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What Cardano requires to maintain its upward trajectory
The year's most anticipated event is set to occur, as the Cardano Alonzo hard fork is nearing activation. The addition of smart contracts to the Cardano network is the first step towards a market revolution. If it performs as expected, it will send shockwaves through the cryptocurrency market due to its capabilities.
However, the concern here is how severely it could harm Ethereum's competitors and how investors would react.
Cardano, Ethereum, and the Future of Smart Contracts Cardano
With the Alonzo Hard fork scheduled for September 7, investors and developers alike are understandably thrilled. However, throughout the smart contract testnet's operation, customers saw several significant concurrency issues, which sowed doubt in their hearts.
Nonetheless, when comparing Cardano with Ethereum, it becomes evident why the former has a high chance of surpassing the latter.
Additionally, ADA's network is capable of processing more transactions per second (250 TPS at the moment) than Ethereum's (15 TPS). Additionally, it offers lower gas prices. This will aid Cardano's growth at a time when Ethereum's costs average around $4.2 per transaction.
Additionally, smart contracts are emerging at an ideal time, as NFTs have already dominated the industry. Daily volumes have been around $64 million. This could result in the migration of Ethereum-based NFTs to Cardano's faster and more affordable network.
What are the investors' perspectives?
Investors were scared by the September 7 drop, as Liquidations reached a four-month high and Open Interest plunged to a monthly low. However, they appear to have reverted to optimistic sentiment in expectation of Alonzo. Purchasing orders exceeded forecasts by 12 million ADA ($29 million), while sale orders exceeded predictions by 12 million ADA ($29 million). This is despite the fact that prices fell to levels comparable to those seen in May.
If prices do increase as a result of Alonzo's publication, the already profitable 82 percent addresses could see an increase in figures and profits. To accomplish this, Cardano needs maintain its current high correlation with Bitcoin (0.83). Simultaneously, ADA's volatility should be kept as low as feasible, below the current level of 109 percent.
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By Crypto PiratesThe year's most anticipated event is set to occur, as the Cardano Alonzo hard fork is nearing activation. The addition of smart contracts to the Cardano network is the first step towards a market revolution. If it performs as expected, it will send shockwaves through the cryptocurrency market due to its capabilities.
However, the concern here is how severely it could harm Ethereum's competitors and how investors would react.
Cardano, Ethereum, and the Future of Smart Contracts Cardano
With the Alonzo Hard fork scheduled for September 7, investors and developers alike are understandably thrilled. However, throughout the smart contract testnet's operation, customers saw several significant concurrency issues, which sowed doubt in their hearts.
Nonetheless, when comparing Cardano with Ethereum, it becomes evident why the former has a high chance of surpassing the latter.
Additionally, ADA's network is capable of processing more transactions per second (250 TPS at the moment) than Ethereum's (15 TPS). Additionally, it offers lower gas prices. This will aid Cardano's growth at a time when Ethereum's costs average around $4.2 per transaction.
Additionally, smart contracts are emerging at an ideal time, as NFTs have already dominated the industry. Daily volumes have been around $64 million. This could result in the migration of Ethereum-based NFTs to Cardano's faster and more affordable network.
What are the investors' perspectives?
Investors were scared by the September 7 drop, as Liquidations reached a four-month high and Open Interest plunged to a monthly low. However, they appear to have reverted to optimistic sentiment in expectation of Alonzo. Purchasing orders exceeded forecasts by 12 million ADA ($29 million), while sale orders exceeded predictions by 12 million ADA ($29 million). This is despite the fact that prices fell to levels comparable to those seen in May.
If prices do increase as a result of Alonzo's publication, the already profitable 82 percent addresses could see an increase in figures and profits. To accomplish this, Cardano needs maintain its current high correlation with Bitcoin (0.83). Simultaneously, ADA's volatility should be kept as low as feasible, below the current level of 109 percent.
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