- At the moment, Cardano (ADA) is relatively undervalued in terms of utility.
- Cardano’s price has the potential to go 10x due to the long-awaited Vasil Hard Fork.
- Cardano is currently worth $0.4307 after a 5.67% drop in price over the last 24 hours.
At the moment, Cardano (ADA) is relatively undervalued in terms of utility. When looking at its biggest competitor Ethereum’s (ETH’s) market cap of around 128 billion, Cardano’s market cap of about 14 billion is dwarfed in comparison. This alone is a key indicator of how undervalued ADA is seeing that it offers more utility than Ethereum at the moment.
Cardano is more scalable than Ethereum given its faster transaction speeds, and as a result, transaction fees on the Cardano network are significantly lower than those of Ethereum.
Cardano’s price has the potential to go 10x due to the long-awaited Vasil Hard Fork if historic ADA fork events are anything to go by. In addition to this, a 10x target for Cardano is justified given ADA’s all-time high of $3.10 in September 2021.
Using Cardano as an example, a good approach to identifying coins with good upside potential is to look at the utility compared to their price, and the market cap of their biggest competitors.
Also, take note of the level of development activity for the project in a bear market such as the one we are currently in the middle of.
Cardano/TetherUS 1D (Source: CoinMarketCap)
According to CoinMarketCap, Cardano is currently worth $0.4307 after a 5.67% drop in price over the last 24 hours and after reaching a high of $0.4568 over the same period. ADA is also down 6.11% over the last seven days.
The Ethereum killer’s 24-hour trading volume is currently up 8.39% and now stands at $707,105,807. In terms of market cap, the crypto currently stands at $14,571,483,638.