Cardano’s founder, Charles Hoskinson predicted in an interview with Bloomberg, that Ethereum will continue to grow over the next two years. He added that the network will peak in late 2022 or early 2023. His comments came on the occasion of the huge demand for the second-largest cryptocurrency, which, interestingly, he co-founded.
Developers continue to bring Cardano to market, and it has also seen major developments, the largest of which is in the form of an upgrade to Alonzo, which will enable smart contracts to be deployed in the coming weeks.
Analysts Expect Ethereum to Flip Bitcoin Soon
The network has only recently been heavily upgraded and can now become a deflationary asset by burning costs. Less than a week after this mechanism was introduced, more than $64 million worth of ether was burned. At this rate, it is estimated that the annual burn volume can reach billions. If it does, the asset may reach “supersonic” status and some analysts expect it to grow larger than Bitcoin and eventually flip Bitcoin.
Although Hoskinson praised the technical aspects of Ethereum, he indicated that its leader Vitalik Buterin will play an important role in its development. Hoskinson pointed out;
“He’s going to apply his youth and his wealth to things he thinks are right for his ecosystem. And there are a lot of people working with, like ConsenSys, etc., which are definitely big companies and they have a lot of people and money too. When you have that kind of momentum, something is going to happen.”
Ethereum Versus Cardano
In the past, developers criticized Ethereum for saying that Cardano was a superior network. However, despite separating from Vitalik Buterin many years ago, he can only praise the young developer.
In the interview, Hoskinson quickly highlighted the latest developments at Cardano. On the one hand, the project carried out major projects in Africa and even signed a cooperation agreement with the Ethiopian government.
Through the Ethiopia project and several neighbouring countries such as Tanzania, the network will attract millions of users. In the interview he added;
Our intention is to compete among others for the entire national ID system, which is approximately 110 million people.
At the time of going to press, Cardano and Ethereum are both in the green state. Ethereum is up more than 5% and the transaction price is just over $3,100. On the other hand, according to CoinMarketCap, Cardano’s increase is a little less than 6.2% and the transaction price is $1.55.