- Cardano's market cap has crossed $79 billion, nearly 20% of the second biggest crypto, ETH.
- ADA rallied over 85% in August in response to the upcoming Alonzo hard fork and smart contract upgrade announcements.
- Cardano's competitors Solana (SOL) and Terra (LUNA) have surged by over 40% in the past two days.
- The Ethereum killers are competing for a larger share of the decentralized application ecosystem.
Cardano, Solana, and Terra surge in value, challenging Ethereum's dominance in the DeFi landscape.
Ethereum killers hit a new all-time high, enjoy high daily trade volume and market capitalization
The Crypto community's interest in Cardano hit a peak ahead of its smart contract functionality launch. The third-largest cryptocurrency by market capitalization, ADA's price is up nearly 20% in the past day, and it is currently in the price discovery mode.
ADA has emerged as the biggest crypto to hit a new all-time high (ATH) after over $1 trillion was wiped off the broader cryptocurrency market in the last few weeks. ADA is accompanied by rivals SOL and LUNA in its race to power decentralized applications on its blockchain, directly competing with Ethereum.
The three altcoins have witnessed a renewed interest from crypto-enthusiasts since the number one crypto Bitcoin started trading sideways. The price of both SOL and LUNA is up over 40% in the past 48 hours, and all three "Ethereum killers" have hit new ATH.
Despite the rampant security issues in the DeFi ecosystem, traders are optimistic about the three projects. This is evident from the increase in daily trade volume across exchanges.
ADA is priced the least among the three and enjoys the largest market capitalization. The recent slew of announcements from Input Output Hong Kong (IOHK), the blockchain company behind Cardano, and CEO Charles Hoskinson has led to higher anticipation of smart contract functionality in the trading community.
Recently IOHK shared a developer update with detailed progress of the Alonzo hard fork and the smart contract functionality tests on Twitter.
New #Cardano360 August edition is coming – next Thursday, 26th August at 16:30 UTC.
— Input Output (@InputOutputHK) August 18, 2021
Join us for the latest updates on #Alonzo #smartcontracts, partnerships & community news, and more!
Subscribe to our YouTube to be alerted on the day! https://t.co/KUnhUBZfDx pic.twitter.com/Mf41qhJIvM
When compared to the July 2021 low of $1, Cardano's historic rise to $2.50 has unseated Binance Coin as the third-largest cryptocurrency. ADA price has gained 150% in less than 50 days, turning traders bullish on its potential for a breakout.
Simon Dedic, a managing partner of Moonrock Capital, a blockchain advisory and investment partnership, acknowledged the growth of the three "Ethereum killers."
I will always have a fat batch of $ETH in my portfolio, I don’t care how many Ethereum killers might come around.
— Simon Dedic (@scoinaldo) August 19, 2021
However, diversifying is always a great idea, why putting all your eggs in one basket?$SOL, $ADA and $DOT seem like great opportunities here
Cardano, Solana, and Terra have witnessed a surge in social dominance alongside the price rally as the protocol wars continue.
Analysts at FXStreet expect the Cardano rally to continue as it is primed for hitting new all-time highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.