Cardano: Community Predicts “Ethereum Moment” Bull Run, Here’s How It Might Happen

Vacuum will ultimately be created for Cardano to thrive in next bull run

Cardano-focused Twitter account, cardano whale, predicts that Cardano may have an “Ethereum moment” in the next bull run. Explaining his meaning, ADA Whale recalls that while Cardano became the third largest cryptocurrency by market capitalization over the past year, Ethereum was in second place.

A likely scenario in my mind is that Cardano will have its Ethereum moment next bull run (what it tried to do last one as it pumped to 3rd, but alas too early), with DeFi, NFTs and community activity exploding. Will solidify my view that there are no VC prefab shortcuts in crypto

— ADA whale (@cardano_whale) October 22, 2022

Cardano Whale noted that the run-up then was quite early as Cardano did not have the “components” it has currently.

Cardano enthusiasts envisage a repeat of the same scenario with DeFi, NFT and community activity explosions. He noted that a vacuum would eventually be created for Cardano to flourish in the next bull run.

In the months leading up to the September 2021 Alonzo upgrade, ADA prices rallied more than 1,800%, outperforming Bitcoin and Ethereum in terms of gains. Subsequently, it rose to become the third-largest cryptocurrency in terms of market capitalization.

Exactly in August 2021, Cardano reached a market capitalization of $78 billion while it was trading above the $2.50 mark. Due to the current bear market, ADA has lost much of this value. ADA ranks as the eighth largest cryptocurrency with a market valuation of $11.9 billion, as it is well below its all-time high at its current price of $0.34.

Cardano’s potential to flip Ethereum someday is believed by some. As reported by U.Today, YouTuber Ben Armstrong (BitBoy) caused a stir on Twitter after predicting that Cardano would end up surpassing Ethereum in terms of market capitalization.

Cardano NFT volume sets new record

According to StockTwits NFT data, Cardano NFT has set a new record in 24-hour volume with 4.4 million ADA. Notably, NFT volume is up 328% from last weekend.

As previously covered by U.Today, the Cardano NFT project, the Ape Society, hit 10,000 ADA in its floor price, which refers to the cheapest NFT in the collection. Now Stocktwits NFTs reports that the floor price for Ape Society is up 67%, while that of Cabins is up 102%, as it recorded $515,513 in volume in the last 24 hours.