Cardano (ADA) Turns Bullish As Prices Rally Against Bitcoin

More cryptocurrencies have continued to pop up as the concept of digital currencies becomes mainstream and this time we take a look at an altcoin called Cardano. The latter is one of the lesser known digital currencies that has continued to surprise observers and investors as its price continues to demonstrate more strength.

Most cryptocurrencies have been characterized by surging prices this year and especially over the past three weeks, thus Cardano was expected to benefit. However, the altcoin has attracted some attention especially after it registered extra-strong gains that saw it rise to $0.50, marking a 76 percent gain against Bitcoin.

The gain was substantial despite the fact that its price is currently a minute fraction of the price of bitcoin. However, a 76 percent gain in terms of volumes and margins is quite significant. Cardano’s surge is interesting considering that it is not as established and well known as other major cryptocurrencies yet its price is quite high. It is also not clear what specific purpose or niche the altcoin serves, yet it has somehow made its way into the top 10 cryptocurrency list, specifically being ranked in the sixth position.

The price of Cardano managed to hit a new high of $0.57 on Sunday, marking a key milestone. However, it then plummeted to around $0.47 on Monday. The rally was quite impressive and the altcoin which is also known as ADA seems to be trading quite a lot considering that there are almost 26 billion altcoins in the market.

Cardano (ADA) Chart courtesy of coinmarketcap.com

The recent surge in ADA has aroused a lot of interest especially now that people are looking for potential opportunities to invest in. Most people are looking to replicate trading opportunities similar to those presented by bitcoin years ago when it was launched. Some of the investors who bought bitcoin in its early stages especially when it was worth less than a dollar have so far made a lot of money. People are thus looking for the next bitcoin. However, there are a few factors to consider such as the fact that Bitcoin was the pioneer cryptocurrency and it did not have any competition at the time.

Bitcoin was also made as a store of value, Ethereum is popular for its smart contract technology and Litecoin targets easy transactions. Others have focused on privacy but ADA is not well known and neither has it been said to focus on a specific niche. However, there is speculation that it might be skewed towards smart contracts just like Ethereum. Cardano has been having a fair amount of trading volume as high as $900 million. This means people are genuinely interested in it.

The recent surge in the price of Cardano might just be the beginning of a continued surge in the price could soon hit the $1 mark if it continues to gain traction.

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 tom_bullock via Flickr