Cardano ($ADA) has been outperforming the second-largest cryptocurrency by market capitalization Ethereum ($ETH) over the last few weeks and is already up over 88% against it after making a recent low.
As first pointed out by Dan Gambardello, founder of CryptoCapitalVenture on social media, Cardano is “currently putting in a higher high” against the second-largest cryptocurrency, and is seemingly still outperforming it.
Cardano’s performance is significant as it rivals Ethereum as a blockchain network that runs smart contracts and decentralized applications (dApps), According to DeFiLlama, Ethereum currently commands 64% of the total value locked in decentralized finance, with $51.7 billion in it.
Cardano, when it comes to DeFi, is far behind ETH, with around $111 million in total value locked. Its first usable DeFi application, however, was launched back in January of this year. It quickly amassed over $1 million in total value locked.
The network has nevertheless been growing. As reported, over 5 million native assets have now been minted on top of the Cardano blockchain, doubling the figure seen at the end of last year. Over 1,000 projects are building on top of the network,
It’s worth noting Cardano’s price has been rising ahead of the Vasil hard fork, which according to Cardano’s founder Charles Hoskinson is expected to bring a “massive performance improvement.” The crypto community has recently predicted that the price of Cardano’s native $ADA token will surpass the $1 mark by the end of June, after the implementation of the fork.
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). The hard fork has already seen ADA outperform numerous other cryptocurrencies, even amid a wider cryptocurrency market downturn exacerbated by the collapse of the Terra ecosystem. That performance saw ADA become the sixth-largest cryptoasset by market capitalization this week, surpassing $XRP.
Crypto asset manager Grayscale has recently increased its ADA allocation on its fund offering investors exposure to smart contract blockchain networks while excluding Ethereum, GSCPxE, to 32.33%.