Cardano on the crest of the wave
In the past 7 days Cardano has almost doubled in price. Over the weekend the currency rose by about 50%, so that the digital asset gained more than 90% in 7 days and with that it rose in the cryptocurrency ranking. The rise in rankings left Ripple’s XRP behind. Cardano also overtook Polkadot and is now in fourth place. With Tether above it and investors still convinced that this is just the beginning of Cardano’s rise, would it be possible to overcome Ethereum?
ADA / USD chart by TradingView
Speaking of technological capability and a robust community, Charles Hoskinson believes that Cardano will outshine Ethereum 2.0. As the main smart contract platform, the CEO described why he thinks Cardano will be bigger than Ethereum. The IOHK CEO expressed these views in an interview with Bitboy Crypto.
One of the main advantages he believes Cardano has over Ethereum is simplicity. He stated that Cardano would have a simpler design than Ethereum 2.0. He also added that the technology being deployed with Ethereum 2.0 is still fragile and may not necessarily resolve its scalability and security issues.
“They put themselves in a situation where they are betting on ZK-Rollups, fragmentation technology and other things, and that is very fragile. Science is not very good. ”
In terms of price, the Crypto trader and analyst ElonTrades made the forecast that Cardano will overtake Ethereum in the next 1-3 years. Although prices in the crypto space generally follow for weeks or months, its long-term forecast is due to the fact that Ethereum has a market capitalization of $ 195 billion, while Cardano is at $ 21 billion. This gap is huge and will take a long time to close.
But, as the analyst and Hoskinson argue, Cardano is quickly becoming the preferred smart contract platform of 2021. If the trend continues for a year or two and the gains come as intense as over the weekend, Cardano will pass easily by Ethereum.
XRP still looking to recover
Among its peers, XRP is at the same performance level. Although Bitcoin, Ethereum and names like Cardano and Polkadot have set new highs, XRP has struggled to beat the 2020 lows. This was heavily influenced by the SEC’s recent decision to classify it as a security. But despite these flaws, a recent report from the company behind the token shows that it remains a favorite, registering a record number of customers.
XRP / USD chart by Tradingview
Ripple confirmed that, in the fourth quarter of 2020, it sold XRP worth $ 76.27 million. This is almost double what they sold in the third quarter of the same year.