The cryptocurrency news space is full of information about Cardano – a pet project of the Ethereum co-founder Charles Hoskinson. Many experts predict a promising future for the crypto, but will it be able to steal the limelight from BTC and ETH as the main industry players?
Read this article to find out more about Cardano and its advantages and disadvantages in comparison to its major rivals.
What is Cardano ADA coin, and why is it so popular?
Cardano is another blockchain platform that has recently spiked in popularity and caught up with Bitcoin and Ethereum. It is a decentralized, public, third-generation, and open-source digital currency. The crypto was introduced to the world in 2017. Its creator is Charles Hoskinson who is also a co-founder of Ethereum.
The interesting fact about Ada Cardano is that, initially, it was the research that was aimed at finding ways to enhance other cryptocurrencies. That is why it isn’t surprising that the crypto has a mathematical base and rests upon scientific approaches. No less than an unexpected fact about the cryptocurrency is that it is focused mainly on developing countries as it has the aim to bring reliable DeFi to these areas.
One of Cardano’s strong points is that it can be used for the creation of smart contracts. This makes it a much-desired network for many crypto enthusiasts. After the upgrade via the Alonzo hard fork, the Cardano crypto got the smart contract functionality, which attracted the attention of many cryptocurrency investors worldwide. Entering the arena of smart contracts made this digital currency even more popular as it got more power for expanding the DeFi apps network.
Although many people around the globe are interested in using the Cardano coin wallet and have their digital assets in this crypto, its ROI is still under question, which makes it not so much desired as Bitcoin or Ethereum. At the same time, it remains among the most successful digital currencies, and experts predict that it may outperform BTC and ETH in the nearest time.
What does the Cardano coin price indicate?
Speaking about the crypto world, the price of a digital coin utterly reflects its level of demand and competitiveness. According to the information about Cardano on CoinMarketCap, at the time of writing, the crypto has the price of $2.15 For the last three months, from August till September, ADA showed ups and downs. However, it had considerable spikes in value in August (by 150 percent in total). Moreover, the crypto has risen by 1 300% for the whole year, which indicates its exponential increase and undoubtedly makes it the fourth-largest digital currency after Bitcoin and Ethereum.
Of course, if to compare the prices of its two main competitors – crypto giants BTC and Ethereum – in the context of their value, ADA isn’t so “pricey”. Now Bitcoin is traded at the price of $67 000, and ETH is estimated at $3500. Will the Cardano stock reach the most expensive cryptocurrencies’ price? As the experts say, ADA has at least several growth drivers that give it all chances to show excellent performance in the upcoming months and years.
The first one, as has been mentioned above, is the latest update aimed at developing smart contracts in the network and, as a result, dApps. The cryptocurrency looks more promising now. In addition to this, even without Alonzo, Cardano’s users could make NFT transactions, which also made the cryptocurrency a strong rival in this vertical.
Another reason for Cardano’s success is its broad market rally. And the last one, but not the least, is the crypto’s “green approach”. It isn’t a secret that ADA is considered a “green” digital coin due to its sustainable approach. Many world-known entrepreneurs interested in crypto assets also assess the level of their sustainability. For example, Elon Musk who shows great interest in BTC is worried about its effects on the environment. Those who want to buy the Cardano coin can have a sigh of relief – ADA is on the list of fifteen the most sustainable cryptos in the world. It consumes less energy as it is based on the proof of stake protocols.
Cardano coin price prediction: what to expect from ADA?
According to the Cardano coin news, it has come to its all-time-high value in September, having the price of three dollars. It was a milestone for the cryptocurrency but after it, ADA started to fall. Unfortunately, now it doesn’t show a bullish tendency, vice versa, the cryptocurrency has a negative value prognosis. The bearish direction doesn’t inspire hope for investors, especially after the dramatic drop to $1.91 at the end of September.
Comparing the cryptocurrency to its major competitors – Bitcoin and Ethereuem – ADA isn’t in an advantageous position. While BTC and ETH have strong rallies, Cardano has lost its position as the third-largest crypto, occupying the fourth place. Except for two leading cryptos, Cardano has also been shifted over by Binance Coin.
As for the Cardano price prediction, the latest data on crypto indicators inform that it has almost an equal number of bullish and bearish signals. Although the situation with ADA remains tense and hard to predict, cryptocurrency analysts are sure that ADA has a chance to follow a bullish tendency at the end of the year and leave at least some of its competitors behind. However, as for Bitcoin, it is clear that the crypto will hardly reach its level. BTC jumped to the new highest value of sixty-six thousand dollars.
At the same time, the market capitalization of seventy billion dollars looks promising for the digital currency and its investors. The only problem is that currently, ADA doesn’t have a clear picture of what direction it chooses to follow. The cryptocurrency has almost equal chances to drop and to rise. Nevertheless, investors continue to buy Cardano on the most popular crypto exchanges, including Binance, Coinbase, eToro, etc.
The majority of crypto analysts say that the probability of Cardano’s success and growth is 50/50. But one thing is obvious – ADA has great potential, and it is undoubtedly the cryptocurrency to watch.
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