One analyst and prominent industry executive claims that Cardano will become the fifth largest cryptocurrency in 2021, mostly because of the Shelley upgrade. And while most of us remember the cryptonews when Cardano (ADA) was a proud member of the top ten coins by market cap, times have changed.
At the peak of the 2018 bubble, the altcoin was trading above $1 – something which also coincided with a market cap of over $30 billion. At the time, Cardano and its market cap were the size of a mid-large-cap company.
With players such as Litecoin (LTC) and Binance Coin (BNB), things have changed and these cryptocurrencies stole the show last year. However, things are again chainging for ADA and Cardano will become one of the largest cryptos if its current trend sustains and strengthens in the near future.
As the eleventh coin on the list, ADA was even lower down months ago. The weakness is unlikely to last, according to the executive, especially with the Cardano Shelley upgrade nearing.
We are talking about Ryan Selkis, the CEO of Messari, who laid out his opinion and said that Cardano will become the fifth largest coin by 2021. He noted that “real garbage” has again populated the industry, which is why he expects that the third largest coin could be the tenth-largest one. The CEO is indicating that USDT and XRP could be replaced by other projects in the future.
In the Binance Coin news, Selkis noted that BNB deserves to remain a top altcoin. On ADA, he said that it will become the fifth largest coin. At current prices, the market cap of ADA would need to double and reach $4.5 billion for Cardano to become number five on the cryptocurrency lists.
In a recent interview, the founder of Cardano Charles Hoskinson went as far as to say that Cardano and other networks and technologies can begin to nip away at this incumbent. He also noted that ETH still does not have what it takes to become the leading blockchain.
Whether all of this can be pulled off with the Shelley upgrade remains to be seen. However, Cardano’s success this year is impressive and still needs to battle the news of the ETH 2.0 launch which is also nearing.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]