The world’s second-largest Ethereum (ETH) has created major rage in the crypto market this year. At press time, Ethereum (ETH) is up 8% regaining its $3,200 levels and its market cap crossing $377 billion.
However, Ethereum founder Vitalik Buterin is ultra-bullish on the crypto’s future, especially after the recent London hardfork and the EIP-1559 implementation. During his ongoing live interview, Buterin said that he expects the ETH price to be 10x from the current levels. Meaning, the ETH price will touch a massive $30,000 level by the year-end.
It means that Ethereum (ETH) will be having a staggering $3 trillion valuation making it larger than all of the Big Tech companies in the world.
Ethereum vs Cardano – The Race to the Top
Earlier this week, Cardano’s ADA price surged all the way to becoming the third-largest cryptocurrency by market cap and is now just one position behind its arch-rival Ethereum.
The Ethereum-killer Cardano has been challenging ETH’s status quo for a while and aims to overtake Ethereum in the future, in terms of network utility and smart contract functionality.
Recently, the implementation of the Alonzo Purple testnet of Cardano blockchain opens the gates for smart contracts implementation on the blockchain. Cardano co-founder Charles Hoskinson predicts that ADA price can touch $150 by the year-end. At press time, Cardano’s ADA is already trading at its all-time high of $2.45 and a market cap of $77.6 billion.
On the other hand, the Ethereum 2.0 development activity is also on the rise. The recent London hardfork and the successful implementation of EIP-1559 open floodgates towards the mainnet implementation of Ethereum 2.0.
The number of ETH staked with Ethereum 2.0 has reached over 6.5 million. Meaning nearly $20 billion worth of ETH is currently there in the Ethereum 2.0 deposit contracts. All the on-chain metrics for Ethereum point out at a larger rally ahead. And not to forget, Etheruem (ETH) remains a preferred choice among institutions in comparison to Cardano (ADA).
Thus, it’s not going to be a cakewalk for Cardano to overtake Ethereum just like that! However, the game gets interesting henceforth!
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.