
The two most anticipated events this year are the Ethereum merge and the Cardano Vasil Hard Fork. So far, there have not been any market uptrends of significance on the prices of either.
However, the entire crypto market is highly expectant of the price explosions that usually come after blockchain upgrades.
At the time of writing, the market cap of Ethereum sits at around $156 billion, while that of Cardano sits at $12.4 billion. This figure makes Cardano’s market cap more than ten times lower than Ethereum’s.
At the same time, after these two events have already taken place, more attention has been drawn to the crypto space.
Despite the current crypto winter trying to erode this new attention to the crypto market, the fact remains that Cardano has come a long way to now be regarded as one of Ethereum’s biggest competitors.
Cardano Versus Ethereum
After the Ethereum merge, Ethereum and Cardano are now POS (proof of stake) chains. In the current market cap rankings, Ethereum is behind bitcoin as the second largest chain by market cap.
Indeed, Cardano is still a long way off. However, the ADA has inched closer to Ethereum over the years and is now the 8th largest cryptocurrency by market cap.
However, over time, there have been bits of speculation and predictions stating that Cardano may one day catch up to Ethereum.
One such prediction came from controversial YouTuber and crypto analyst Ben Armstrong. Per his analysis, Armstrong expects Cardano to surpass Ethereum in market cap in the next six to ten years.
In better detail, Armstrong says that he “officially” believes Cardano will surpass Ethereum in terms of market cap and users one day.
Armstrong adds that the day this happens won’t be soon, but he believes that the slow implementation of the full version of Ethereum 2.0 will be its “Achilles heel.”
Like Armstrong’s comments, Charles Hoskinson, the founder of Cardano, has expressed views concerning ETH. Hoskinson calls ETH the “Hotel California” of cryptocurrencies, where you can check things in but can’t check them out.
Hoskinson adds that at the rate Ethereum is going, there will be less and less Ether trading in marketplaces. And when the values reach a critical level, a liquidity crisis comes in, where a lot of volatility hits the Ethereum market.
More Backing for Cardano
Cardano was once one of the most volatile assets in the crypto market and was traded heavily by retail and institutional investors for massive returns.
However, following the negative news from the US stock market and the less-than-favorable global economic factors, most of the cryptocurrencies in the market have suffered, including Cardano. So far, Cardano has been unable to reveal its true potential.
Asides from Armstrong and Hoskinson, another prominent crypto analyst, Michael Van De Poppe, has stated his thoughts on Cardano. According to Van De Poppe, Cardano may possess the potential to become a game changer among other cryptocurrencies.
With Ethereum facing an impending liquidity crisis and Cardano currently struggling in market cap, the future of these cryptocurrencies over the next decade remains to be seen.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)