Top Trader Says That Cardano Is Looking Better Than Ethereum
The market analyst crypto channel The Modern Investor updates on Cardano (ADA) recent price actions and says that ADA is leading the market bull run.
According to the trader, Cardano (ADA) has just become the world’s third-largest cryptocurrency by market cap after its price soared to a 12-week high.
Created by Charles Hoskinson, one of Ethereum’s original co-founders, Cardano is ablockchain platform that will let developers build decentralized apps once its smart-contract functionality launches.
Currently, Cardano is preparing for the Alonzo hard fork, which will deploy the smart contract functionality on the mainnet.
“Smart-contract functionality would allow Cardano to incorporate more applications including so-called decentralized finance (DeFi) platforms that allow for automated cryptocurrency lending and trading. The improvement could put the network in a better position to challenge Ethereum, currently the leader among blockchains with smart-contract functionality,” the trader says.
Besides that, the crypto KOL points out that Cardano newwork saw some positive developments in recent weeks as it was included in the investment firm Grayscale’s Digital Large Cap Fund, with the asset making up 4.26% of the fund.
“Any growth in the price of cryptocurrencies is either directly caused by positive news driving up sentiments among buyers or growth in tandem with the overall market trend. Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin.”
At the press time, the price of ADA is up by 10.2% over the past day, hitting a 12-week high of $2.2 today. This is, however, still some 10% away from the altcoin’s all-time high of $2.45 recorded on May 16.