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Cardano, Polkadot: Why these ‘Ethereum killers’ are ranked higher than ETH in this regard?

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Lately, the market has been bullish on tech developments as altcoins are racing to make their ecosystems more technically developed. A veteran financial rating agency came up with a list of ratings for cryptocurrency projects in terms of technology and Ethereum was given the sixth spot. 

According to the latest update from the website, the top five coins by technology were Cardano (ADA), Polkadot (DOT), Tezos (XTZ), Cosmos (ATOM) and Fantom (FTM). All five of them have been given “excellent” technology ratings. 

Even though on the company’s overall ratings, Ethereum led the market with an “A-” ranking, followed by Bitcoin (BTC) with a “B” rating, ETH lagged behind with a “good” rating at the sixth spot, in terms of technology. Ethereum was ranked alongside alts like Holo (HOT), Iota (IOTA), Grin (GRIN), Bitshares (BTS), Algorand (ALGO), and Nexus (NXS). 

In the last week, Ethereum was trending in the news following its most recent development. As per the same, the much-anticipated London upgrade will soon be making its way to Ethereum testnets. As for Cardano, the platform has been on the road to its next, much-anticipated – Alonzo upgrade– with the latter expected to finally help developers build smart contracts on Cardano.

Likewise, on June 8, Polkadot’s Gavin Wood had announced the schedule and some recommendations for the rollout of the Parachain Slot Auctions, by which projects will secure a lease to build on Polkadot’s Kusama network. 

Does the market care about these tech ratings? 

In all fairness, if one looks at the trading volumes and market cap, then it is pretty evident that the market doesn’t care much about these tech ratings. The presence of Fantom (FTM) in the top-rated coins by the platform sheds light on the same. The alt’s 24-hour volume was only $58.43 million while its market cap was around $800.10 million at press time. 

As compared to Ethereum, with a 24-hour trading volume of $14.75 billion and a market cap of $262.04 billion, the statistics for an alt like FTM present a bleak market eminence for the alt. Likewise, Polkadot (DOT), Tezos (XTZ), and Cosmos (ATOM) too have less trading volumes as compared to Ethereum and even Cardano. 

Even though the market was bullish on the idea of an environment-friendly, proof of stake-based cryptocurrencies lately, the inclination towards tech development seems comparatively less at the moment. 

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Varuni is a full-time journalist with AMBCrypto. She is interested in covering the socio-political aspects of U.S and South-Asian crypto markets. She is a post-graduate in mass communication with a specialization in Journalism and she has a keen eye for market trends.

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