The London Hard Fork upgrade and specifically EIP 1559, was speculated to bring an immense change in the Ethereum ecosystem. It actually did to some extent, but the impact on the Ethereum price remained low-key. On the other hand, Cardano price appears to be in focus to hit new highs with notable upgrades lined up.
What Factors May Pull Back Ethereum?
Ethereum price that currently hovers around $3100 from the past fortnight, appears waiting for a substantial push in order to hit $3500. But ever since the EIP 1559 upgrade, the price is consolidating in between $3100 to $3400. While many other altcoins and Bitcoin prices themselves ranged high, ETH price remains away from the crowd.
The daily issuance of ETH remains more or less the same in the range of 12,000 to 13,000 ETH per day. However ever since the upgrade went live on average 5000 ETH is burnt each day, which has spiked to 8000 too. In this phase, the price remained passive without a notable surge. And hence raising many concerns on the upcoming price rally which could hit $10K by the end of 2021.
Cardano Price To Mirror Ethereum Price Rally
Cardano price, ever since the date for the launch of the Alonzo Hard Fork, rallied like a giant. Currently, an inch close to the $3 milestone, could probably mark its jump to $5 with the release of Smart Contract. And hence forecasting a huge tendency to go parabolic to hit the target.
If in case, the ADA price rally simply follows the ETH then the possibility of the asset securing the second position arises. Logically, it seems to be very distinct, but technically, it may be possible. As the circulating supply of ADA is much higher than that of ETH, a 10% or 20% jump in price could add up a $100 million to $200 million in market cap.
As Cardano is an inch close to become the third $100 billion dollar asset, marching close to ETH’s market cap could happen before the end of 2021. Or in case, a catalyst like institutional interest poured in Ethereum or huge buying, then it could eventually the price could hit ATH. Else, till then the ETH price could hover in a similar range.
Collectively, Cardano price is on the verge to undergo an extremely bullish trend as the market sentiments are extremely positive with the launch of smart contracts. And hence ADA price could outperform not only Ethereum but also Bitcoin.