Cardano Potentially A Competitor To Ethereum

Cardano is predicted to be a competitor to Ethereum (Coingape)

JAKARTA – In the midst of the decline of cryptocurrency trading exchanges. Cardano (ADA) can survive well and does not experience a sharp decline compared to other digital currencies.

According to Investor Place reports, Cardano was developed to be an alternative cryptocurrency that is energy efficient rather than Ethereum (ETH). It was founded by Charles Hoskinson in 2017. A total of 32 billion ADA tokens are on the market out of a total of 45 billion Cardano.

Ethereum currently leads the smart-contract world, but ETH energy consumption is the company's main focus. The higher energy costs will make users reluctant to use the Ethereum network. Cardano emerged as a powerful alternative option in addition to Ethereum.

In the last 12 months, Cardano has actually had a very high bullish performance. Its performance can rise to 2,500 percent. Cryptocurrencies as a whole experienced a significant increase driven by the devaluation of global fiat money.

Governments around the world continue to print more of their banknotes. This led to the devaluation of fiat currencies. As a result, Bitcoin cryptocurrency is the choice of institutional investors. In addition, altcoins also experienced a high increase.

Cardano's market capitalization increased after the cryptocurrency was listed on Coinbase. Some analysts call it the Coinbase effect. Because, with the presence of ADA on the crypto trading platform Coinbase, Cardano can reach more consumers.

Currently, most NFT purchases must use Ethereum as a smart-contract platform. On the other hand, Cardano has an advantage in smart contracts because ADA uses energy that is environmentally friendly or commonly referred to as "green coins". Cardano is also rumored to be launching its own smart-contract platform soon.