Solana vs Cardano: Which crypto should you choose for investment in 2023?
Solana vs Cardano. Crypto trading has seen a huge rise in popularity among mainstream investors over the past few years. Altcoins such as Cardano and Solana are two of the most successful projects in the last few years. Their important role in secular trends such as Web 3.0, DeFi and NFTs, as well gaming, is what it all boils down to.
Both cryptocurrencies are cheaper and more efficient than Ethereum. Users can also lock their $SOL or $ADA tokens to earn passive income. Despite the crypto winter’s price drop, Solana & Cardano remain dominant in the market with their excellent attributes.
Solana vs Cardano – Which Crypto Will Offer More Gains?
Although both Ethereum Killers share many similarities, their approaches to technology set them apart. Solana’s developers place a lot of emphasis on transaction speed and lower cost, while Cardano’s developers put more effort into security and scalability. Let’s compare the cryptocurrencies to see which one will offer more benefits in 2023.
What is the difference between Solana and Cardano?
Both blockchains share many similarities, such as DApp and smart contract support. Additionally, their transaction processing speed has exceeded Ethereum’s capabilities. Lastly, both networks have low gas fees compared with Ethereum and offer exceptional scalability.
Let’s now talk about some differences
Market Capitalization: Cardano currently has a market cap of $13 billion. This is ninth among all cryptocurrencies. While Solana’s market capitalization of $8 billion is lower than Dogecoin, Cardano and Polygon, it still ranks 11th in all cryptocurrencies.
Technology: Cardano places security above all else. It was the first blockchain that implemented the Ouroboros protocol. This protocol offers proof-of stake functionality with additional security. Solana, on the other hand has its own method of validating transactions called “proof-of history” that speeds up transaction speed.
Transaction Fees: Although both Solana and Cardano have significantly lower transaction fees than Ethereum at present, the average transaction cost for the Cardano blockchain network is about 13 cents per transaction. Solana charges a transaction fee of just one-fortiethof a penny per transaction.
Planning and Decision-making. While both blockchains use a peer-review process to identify and solve complex problems in new technology, their execution and planning are completely different.
Read More: What Time is Cardano (ADA), Valentine (SECP), Upgrade Mainnet Release
Solana And Cardano Price Analysis
One ADA coin is currently worth $0.3853 at the time of writing. This makes it one the most affordable cryptocurrencies. Cardano’s value has risen by nearly 8% over the past 24 hours, and 7% over a month. Its daily trading volume has increased by 50%. It now stands at $511 738 484. According to CoinMarketCap, Cardano is 88% lower than the $3.10 record and the current circulating supply of the cryptocurrency market tracker CoinMarketCap is 34,634,384,577 ADA.
Source – CoinMarketCapSolana’s price at the press time is $21.59, with a market capitalization of $8.13 billion and a 24-hour trading volume up by 37%. It now stands at $833725,211. Solana is now more than 90% below its all-time high of $260. Current circulating supply is 376 439,883 SOL. Although it is obvious that SOL is higher than ADA, it’s still affordable for beginning investors.
Source: CoinMarketCapWhich crypto has a better growth potential in 2023?
Cardano blockchain is experiencing a series of upgrades, which could lead to better growth opportunities for ADA over the next few days. The growth of Solana has been hampered by numerous outrages that occurred last year.
Cardano and Solana both have great potential with decent growth rates after market sentiments turn a little. It is important to do thorough research and observe the movements of cryptocurrency markets closely before making any moves.
Cardano is an ever-evolving project whose governing bodies often miss deadlines. Solana, on the other hand, is a more technologically advanced product with impressive backers. Both cryptocurrencies can offer astronomically high returns and are great investments. It is almost impossible to predict where Cardano or Solana will end up in the future. Before making any investment, it is important to evaluate whether their time horizon, risk tolerance and liquidity requirements are compatible with their investor profile.
Also read: How Solana coin may resume its prior recovery; enter now!
Disclaimer: This article contains only the author’s opinion. It is not intended to be an invitation or offer to buy any digital assets. “Solana Vs Cardano”: Which Crypto Will Offer More Gains in 2023 is a simple educational and informational article.
About the author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.