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.