The overall Cryptocurrency market fell. This includes major players like Bitcoin and Ethereum. Cardano is the only Cryptocurrency that rose amid a fall in the market.
While Bitcoin and Ethereum fell by 30% below their all-time high price, Cardano rose to the value of $1.24 by 9.5%.
Both the major players are facing the death cross in the bearish region. Cardano also fell, but it is rebounding faster than Bitcoin and Ethereum. The last data recorded shows a rise of 300% in the past year.
How Is Cardano Better Than Bitcoin And Ehtereum?
It is one thing to compete with the market majors and another thing to come up as a tentative face of the market. Cardano has earned that spot fair and square.
Cardano’s ecosystem achieved many milestones to earn that spot. It is also on the way to launching some exciting new projects in the future. Cardano blockchain recently crossed the mark of 20 million transactions on its network. The mark is eminent as it has been achieved without registering a downtime in the past 1,500 days of operation.
Another milestone achieved by Cardano is that it is now held in more than 1 million digital wallets across the globe. ADA has truly gone beyond the national borders to be held by users from different nations.
A successful launch of ADACash was a game-changer for the Cardano blockchain. The reward token now stands at a market capitalization of $30 million with more than 10,000 users that it got on board within 24 hours of its launch.
One catalyst to the growth of Cardano that deserves true credit is its dedicated team of developers. The team is led by Charles Hoskinson, co-founder of Ethereum, who is now with Cardano as a founder.
His team is on the way to coming up with new projects in the market. The team looks forward to launching its NFT marketplace and a project that involves the exchange for DeFi transactions.
These new projects highlight the utility and functionality of the Cardano blockchain, making it the most popular face of becoming the next big thing in the Cryptocurrency market.
Cardano blockchain has scheduled to launch the Hydra Project later this year. Once launched, it will improve the processing time of the network. This will make the blockchain more useful for smart contracts and DeFi transactions.
The fact that Cardano operates as a proof of stake network makes it better than Bitcoin and Ethereum. Both of them still operate on the principle of proof of work. Cardano has, therefore, come out as an environment-friendly blockchain network.
Final Thoughts
ADA is forecasted to surpass BTC and ETH in the near future. Even though the entire Cryptocurrency trading is a risky business at the moment, one can consider investing a small portion in ADA for the time being.
You can check out this ADA prediction if you’re interested in Cardano.
