Cardano (CCC:ADA-USD) is coming for Ethereum’s (CCC:ETH-USD) crown. The network is proving itself to be a worthy adversary of the most actively used blockchain network by developers. Now, with a powerful blockchain institution saying the battle is closer than previously thought, investors are seeking out Cardano price predictions. Does Cardano really stand to outmatch Ethereum?
Charles Hoskinson founded Cardano as a competitor to Ethereum in 2017. Hoskinson, one of the original founders of the Ethereum network, pursued his own network to compete with it upon his removal from the Ethereum network. The savvy Hoskinson is now fronting the second-largest decentralized, open-source blockchain network.
Cardano Closes the Gap Between Itself and Ethereum With Recent Upgrades
In recent months, Cardano has vastly closed the gap between itself and Ethereum in terms of usability. The Cardano network introduced smart contract capabilities in September through its Alonzo Purple upgrade. Now, users can automate contract execution, mint non-fungible tokens (NFTs) and the like; previously, Ethereum was the biggest go-to network for these tools.
With Cardano’s upgrade, users can now utilize these tools on a network with a proof-of-stake protocol, rather than Ethereum’s proof-of-work one. Proof-of-stake is lauded by crypto bulls as a far more efficient proofing algorithm not to mention a greener one. The networks now stand neck-and-neck in terms of the number of active developers on each chain.
In recent weeks, Cardano has beefed up its market capitalization significantly, as well as its prices. Just since the beginning of August, the network has added $27 billion in capitalization. Additionally, it added over 80 cents in value to its ADA token, blossoming to its current going rate of $2.19.
That $2.19 value might be pocket change compared to Ethereum’s $3,400-plus price. However, with Cardano’s demonstrated capabilities and its many forward-thinking partnerships with partners like Chainlink (CCC:LINK-USD) or Dish Network (NASDAQ:DISH), it seems that ADA is significantly undervalued compared to its peer. Crypto institution Grayscale seems to think so too, and their new note is sparking interest in Cardano price predictions.
Cardano Price Predictions Surge With Grayscale Note
Grayscale is one of the largest and most influential of crypto investment firms, and it is opinionated on the Cardano versus Ethereum matter. A note from the firm on Monday says that the institution sees Cardano as undervalued relative to its industry peer. The note cites a number of measures, from Cardano’s 1,600% gains from January through September to its sevenfold increase in active users, to justify its take. Still, though, the company’s investment in Cardano stands at just 5.1% of the $495 million portfolio, where Ethereum constitutes 26%.
This note is spurring bullishness among ADA bulls and curious crypto investors alike. Now, buyers are seeking out Cardano price predictions to see how high it might go in the near future. Let’s take a look at what some of the analysts are saying:
- WalletInvestor thinks Cardano will blow past its current all-time high over the next 12 months. The site’s one-year prediction prices ADA in at $4.55.
- CoinPriceForecast thinks ADA will hit a new all-time high before the year is up. The outlet is targeting a price of $3.63 for Cardano’s coin before the year is out.
- On the contrary, the Economy Forecast Agency is predicting losses for ADA before the year is over. The site is targeting a price of $1.77 by December. The site anticipates a $3.04 price for the coin by October of next year.
- Gov Capital’s one-year prediction for Cardano prices the coin at $3.17 by October of 2022.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.