Analysts Say Cardano Rally Far From Over And May Flip Ethereum

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Last Updated on 24 August 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Cardano (ADA) rallied more than any of the top ten cryptocurrencies in the last week. The asset reached a new all-time high price and is now just shy of $3 as the Cardano price hangs at $2.90. Since July, the price has gone up well over 100%, making it one of the best performing assets in the last month. The rally though seems to have just started, according to Tai Zen.

He says that ADA is about to pull a 400% rally from the current price. The rally has so far taken ADA to become the third largest cryptocurrency after it outperformed Binance Coin (BNB). Tai Zen expects the price to grow to $10 sooner than the time it will take for it to go to $5.

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Cardano could flip Ethereum

The price of ADA has not only risen, but the market cap has grown enough to displace BNB which was the third largest cryptocurrency. So far, the market cap has grown 187% in the last 30 days as the price has grown too.

According to another analyst Lark Davis, the price ADA growing 400% will make the market cap approach that of Ethereum by the end of the decade. This will bring the price of ADA to $8 a piece and could place it on the path to displace Ethereum as the second largest cryptocurrency.

Davis wrote on Twitter:

So what is a realistic price target for Cardano long term, say end of the decade?

Well a 4X pump would put ADA at the same market cap as Ethereum now = $10 per ADA

10X pump would give ADA the same market cap as BTC now = $28 per ada.

Smart contracts and dApps pushing ADA growth

The growth of ADA has not come as a surprise to crypto analysts. This is because of the recent introduction of smart contracts and dApps on the platform. The new addition could be the reason why Cardano has been growing so fast as more users now go for smart contracts and dApps. The new update is expected to release in September 2021.

Lark Davis expects Cardano to overtake Ethereum with the number of people building and using smart contracts and dApps. This is likely to further facilitate the growth in the near future and may even lead to surpassing Ethereum as the second largest cryptocurrency as they predicted.