What Sets ADA, SOL, and ETH Apart?
For investors eyeing ETH, SOL, or ADA, it’s natural to wonder if these coins will be able to sustain that momentum after the ETF hype dies down. Luckily, these three coins have proven to have staying power.
- Ethereum has first mover advantage for being the first cryptocurrency project that enabled developers to create dApps powered by smart contracts. This initial breakthrough has made it the longstanding king of altcoins, despite scores of projects springing up over the years that do exactly what it does, even cheaper and faster.
- Solana is known for its high-performance blockchain that enables fast transaction speeds and low fees compared to other smart contract blockchains, including Ethereum. The Solana blockchain can support up to 50,000 transactions per second (TPS) at an average cost of $0.00025, while Ethereum can muster only 15 TPS with average transaction fees of $1. This efficiency has made Solana an attractive destination for devs in decentralised finance (DeFi), NFTs, and gaming spaces.
- Cardano is also a third-generation blockchain whose claim to fame is its founder, Charles Hoskinson, being one of the co-founders of Ethereum, and being the only peer-reviewed cryptocurrency project. Cardano is much like Solana and Ethereum in function but has been surpassed by the more recent Solana in throughput capabilities. Hoskinson has, however, sought to position Cardano as a platform where developers can build sophisticated dApps, as opposed to being a competitor in the speed stakes.
What’s the Investment Outlook for ADA, SOL, and ETH?
When considering ADA, SOL, and ETH for investment, their established market presence and community presence makes them relatively safe choices in terms of risk profile.
When it comes to profitability, Giberstein is uber-bullish for Solana. “To me, Solana is probably one of the top projects to watch going into this new bull market cycle.” He says Solana is the “rising star” of the last few weeks, having “weathered the storm” of the FTX collapse. FTX was closely linked to Solana, with the latter taking a beating after the exchange’s implosion.
Indeed, SOL’s performance this year has defied expectations. It seems to have put the cloud of its association with FTX well and truly behind it, and the community’s support and enthusiasm seem steady.
ADA and SOL are currently almost neck and neck in market rank, signalling their equal market clout. Both projects have a dedicated community.
Crypto influencer Jason Appleton believes that Cardano’s strong community, combined with Hoskinson’s continuous public updates explaining the technology, “adds a personal element to the grand structure that Cardano is,” which he says will continue to propel the project forward.
For its part, ETH has always been a strong contender as a crypto investment, with the Merge and upcoming protocol rollouts only poised to solidify its place in the crypto landscape.
Then there’s the fact that Ethereum is likely the second-best choice after Bitcoin for newcomers and risk-averse crypto enthusiasts. That’s to say that while Ethereum might seem a little old school, it’s still very much in play as a lucrative investment option.
Final Thoughts: The Second Coming?
While the ETF news has played a role in the current market resurgence, it’s evident that the market being finally able to breathe after a few setbacks is another factor.
ETH, ADA, and SOL are three of the most exciting coins to look out for. These coins have a strong product and an even stronger community that positions them for success way after the Bitcoin and Ethereum ETFs buzz fades out.
