A rising number of investors agree, and the Zug, Switzerland-based startup is gaining traction. Charles Hoskinson, a co-founder of the popular Ethereum (CCC: ETH-USD) cryptocurrency, established it.
Cardano seeks to provide a public blockchain platform for so-called smart contracts, which implement the conditions of a contract or legally binding agreement without the need for human intervention. Cardano, which was launched in 2017, is still in its infancy. There is, however, a lot to enjoy about the digital coin and its shifting position in the rapidly rising cryptocurrency sector.
Cardano’s Crowded Market
Cardano is an alternative cryptocurrency to Bitcoin (CCC: BTC-USD). While major altcoins, such as Ethereum and Litecoin (CCC: LTC-USD), are gaining popularity and brand recognition among investors, there is a slew of lesser cryptocurrencies that no one has heard of. In fact, there are over 9,000 cryptocurrencies available now. These cryptocurrencies are being developed at a rapid pace. Mining-based cryptocurrencies, security tokens, and utility tokens are all examples of altcoins.
Strong Growth of Cardano
Cardano now has a value of $1.43 per coin. Although this may appear insignificant, the cryptocurrency has gained more than 715 percent year to date and 4,200 percent in the last 52 weeks. Cardano is solidly among the top-10 largest cryptocurrencies, with a market valuation reaching $40 billion, despite its exact position fluctuating day to day. Considering the number of cryptocurrencies that have flooded the market, being in the top ten is a remarkable achievement. It’s even more astounding when you consider it’s only been around for a little over five years.
Cardano can now be bought and traded on the Coinbase cryptocurrency exchange, which is in the process of going public via a direct listing, in addition to its rapid growth. ADA-USD is accessible on Coinbase, the world’s largest and most extensively used cryptocurrency exchange. Cardano was previously only offered on far smaller and less well-known cryptocurrency exchanges, putting it out of reach for many investors. Cardano’s popularity and investor demand will only grow as a result of its presence on Coinbase.
Credibility and NFTS
The fact that Cardano is being developed by Charles Hoskinson, one of Ethereum’s original developers, gives ADA-USD a lot of legitimacy in the crypto community. Cardano has also recently gotten considerable support from the University of Zurich, which announced in a paper that it represents a “Proof-of-Stake (PoS)” blockchain technology that is significantly more sophisticated than many other cryptocurrencies.
Investors were also ecstatic when Charles Hoskinson said that Cardano will soon employ its blockchain technology to handle non-fungible tokens (NFTs), which have grown extremely popular in recent months.
Market mood and social media trends have a big impact on the crypto markets. Cardano’s future is promising as long as the mainstream is focused on long-term investments, and we may see it approach $10 shortly. Coinlife has a variety of features to appeal to the avid crypto trader, and its tight security technologies and rules ensure that assets are kept safe.