- Cardano price could jump up as proponents argue transaction stability and speed of the Ethereum-killer network has increased.
- Analysts are bullish on Cardano, predicting a 25% in the Ethereum-killer's price.
- Proponents believe Cardano could compete with Visa if speed increases by 250 TPS.
Cardano price struggles to recover from a 12% drop over the past week. Proponents believe that the altcoin could compete with Visa in terms of transaction stability and speed.
Cardano price prepares for breakout despite criticism
Cardano price has posted 12.5% losses over the past week. However, analysts argue that the Ethereum-killer would have to increase its transaction settlement from 250 TPS to compete with Visa.
The altcoin's proof-of-stake consensus mechanism is more energy-efficient than other blockchains like Bitcoin and Ethereum. Visa's theoretical capacity of 65,000 TPS is relatively higher than Ethereum and Cardano. However, the stability in transactions on the Cardano network makes it the "Visa of crypto" for investors.
The introduction of Hydra and off-chain ledgers on Cardano's blockchain could push the supported capacity of transactions to 1 million TPS. This would leave behind Visa's 65,000 TPS.
Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), the firm behind the development of Cardano, told users that despite the criticism received from the community, his work on Ethereum-killer is open transparent and verifiable.
Hoskinson argued,
Every single thing in the Cardano ecosystem is the product of people spending time to write stuff or code stuff, and each and every one of you can see those things and verify these things for yourself.
Analysts evaluated the Cardano price trend and predicted a 25% upswing in the altcoin. FXStreet analysts used time as a tool to identify the swing highs and lows in the Cardano price chart. Analysts argue that a 180-day cycle followed by a price rally is extended in the Cardano chart.
Cardano downtrend continued for 190 days and is primed for a major balancing act, pushing the Ethereum-killer up 25%.
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.