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Analytics / Breaking News / Cardano / Cryptocoins

Why Is Cardano (ADA) The Seventh Largest Coin By Market Cap?

Cardano Chart With Values

Cardano (ADA) is a smart contracts platform just like its competitors, Ethereum (ETH) and EOS (EOS) but with more focus on freedom and innovation. It is an open source decentralized blockchain designed to allow Dapps to be built on the platform and to promote exchange and coordination among other blockchains. This brilliant project is the brainchild of Charles Hoskinson, CEO of IOHK. So, Cardano (ADA) is just another platform like Ethereum (ETH) or EOS (EOS) but does it deserve to be the seventh largest coin with a market cap of over $5 Billion?

The answer to that question is a resounding yes! We know some coins like Tron (TRX) that made their way into the top 10 list based on a lot of hype and attention. However, Cardano (ADA) is the type of project that wants to work in silence and let its success make all the noise. IOHK and Charles Hoskinson both are known for their low key style and more focus on tech rather than marketing or hype. Cardano (ADA) is currently listed on more than 30 exchanges, which is still a lot less compared to Bitcoin (BTC) and Ethereum (ETH). It is a big accomplishment for Cardano (ADA) that they have achieved their current valuation despite being listed on as much exchanges as Ethereum (ETH) or Bitcoin (BTC). The project could appreciate rapidly in price should it be adopted by various other exchanges which will result in increased liquidity and wider access to investment in Cardano (ADA).

Binance, the largest exchange by far, has even added ADA/BNB and ADA/USDT pair for Cardano (ADA). However, it is yet to be adopted by other popular exchanges like Poloniex. This means that Cardano (ADA) has a long road ahead of it in terms of being listed on other exchanges. However, one thing is clear and that is Cardano (ADA)’s dedication to its mission and vision. As we have often seen in the crypto space, most projects like Ethereum (ETH) abandon their original mission and often end up making compromises in order to survive or grow in the market. Caradano (ADA) however does not believe in making such compromises. It is pertinent to note that Charles Hoskinson of Cardano (ADA) also works on Etheruem Classic (ETC) and believes strongly in immutability, transparency and true decentralization.

Cardano Chart With Values

Cardano (ADA) is by far one of the most investor friendly coins. It is determined to address issues that many are ignoring. For instance, the issue of safely storing your tokens is a serious one. Yet many projects have done nothing significant to address it. Cardano (ADA) has addressed this by launching paper wallets (offline) through its Daedalus wallet which will enable users to store part of the code offline on a piece of paper which can be easily recovered later, hence adding an extra layer of security to token storage.

Cardano (ADA) recently broke out of a falling wedge on the weekly chart and has now entered a rising bullish channel with a short term price target of $0.30. Cardano (ADA) previously crossed $1 mark before going through an extended correction. In light of recent developments and overall market conditions, it is highly likely for Cardano (ADA) to pass that mark again and make new highs for the year.


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