Bitcoin and Cardano are clashing in the crypto market as the former has the largest market cap and the latter is backed by innovation.
Cardano founder Charles Hoskinson recently took a dig at Bitcoin for its lack of innovation. In response, Bitcoin proponents mocked Cardano’s shrinking market cap.
Amid this discussion, Cardano’s Chang hard fork is yet to uplift the valuation of ADA. Meanwhile, majority of Bitcoin holders are in profits at current market price.
Bitcoin and Cardano clash over market cap
Cardano founder Charles Hoskinson took a dig at Bitcoin and predicted its slow death in a recent video. He also criticized BTC for lacking innovation as Cardano executed the Chang hard fork on September 1. In response, Bitcoin analyst Tuur Demeester underlined that Cardano’s relative market position to Bitcoin has weakened. He explained that Cardano once held 10% of the BTC market cap but has gone down to 1% in around three years.
Classic projection. In just 3 years time, Cardano went from 10% of bitcoin’s market cap to a paltry 1%. pic.twitter.com/CkfQ0izHcd
— Tuur Demeester (@TuurDemeester) September 2, 2024
However, Hoskinson has held the view that Cardano “dwarfs Bitcoin.” The Cardano founder said in a post that Cardano “is one of the greatest technical achievements in human history,” underlining that it runs an uninterrupted smart chain in over 100 countries. Citing Cardano’s Voltaire era, Hoskinson calls its decentralized governance self-sustaining, calling the comparison with BTC “absurd.”
Meanwhile, Bitcoin has the largest market cap in the crypto market. As per CoinGecko data, Cardano stands in the 12th spot. Over the past month, both have lost at least 7% of their value, and their daily performance has been mute. However, analysts predict that a BTC bull run is incoming.
Bitcoin bull run could be on the horizon
Drawing parallels from the previous BTC cycle, analyst Mags on X suggests that Bitcoin consolidation often precedes an upward climb. The analyst predicts a Bitcoin Bull run 2.0 based on historical charts. Meanwhile, the TradingView charts show that Bitcoin has gained around 128% in one year against Cardano’s 34% rise in valuation.
At the time of writing, Bitcoin’s and Cardano’s exchange signals are mostly bullish, as per IntoTheBlock. The platform notes that in 7 days, Bitcoin’s net outflows stand at $1.01 billion, signaling accumulation. Meanwhile, 79% of all holders are in a profitable position against Cardano’s mere 16%.
Source: https://www.cryptopolitan.com/cardano-bitcoin-market-cap-war/