The community named it to be a much better version of ETH.
ADA is slowly building its momentum to be the best digital cash available summing up the scalability, high security, low transaction fees, interoperability and especially considering the backlash of ETH with current gas fees.
Also the creator strongly believes that cryptocurrency absolutely have to communicate one with another and most likely this will happen in the next 3-5 years and there are rumors of Cardano/Litecoin connection bridge.
Can we see a market cap bigger than Ehereums? At the actual price rates this means it should be around $12 per ADA.
Will it happen?
I don't think Cardano replaces Ethereum because of the high gas fees
Ethereum is a smart contract platform that has ideas and technology with a good level of security.
As I have seen, Eip 1559 and Ethereum 2.0 are continuously being developed and if you think ethereum will be replaced by Cardano due to fees and coin prices then all the decisions are with community members and users, now you can see Ethereum in 2nd ranking with a big market cap