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Cardano's rally: substantiating serious potential for the cryptocurrency
Cardano (ADA.X) is trading at $0.18, down 6.34% from yesterday. A surge in the ADA price to $0.20 occurred before a downward correction against the US Dollar. There is a significant bullish trend with a support point at $0.17.
Cardano's price is in a bullish zone against the US Dollar, Ethereum, and Bitcoin. What are the factors contributing to its rally?
Cardano finds a place among the top 10 cryptocurrencies. In the recent bull cycle, only Stellar(XLM) exceeded Cardano's gains (28% vs. 20%) among the top cryptos.
Recently, Coinbase's decision to potentially list Cardano on its exchange caused the cryptocurrency price to shoot up. Another reason for the price surge is the fact that altcoins increasingly draw the attention of regulators and institutions such as the Chartered Financial Analysts (CFA) Institute.
Additionally, Cardano's Shelly project is quite exciting. It aims to make the blockchain network fully decentralized. Ouroboros is Cardano's smart contract platform that is the main reason for its popularity. The platform can identify any kind of threats to blockchain and has an expert bug protection system to remove any serious vulnerabilities encountered by the network. This is possible because of the mathematical approach to writing the code, which is used in Cardano's Haskel language.
Investors value Cardano because of its focus on security, sustainability, scalability, and interoperability. The company has a strong following comprising academics, engineers, and scientists. It even has some practical applications such as solving Ethiopia's agricultural problems.
The ADA network is in its early stages and its features are not yet fully operational yet. This makes it difficult to fully understand Cardano's valuation (overvalued or undervalued? -- we don't comment on this). What we've noticed is that the price rise generally correlates with a launch of decentralized applications and services on its platform.
Cardano (ADA.X): will it break to new highs?
Cardano launched last year; so far it achieved a return of over 1,500%. The market cap of this cryptocurrency is around $9 Billion. It is in the top 10 cryptocurrencies by assets.
Cardano is currently trading around its 90-day high, so speculators are wondering whether its price will increase much further beyond the current level?
The developers of Cardano have specifically created it for enabling sustainable systems for cryptocurrencies.
There are some positive developments around Cardano (ADA.X). The Ethiopian government signed a memorandum of understanding with the parent of this cryptocurrency, hoping to see local developers apply blockchain technology to the country’s agritech industry.
The Ethiopian Ministry of Science and Technology aims to train local developers to use Cardano blockchain technology.
Cardano is one of the most advanced blockchain platforms--and it's a well-known open-source project. From its very beginning, this cryptocurrency challenged itself to become better than Ethereum in every single aspect--and so far it's seeing some success.
For example, new users can “bootstrap from the genesis block and do not need a checkpoint block or any prior knowledge of the number of users active in the system.” Such a thing was not possible in proof of stake distributed ledgers, and this makes the feature a genuine turning point in the technology.
Given the recent commercialization efforts, along with huge progress on the development site, we would not be surprised if ADA.X price continued to go up.
For the latest developments on Cardano, you can visit Finstead.com and type "ADA.X news" and "ADA.X price" to get the full scoop.