Altcoins
The Future of Cardano (ADA)
The future of any cryptocurrency is as uncertain and subjected to change as is its price on the current market. However, this is not good enough for investors, since they need to be able to estimate whether or not the coin is worthy of investing.
Cardano (ADA) is one of the coins that has received a lot of attention this year. It made a lot of progress despite the constantly bearish 2018. Of course, its price is still pretty low compared to other crypto world champions. However, it probably won’t remain so low forever. So, what is there in the future of Cardano?
A bit about Cardano (ADA)
Similarly to Ethereum, Cardano is a platform that specializes in decentralized apps and smart contracts. Its native crypto is ADA, a coin valued at $0.077132, according to CoinMarketCap, which is currently holding the 9th place on CMC’s list.
Despite the fact that it is trying to do the same, or at the very least similar, thing as Ethereum, the two differ quite a bit, upon closer inspection. Cardano is a much younger coin, with its technology being massively improved. Cardano, like many other coins, aims to be the leader of the third generation of the blockchain.
The coin was developed by Charles Hoskinson, who came up with a concept for ADA back in 2015. However, the coin was only launched in 2017. In the meantime, Hoskinson dedicated himself to creating a professional team, perfecting the coin’s concept and technology, and alike. Cardano’s way was always slower, but that was fine, as long as the coin did what it aimed to do properly.
The future of Cardano
Cardano is a coin with a lot of goals, some of which may seem a bit too ambitious at first glance. It aims to unite everyone under one blockchain, and even make it the first $1 trillion economy, according to Hoskinson’s statement a few months back.
Additionally, Cardano’s leaders have been intrigued by how bad the situation in Africa is. Their goal is to use the blockchain technology and help African countries become more organized, cheaper, and more stable than current systems. While these plans were explored in depth back in February, Cardano Foundation’s Twitter page has recently reminded the community of these plans.
There is tremendous potential for blockchain technology to solve issues in the developing world. Read the latest on Cardano's vision for Africa on the Cardano Forum: https://t.co/IYRPufr6r8
— Cardano Foundation (@CardanoStiftung) September 8, 2018
This, of course, means that ADA is not scraping their goal to help developing countries in Africa. Only that doing so will require a lot of time, effort, and patience. However, if successful, this will make the future of Cardano quite bright in Africa. Not a lot of coins is planning on conquering African crypto market, and certainly not a lot of those that are as capable and well thought-out as Cardano is.
If Cardano manages to establish itself in Africa, this will be a game-changing move, for the coin, as well as the involved countries. Of course, the company’s goal is to help, but the consequences of its expansion cannot be overlooked. In the meanwhile, Cardano continues to struggle in the once again bearish market, like the rest of digital coins.
Despite the current environment, Cardano still remains one of the most balanced coins, with the smallest price oscillations. In the meanwhile, Cardano continues its own development, with constantly bringing up new updates. These updates continue to fix even the smallest issues, making Cardano one of the best coins around.
Finally, according to Hoskinson’s recent video, Cardano’s TestNet 1.4 is also coming soon, with its release being scheduled for October of this year. In the same video, Hoskinson also claims that the team has made a lot of progress with Icarus as well and that they are quite happy with the results.
Obviously, the future of Cardano seems bright enough, even though it might require a lot of work and effort. Cardano continues to develop and advance and has become a pretty safe investment at this point.
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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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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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