The value of cryptocurrencies is still struggling with the effects of the major drop that occurred at the beginning of the year. Still, some cryptos are doing better than others, while some have a strange method of staying afloat when everything that we know seems to be indicating that they should not. Cardano (ADA) is especially one of the more interesting cases, which is why we will be taking a closer look at what keeps this crypto so successful.
Cardano (ADA) is among the newer coins, and it was only launched in November 2017. Despite the fact that it is barely older than half a year, this crypto still managed to get into the top 10 coins and is currently holding the rank of 7 on CoinMarketCap. Not only that, but even the Weiss Ratings gave it a decent grade, B, which is their mark for Good, as opposed to A, which is excellent, or C, D, and E, which stand for Fair, Weak, and Very Weak, respectively.
So, how is ADA doing it?
A lot of cryptos with much more history behind them are struggling to survive, while ADA holds the rank of 7, despite the low price. Its current price is around $0.218, while its total market cap is a little over $5.6 billion. The main reason for this is ADA’s daily trading volume, which exceeds $11,545,000 per day.
Obviously, ADA’s trading volume is one of the biggest reasons for this high rank, since the coins are obviously being used, instead of just sitting idly by. The reason for this is the fact that ADA has a lot of coins released into the market.
In fact, ADA’s current coin supply is huge, and reports claim that it is 1.5 times larger than what Bitcoin itself has to offer. This is also the fact why Cardano might someday surpass all the other coins if his value were to increase, which is expected to happen at some point. When it does, ADA will be the largest crypto when it comes to market capitalization.
How can ADA’s value go up?
The thing with ADA is that it is still a very new crypto. It is fully functional, of course, but it is still being developed. The team behind it is currently working on completing its blockchain network, and when they do, Cardano will have much more to offer. The biggest thing that it currently lacks, and is on its way to achieve, are smart contracts, as well as the ability to handle dApps. Once this becomes available, ADA will become much more interesting to a lot of people, which will increase its value.
Cardano’s big plan for Africa
Another important thing about Cardano is its ultimate goal. Like several other cryptos, this currency’s goal is to improve the modern society. Because of this, ADA has put a lot of effort into helping Africa, with most focus on Rwanda and Ethiopia.
Cardano even signed a Memorandum of Understanding with the Ethiopian government, which will allow this crypto to educate, and then hire, new software developers from this country. This will be a big deal for Cardano since Ethiopia will eventually adopt it in their industry of agriculture. This was the first MoU of this type to ever be signed in Africa, and the education of future software developers will start in only a few months, in September of this year.
Apparently, ADA will be the first crypto to actually go big in the African market, and with it being nearly untouched, ADA will have a special opportunity to tap into all of its potentials.
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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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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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