Cardano (ADA) Goes Higher Despite Moving 88% Up Against Ethereum (ETH)

New Heights Unprecedented 

Cardano has been blazing better in the crypto market ahead of Ethereum, the second top asset after Bitcoin. Cardano has done 88% above Ethereum after the latter’s latest drop. Ethereum has the second-largest market capitalization.

The new development was first publicized by CryptoCapitalVenture founder, Dan Gambardello. Gambardello said via his social media page that Cardano was putting in more against the second leading cryptocurrency.  Cardano seems to still be outperforming Ethereum, he said further.

The recent outperformance of Cardano is highly significant while it stands as a rival to Ethereum. Cardano is Ethereum’s rival trying to run decentralized applications and smart contracts. DeFiLlama says Ethereum presently controls 64% of TVL in decentralized finance which is worth $51.7 billion.

With regards to decentralized finance, Cardano is a lot behind Ethereum as it is worth just $111 million in TVL. The first Cardano DeFi app was launched in January. It was fast to amass more than $1 million in TVL.

But the network has seen consistent growth. According to reports, more than five million native tokens have been minted on the Cardano blockchain thus far. It has doubled the figures it was doing towards the end of 2021. More than 1000 projects are currently been built on the network.

Increased Price Despite Market Downturn

It should be noted that Cardano’s price has also been on the rise before the Vasil hard fork occurs. According to Cardano’s founder, Charles Hoskinson, the Vasil hard fork is expected to massively improve the performance of the Cardano network.

It has been widely predicted in the crypto community that ADA price might soon shoot beyond $1. This is dated towards the end of June when the Vasil fork has been finally implemented. 

The coming Vasil hard fork is going to be a major upgrade. It will involve four CIPs. Already, the hard fork has pushed ADA over a number of other cryptocurrencies. More so when there is a global downturn in the crypto market escalated by the fall of the Terra (LUNA) system.

That development pushed ADA to become the sixth cryptocurrency by market capitalization. It has now surpassed XRP.

Grayscale, a Crypto asset management firm, has increased the allocation to its ADA. It, thus, opens up investors to smart contract blockchains except for Ethereum.