At the peak of 2018’s bubble, the altcoin was trading above $1.00. That coincided with a market capitalization of over $30 billion. At the time, Cardano’s market cap was the size of a mid-large-cap company.
ADA is now the eleventh largest cryptocurrency and was even lower down on the list just months ago.
Yet an executive says that this weakness is unlikely to last, especially with the Shelly upgrade nearing.
ADA could be a top-five crypto asset by 2021: executive
Ryan Selkis, CEO of Messari, says that he thinks the top ten cryptocurrencies will get a facelift in 2021 as “real garbage” has once again populated the industry.
He expects the third-largest cryptocurrency to the tenth-largest, which means Tether’s USDT, XRP, and others, to all be replaced by other projects. All but Binance Coin, which he expects to remain a top altcoin.
Of note, he believes ADA will become the fifth-largest cryptocurrency. At current prices, the asset taking that seat would require its market capitalization to double to $4.5 billion.
Cardano will need to encroach on Ethereum
Cardano’s growth will be dependent on it beating out other blockchains, according to Charles Hoskinson.
Hoskinson went as far as to say that Cardano and other networks/technologies can begin to nip away at the incumbent.
This comment was made in reference to Cardano’s Shelly upgrade. The blockchain upgrade, which is its “Ethereum 2.0” moment so to say, will purportedly increase its usability exponentially.
Whether it can be pulled off and if ADA will see adoption remains to be seen though.
Cardano’s success is also put into question because the launch of Ethereum 2.0 is also nearing.
That upgrade is expected to be a big market catalyst for ETH, with one branding it the largest economic shift in crypto ever.
Not the only one expecting a crypto shake-up
Selkis is notably not the only executive expecting a shake-up in the top cryptocurrencies. Though, the Messari founder seems to be one of the only investors expecting Cardano to take a top seat.
The co-founder of crypto research firm Blockfyre and a fund/advisory called MoonRock Capital, Simon Dedic, recently commented:
— Simon Dedic (@scoinaldo) June 21, 2020
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