The past few months have been a game-changer for the crypto industry. While BTC has been leading the charge, prominent cryptocurrencies have closely followed the coin.
The ongoing surge has fueled the rivalry between Avalanche and Cardano. As both platforms compete for dominance in the smart contract circle, many traders wonder whether Avalanche can overtake Cardano.
Avalanche’s Rise
Avalanche (AVAX) has been among the top-performing coins in the market for the past few months. In the past month alone, AVAX has gained 42.13% value. The coin is trading at 55.90 dollars, with a 9.64% surge in the past week.
With a market cap of 21,096,877,109 dollars, AVAX is ranked 10th among the top cryptocurrencies. Based on the latest Avalanche crypto price prediction, the coin can end the year at the 100-dollar mark.
As for its concurring growth, Avalanche relies on several factors to drive its growth. One key advantage AVAX has over the competition is its lightning-fast transaction speed. The feature translates to better UX and dApp development on the platform.
Such advantages make AVAX a viable option for both developers and investors.
Cardano’s Current State
Unlike Avalanche, Cardano has not made massive strides in the past few months. However, the coin still holds a significant position in the industry.
ADA has surged 6.17% in the past month and is trading at 0.6605 dollars currently. According to the latest ADA price prediction, the coin can hit 1.43 dollars before the year ends. Based on a market cap of 23,501,201,264 dollars, Cardano is ranked 9th among the top cryptocurrencies.
The primary reason behind ADA accumulating a higher market cap than AVAX is its ambitious roadmap. The Cardano development team is set to deploy its smart contract functionality with the testnet launch underway. The development will allow developers to build different types of dApps on the platform.
The Flip: Likely or Not?
Now the question arises: can Avalanche overthrow Cardano regarding market cap? The answer is not straightforward, as the outcome relies on several factors.
The biggest factor in the equation will be the overall market sentiment and condition. If the bull market continues, both coins can witness impressive growth. However, a market correction would hinder their momentum.
The future development on both platforms also carries massive weight in the situation. Avalanche is focusing on scalability and speed to entreat users. On the contrary, Cardano relies on a methodical development approach and security to attract developers and investors.
Ultimately, it will boil down to investor sentiment and what features they lean toward: Cardano’s reputation and loyal community or Avalanche’s market momentum.
Conclusion
Avalanche’s market performance throughout 2024 has been significant, steered by a prospering DeFi market and fast transaction speed. On the other hand, Cardano has been accumulating steady progress with its anticipated smart contract functionalities.
The compelling competition between the platforms is continuing with the crypto bull run. Whether Avalanche’s momentum can help AVAX overtake ADA’s steadily growing market cap remains to be seen.