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Cardano (ADA) Is Mounting A Challenge To Become The Next Ethereum

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Cardano (ADA) is one of the most interesting coins on the market today. The cryptocurrency, which was developed and launched by the Cardano Foundation, has been billed as the next generation Ethereum or the Ethereum killer of late and the implications of this billing have helped to push up the value of the coin dramatically over the last few months.

Towards the end of November, ADA went for $0.02 a piece. Right now, it’s up to $0.47, having dipped from weekend highs of around $0.55. Low to high, that’s a more than 2,600% appreciation.

Cardano Daily Chart

Cardano Daily Chart

As ever, however, we’ve got to try and figure out whether there’s anything solid behind this run and – in turn – whether it’s worth picking up some coins at current prices in anticipation of further appreciation or whether it’s worth sitting on the sidelines of this one for the time being.

So, let’s do just that.

Bitcoin has some issues. As does Ethereum. These issues are rooted in things like scalability, security and efficiency. And as both get bigger and expand into an increased adoptive landscape, both are going to increasingly suffer from the issues associated with their limitations.

Cardano is an attempt to help the space overcome these issues. It’s headed up by Charles Hoskinson, who was one of the co-founders over at Ethereum, and he’s billing it as a third generation protocol (with bitcoin as the first generation and Ethereum as the second generation).

Basically, the company has taken the concepts that underpin Ethereum and subjected them to review by teams of scientists and engineers in an attempt to develop them into future-proof type concepts. Those that won’t have any problems scaling to millions or billions of users for example. Cardano (the platform) is the outcome of this review and ADA is the first cryptocurrency to be created using the so-called third-generation principles of the Cardano technology.

So why is this one running right now?

Well, it’s all about exposure. Over the weekend, ADA surged in price and – on the back of the surge – found itself in the top ten cryptocurrencies as listed on CoinMarketCap. Take a look at some of the other coins in this select group, however, and there’s one key difference between them and ADA – the latter is trading below $1 a piece.

From an objective valuation perspective, of course, this shouldn’t matter. Right now, however, we are seeing a lot of fresh entrants into the sector, all of which are looking to take advantage of the crypto space bull run. Psychologically, the fact that ADA is available for less than $1 means it becomes instantly attractive to potential investors. Why pick up one-tenth of a bitcoin when you can buy 10,000 ADA?

And can it continue?

While the driver behind the run as outlined above seems shaky, Cardano is in a fortunate position in that it genuinely could be a game changer in this sector. Cryptocurrency is looking for answers to scalability issues and Cardano has those answers. It’s also backed by a team that has proven successful in this space before and, importantly, has a very well established community of developers and followers – all of which are working to push the project from concept to the reality of being the third generation cryptocurrency that it’s billed as having the potential to be.

While we may see some degree of near-term corrective activity, therefore (we pretty much always see a correction after a run like that which we’ve just seen in ADA as the shorter term operators pull profits off the table), we think that such a dip could be a nice opportunity to pick up some cheap coins and – in turn – a discounted exposure to future growth.

 

We will be updating our subscribers as soon as we know more. For the latest on ADA, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Cardano.

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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