Cardano Enters Slight Dip After Post-Testnet Criticisms
Cardano (ADA) broke the $3 resistance for the first time ever last week, following its successful testnest launch, only to dip slightly days after, as critics poked holes at the Testnet structure. Despite criticisms, analysts are still confident of a bull run.
Considering ADA’s impressive performance over the past three months and the successful implementation of the Alonzo testnet, it was hardly surprising to see ADA benefit from a bullish trend which was already sweeping through the ranks of altcoins in the crypto market.
Trading at $2.91 at the early hours of Thursday, Cardano finally surged over the $3 mark to record an ATH of $3.10. Hours after this happened, however, a few dissenting voices on Twitter and Reddit began to express reservations concerning implementation of the Alonzo Hard Fork, including major Ethereum proponent, Anthony Sassano.
Concurrency Issue Claims
Critics like Sassano are pointing at a concurrency lapse in Cardano’s structure. On September 4, Anthony Sassano released a slew of screenshots in form of a Twitter thread that highlighted concurrency vulnerabilities on ADA-based decentralised exchange, Minswap. Sassano’s thread comes days before the Alonzo upgrade is finally implemented on the Mainnet.
What is a concurrency problem, and why is it enough of a concern?
A concurrency problem would usually prevent multiple users from interacting with a program or protocol simultaneously. In the case of ADA, the issue likely stems from the absence of a “Cardano Virtual Machine” — a global state like the Ethereum Virtual Machine — that allows smart contract operations to execute concurrently.
In one of the screenshots tweeted by Sassano, a particular trader received a transaction error during the process of swapping tokens, thus raising concerns of inefficiency.
In response to the criticism and Sasssano’s thread, Cardano founder Charles Hoskinson noted in a video that the concurrency criticisms were more fuelled by dishonesty rather than concern.
“_The problem our industry has is it basically says well if you don’t support my thing or I can’t see a way to make my thing work, what you have constructed is absolutely useless,_” Hoskinsom remarked. “Forever useless, and it’s just a toy. And then they use vanity metrics, not even understanding what they are saying.”
Bull Run on the Cards?
Despite criticisms, Cardano (ADA) is tipped for more bullish runs, along with Ethereum (ETH)
The ETH price had started climbing ahead of the rest of the altcoin market, which began when Bitcoin (BTC) was about $47,000. ETH currently trades at $3,948 as it prepares to break the $4000 resistance for the first time in four months. Along with Ethereum, there are Solana (SOL) and Cardano (ADA) and a number of altcoins sailing with the gentle bullish tide.
Analysts are increasingly convinced a fresh vigour appears to be coming to Bitcoin and altcoins. According to on-chain measurements, the crypto market in general might be set for a “super bull cycle”.
Following an impressive performance in 2021, ADA has risen to become the third-largest cryptocurrency by market value, after only Bitcoin and Ethereum. The price has gone up over 130% in the past 30 days and increased by over 2,300% during the last year.
In the past 30 days, Ethereum’s price (ETH) has likewise gone up by more than 48%, according to CoinMarketCap, while XRP has increased by 68% despite its legal battles.
2021 has been a great year for most cryptocurrencies in general, and there are increasing indications that this is not about to end soon.
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