Altcoins
Reasons why Cardano (ADA) will become the next crypto leader
We are all experiencing the hype of the market upturn (yeah, the last 24-hours haven’t been that good again, but neither not that bad), and that’s precisely the reason why we are starting to look for options that may represent the best acquisition in terms of profitability.
In this sense, one of the crucial facts to consider to bet for the right candidate is the network or blockchain platform behind the asset, and it worths to mention that the stronger the platform, the higher the chances of ruling the market at some point.
With relation to this, one the best examples of the above mentioned is Ethereum (ETH), the second largest cryptocurrency of the market, or as it is called often in the sector, the silver of the crypto world. Ethereum has become the preferred platform for the launch of ICOs and smart contracts, and this has represented a great opportunity for the token in terms of adoption.
However, does the Ethereum platform has something to improve? Sure it does! And that’s precisely what Cardano (ADA) is aiming to attack. Most of the problems of the blockchain platforms center on scalability, interoperability, and sustainability, and that’s mainly what Cardano (ADA) has envisioned from the beginning.
Charles Hoskinson, the CEO of the crypto has carefully designed a platform full of research that aims to be a great option for holding smart contracts, dApps, and ICOs, but also, the solution for some of the most outstanding issues of the second generation of cryptos.
To say the least, Cardano is eager to transform the sector with strategies never deployed before. In fact, Hoskinson is also envisioning to develop a solution for communications between crypto networks and external financial institutions such as bank entities.
With respect to this, it is well known that because of the crypto nature, all of the tokens are decentralized and private, and this has represented a serious issue for many entrepreneurs that over the last two years have been having problems with bank institutions that require an explanation of their ICO funding.
As a response to this, Hoskinson is working as well in the creation of a network that allows both financial worlds to carry communications fluidly without interfering with the essence of the sector.
Furthermore, Cardano plans as well to explore new markets such as Africa, and Central and South America.
In fact, the crypto is willing to displace M-Pesa as the preferred payment platform of the African region. M-Pesa is a mobile application that was launched in 2007 in Africa to allow citizens to transfer money, ever since then it has been the preferred solution in this matter.
Conclusion
Without any doubts, Cardano (ADA) is a game player, and we can all be sure that Hoskinson will work tirelessly in the seek of the best solutions for all of the issues that the crypto world faces now. At the moment of writing, Cardano (ADA) places number 9th in the charts, with a price per token of $0.104. Would it climb any soon? Not just one or two but multiple things hint so, stay tuned.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Jehyun Sung on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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