A little insight into the market will reveal that it hasn’t been a great year for the crypto market so far. With the crypto biggies like Bitcoin recovering from a major price slump, many investors have shifted their attention towards altcoins. Cardano (ADA), which has been a favorite currency of the crypto community, ranks eighth in the market based on the market capitalization. Considering the overall volatility of the market, Cardano’s recent resistance of $0.03 is hardly a concern for the investors. With the big market players performing badly in the market, the investors are switching to more profitable options, and Cardano(ADA), which is listed among the most promising altcoins, can be a rewarding investment.
The Limitations of the Crypto Giants: The Ethereum Problem
Given the fact that the project is directly linked with Ethereum blockchain, exploring the possibilities of Cardano is not possible without discussing the prospects of Ethereum. When it comes to market capitalization, Ethereum still leads the race with the majority of the ICOs integrated with it. However, the leading players in the market are not altogether free from limitations, and each has its unique set of problems. With low scalability, security breaches and contract bugs, along with challenges like scams, over-centralization, and regulatory issues; much has been talked about the Ethereum’s legal status. In retrospect, the rising altcoins like Cardano and EOS promise to deliver a viable solution to these problems.
The Rising Altcoin and the Nemesis of the Big Players
Many crypto investors are unaware of the fact that Cardano is based on smart contract. Recognised worldwide for faster transactions and as a secure mode of payment, it owes much of its fame to Ethereum and attempts to fill the loopholes in the market. There are only a few decentralized blockchains that come with powerful security attributes, and Cardano ranks among them. Launched in 2016, Cardano’s (ADA) price hiked in January, crossing $1.20. Led by Charles Hoskinson, the brain behind BitShares and Ethereum, Cardano is regulated by strict algorithms, assuring faster transaction and high scalability to its users.
Many will agree that regulation has been a roadblock for the virtual currencies, with traders probing into the compliance factor of the provider. Cardano, which has recently employed the Haskell technology on its platform, users are blessed with a secure and flexible option. The Haskell technology is well-known for its strict algorithms, which ensure there are no technical breaches.
Cardano’s (ADA) Impact on the Market
As evident from the market analysis, Cardano has not been spared from the current depression. With the crypto market struggling to come out from what it seems one of its worst price slumps; Cardano too has experienced a questionable drop in the price. Trading at $0.163413 at the time of writing, it has survived the 4.56% plunge against the USD. As per the details published by Coinmarketcap, it boasts a market capitalization of $4,236,820,378 USD as of April 3, 2018.
The recent 4.07% drop against the dollar, which has created a lot of bustle among the investors, is unlikely to become a big concern at the moment. All eyes are on the Testnet now which plans to act on its promises. Moreover, with developers striving to deliver a flawless platform to its users, the most outstanding aspect of Cardano is the fact that all transactions from its platform are processed in real time.
Why Should the Investors Watch Out for Cardano?
As for the traders who are looking for an economical option, Cardano can be a profitable option. Trading below $1, Cardano offers an excellent entry point for regular investors and a talisman for the big investors. Although the coin is currently in the red, and many investors are looking to sell off their assets, it is wise to hold the funds. After all, Cardano presents its users a cheaper alternative and a highly secure mode of investment. So, if you are a crypto enthusiast who is an admirer of speed, and seeking an economical option, Cardano is your best bet. Also, given the volatile market conditions, with crypto market creeping back from one of its worst collapses, now is the best time to buy this currency, as it is can be sold off at a decent profit eventually in the coming months when the dark clouds disappear.
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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 own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…