Cardano explodes to record heights. Will it leave Bitcoin, Ethereum in the dust?
Cardano explodes to record heights. Will it leave Bitcoin, Ethereum in the dust?
- Cardano (ADA) is the third largest cryptocurrency
- Bitcoin and Ethereum remain among the all -time highs of April and May
- Ada is increasing to a new record high
- The advancement of ADA could be a sign of the rest of the asset class
- alonzo-upgrade has brought Ada to the new high
cryptocurrencies have recovered since their low at the end of June. And have reached a number of higher highs in the past six weeks. Everyone is now at the level from May.
The market capitalization of the investment class fell from over $ 2.4 trillion to less than $ 1.4 trillion, since Bitcoin and Ethereum have more than halved from 2021. But on August 24, the value of all 11,382 cryptocurrencies was again at the level of $ 2.077 trillion.
, the crypto in the top 3 hierarchy, reached the $ 2.40 mark in mid-May. After the price in July fell to a low of around $ 1.12, the price exploded and exceeded the record high from mid -May last week.
The rise of Cardano could be a sign of the future of the cryptocurrency.
cardano: third largest cryptocurrency
Cardano is a public blockchain platform. It is open source and decentralized, with the consensus being achieved using the proof-of-stake. Cardano enables peer-to-peer transactions with its internal cryptocurrency ADA. In 2015, Ethereum co-founder Charles Hoskinson Cardano.
On the Cardano website, it says:
"A blockchain platform for changemaker, innovators and visionaries, with the tools and technologies that are necessary to create opportunities for many and few and to bring about a positive global change ."
Cardano was the third largest cryptocurrency in early September 2021.
Grafik: Investing.com
As the graphic shows, ADA has a market capitalization of over 98.90 billion USD, in third place behind Bitcoin (BTC) and Ethereum (ETH), but before the fourth and fifth cryptocurrency (BNB) and (Usdt). , the stable coin.
Bitcoin and Ethereum remain among the all -time highs of April and May
at the end of August Bitcoin futures were traded at the level of $ 47,210.
Source: CQG
As the graphic emphasizes, Bitcoin was around 27.9 % below his all -time high from mid -April 2021 on August 31.
Source: CQG
at the level of $ 3415 on August 31, Ethereum was around 22.5% below his record high of May 2021.
In the meantime, Cardano's crypto has recovered when Bitcoin and Ethereum recovered from the deep stalls at the end of June and reached new heights.
Ada rises to a new record high
On Thursday, August 26, Ada rose to a new record high with USD $ 2.9442 per token. On Thursday, September 2, it rose even higher - to $ 3,0123 at the time of publication.
The graphic shows the recent advancement of Ada. In May, when Ethereum rose over the $ 4400 mark, Ada reached $ 2.3091. The course moved over this level on August 18 and reached a new one in early September.
Ada token became "Ada" King or Ada Lovelace, a 19. named ns century British countess, known for her work on a theoretical arithmetic machine. She was the daughter of the poet Lord Byron and probably the first computer programmer.
The Proof of Stake from ADA shows users who provide coins as collateral according to the random principle. While Cardano uses a proof of stake, Bitcoin and Ethereum Proof of Work use what a global computer network requires that works at the same time when a transaction takes place. In the meantime, the Proof of Stake is a more environmentally friendly alternative to the Proof of Work because it needs much less computing power. Cardano has a clear advantage over Bitcoin and Ethereum for environmentalists.
The advancement of Ada could be a sign of the rest of the investment class
At the end of August, 11,521 cryptocurrency tokens were traded in the investment class with an overall market capitalization of $ 2,100 trillion. The TOP 3, Bitcoin, Ethereum and Cardano, had a total value of $ 1.381 trillion or over 65.7% of the total asset class. Ethereum is more valuable over four times than ADA and the value of Bitcoin is about ten times higher.
In the meantime, the rise of ADA to the third position is a sign that old coins take a step into the cryptocurrency landscape.
Coti (), an altcoin, which is aimed at payments and supported by Cardano, signals this strength and may support Cardanos rise. At the end of August, Coinbase (Nasdaq :) acted. The Coti rose from 29 cents to 45 cents, an increase of 55 %, although it has dropped a bit since then. Coti was the 161
alonzo-upgrade added Ada to the new high
The current price increase of Cardano was carried out after the announcement of a large upgrade - called Hard Fork - named Alonzo, which is due to be launched on September 12th. Alonzo will introduce smart contracts into the blockchain.
Ada also increased because Japan's stock exchange will be noted. Japan's regulatory environment is one of the strictest in the world for the market entry. The Japanese stock exchange enables trade with Bitcoin, Ethereum and. ADA joined this elite class of cryptocurrencies and brought the market capitalization to third place in August 2021.
Some crypto analysts believe that Cardano has the potential to leave Bitcoin and Ethereum in dust in the coming years. The possibility for Bitcoin and Ethereum-like returns from a token trade under the $ 3 brand could attract a lot of speculative interest.
As with all members of this asset class, you only invest what you are willing to lose because the high volatility can lead to violent price fluctuations. Ada tokens have the critical mass and liquidity for dealers. Due to the potential for large price deviations, however, the risks are always a function of the earnings potential.
keep an eye on ADA because the Cardano protocol attracts a lot of attention.
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