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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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