Cardano, Solana, and Terra surge in value, challenging Ethereum’s dominance in the DeFi landscape.
Ethereum killers hit a new all-time high, enjoy high daily trade volume and market capitalization
The Crypto community’s interest in Cardano hit a peek ahead of its smart contract functionality launch. The third-largest cryptocurrency by market capitalization, ADA’s price is up nearly 20% in the past day, and it is currently in the price discovery mode.
ADA has emerged as the biggest crypto to hit a new all-time high (ATH) after over $1 trillion was wiped off the broader cryptocurrency market in the last few weeks. ADA is accompanied by rivals SOL and LUNA in its race to power decentralized applications on its blockchain, directly competing with Ethereum.
The three altcoins have witnessed a renewed interest from crypto-enthusiasts since the number one crypto Bitcoin started trading sideways. The price of both SOL and LUNA is up over 40% in the past 48 hours, and all three “Ethereum killers” have hit new ATH.
Despite the rampant security issues in the DeFi ecosystem, stock markets traders are optimistic about the three projects. This is evident from the increase in daily trade volume across exchanges.
ADA is priced the least among the three and enjoys the largest market capitalization. The recent slew of announcements from Input Output Hong Kong (IOHK), the blockchain company behind Cardano, and CEO Charles Hoskinson has led to higher anticipation of smart contract functionality in the trading community.
When compared to the July 2021 low of $1, Cardano’s historic rise to $2.50 has unseated Binance Coin as the third-largest cryptocurrency. ADA price has gained 150% in less than 50 days, turning traders bullish on its potential for a breakout.
Cardano, Solana, and Terra have witnessed a surge in social dominance alongside the price rally as the protocol wars continue.
SOURCES: FXSTREET
