Ethereum has long been the DeFi sole ruler in the market. That could change soon, however. And not just because of the Alonzo hard fork from Cardano, where the network gets a smart contract function!
In a YouTube video, Altcoin Daily’s Aaron Arnold explains that four cryptocurrencies could be potential competitors for Ethereum.
“I believe in a world in which Ethereum is so valued and my investor thesis for Ethereum is paying off. I believe that people will speculate and look to these Ethereum interoperators and competitors. Not all, but the “blue chips” with good key figures or good properties. “
According to Arnold, Ethereum competitors include the smart contract platform Solana (SOL), Cardano (ADA), Elrond (EGLD) and Polkadot (DOT).
Solana, Cardano, Elrond and Polkadot
Polkadot has long been known as a possible Ethereum competitor. Arnold explains about Polkadot:
“All eyes are straight on Cardano. Hardly any eyes on polkadot. And that screams for me for possibilities. “
BeInCrypto has already reported on Cardano’s record-breaking development in the last few weeks. The Smart Contract function will go live in the Cardano ecosystem via the Plutus programming language within the next four weeks. The Alonzo upgrade could push the Cardano price, which is currently rising anyway, even higher. Arnold explains about Cardano as an Ethereum killer:
“Cardano looks great, especially this next month, especially when it comes to smart contracts. Cardano’s test network is finally going to be smart contract compatible and in about a month or two, definitely before the end of the year, they will be fully smart contract compatible. So I’m optimistic about Cardano. “
I prefer to hold more ADA than ETH for the next few weeks.
London Hard Fork – Ethereum is thriving
Even if Cardano founder Charles Hoskinson assumes that the ETH 2.0 upgrade will destroy Ethereum, the situation at Ethereum after the London upgrade looks positive. Not only did the Ethereum price rise to over 3,300 US dollars, the network is also diligently burning tokens – as planned. This is due to the optimized transaction fee structure.
However, the market sentiment with Ethereum does not look less bullish than with ADA, as the data from Santiment shows.
“# Ethereum whale addresses are not stopping their accumulation now that prices are above $ 3,100. As of 3 years ago, the addresses with 10,000+ $ ETH held 35.8%. Today they own 7.9% of the total supply of market capitalization No. 2. There are 1,338 such addresses. “
#Ethereum whale addresses aren’t stopping their accumulation as prices hover above $ 3,100. 3 years ago to the day, addresses with 10k + $ ETH owned 35.8%. Today, they own 7.9% of the # 2 market cap asset’s total supply. There are 1,338 of such addresses. https://t.co/wVVPHCDmI9 pic.twitter.com/SGTaXXYhjI
– Santiment (@santimentfeed) August 13, 2021
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