For a couple of weeks, the crypto market has been moving pretty unpredictably, especially for Cardano. The impending corrections did arrive but they did not make much difference to the price action. And ADA specifically moved in the opposite direction of corrections. Over the week it rose significantly, but will its rise end up overshadowing other altcoins?
Cardano vs MATIC and Chainlink
Cardano’s last 7 days’ rally | Source: TradingView – AMBCrypto
In the last 7 days, ADA went up by 16.13% to trade at $2.83. However, MATIC lost about 10.9% of its gains and LINK followed suit by falling over 9%.
Not only has the price been negative for them, on-chain metrics too have been mostly bearish for these 2 altcoins. But this is as far as it goes for Cardano being above the two, because all three altcoins have different goals for their networks.
Cardano aims to become the future of digital currency by developing a network that includes every aspect of blockchain and financial technology. It completes with the likes of Ethereum and Bitcoin.
MATIC ‘s network Polygon, built on Ethereum, focuses on improving interoperability and scalability. Chainlink on the other hand is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.
Which of the three altcoins is better?
The 3 altcoins’ MVRV | Source: Coinmetrics – AMBCrypto
Comparing the coins’ values, LINK happens to have a higher value than Cardano and MATIC. Whereas MATIC promises a higher return on investment than ADA and Chainlink.
The 3 altcoins’ development activity | Source: Santiment – AMBCrypto
Moreover, both the altcoins encounter constant development activity, which is higher than that of Cardano. It it true that Cardano is heading towards the Alonzo upgrade which will bring smart contracts to the network. While on the other hand, MATIC has been in the headlines because of the tie-up between Cashaa and Polygon, allowing the transfer of CAS from BSC to Polygon. And with Arbitrum integrating with Chainlink’s oracle feed, LINK has been growing too.
Upon observing the above mentioned aspects, it does not look probable that Cardano will overshadow these altcoins, as they too will remain a good investment opportunity.
