- 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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.