Why Cardano ADA Is Still One Of The Most Promising Cryptocurrencies
Cardano may look to have remained still and silent over the past few months, but don't let this fool you. Cardano is still one of the most promising and exciting blockchain projects around, with this, so is ADA, the native token to the Cardano project.
As it stands in todayâs retracting market, ADA is looking a little unsettled. At the time of writing, ADA is valued at $0.076, down 8.97%. With an all time high exceeding $1.20, thereâs a long way to go before ADA reaches its old heights once more, even so though we must remember that ADA is more than just an investment, itâs a part of a far bigger and far more exciting project.
ADA looks cheap, but itâs having a good year
Just last week, the infamous Weiss Ratings commented on some of ADAâs progression with a pull back of 96% over a 7 day period in the middle of September in a recent tweet:
âIf you believe #crypto market will return to its former glory, the benchmark for a 10X gain, is a 90% retracement. Â As of today, here are a few of top-25 coins that are at or above a 90% pullback: #IOTA = 90%#NEO = 91%#XRP = 93%#ADA = 96% These are absolute steals right now!â
We also canât forget that Cardano is also on the radar for a potential Coinbase listing, something that will encourage the price of ADA to jump significantly, with that too, we would expect to see a huge spike in the market cap of ADA too, further bolstering the reputation of Cardano on the whole. Back in July 2018, Coinbase stated the following in a blog post, stating that they would be exploring a potential addition for ADA, as well as BAT, XLM, ZEC and ZRX:
âUnlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.â
Therefore, we canât guarantee a listing of ADA on Coinbase, though we can confirm that Coinbase are at the very least exploring ADA as an option and that it is therefore likely that one day, ADA will be listed on Coinbase. If this does happen, the benefits will be huge.
On a final note, there is evidence to show that investors are now starting to look forward to the launch of the Cardano KEVM testnet, according to Coininsider:
âAccording to a price spike that occurred in May, it seems that investors are found of Cardanoâs KEVM testnet. Despite the increase, the market has seen that the token has plummeted steadily to low figures. Important to note, though, is that this could be attributed to the market, rather than the token itself.â
Overall, ADA is looking great. Yes, by value ADA is pretty low at the moment but do remember that this is down to the general outlook of the markets. As it stands, ADA is a part of a massively promising project. Cardano is moving in one direction, forward. With it, so is ADA.
No matter how it looks now, ADA is still one to watch, and one we will be covering very closely in the next few months.
As a quick disclaimer, this is not investment advice. If you do choose to invest in ADA, please ensure you do your own further research about ADA and the Cardano project.