Cardano(ADA) in recent times has entered the forefront of the crypto market, securing the position of 3rd largest cryptocurrency by market capitalization. It has witnessed a massive uptrend, rising from 40 cents to more than a dollar in just a few weeks, the token has proved its potential in the market.
The ADA token is the most anticipated altcoin to soar high, Cardano is also being said to possess the ability to take over Ethereum in the future. although it is going to be a hard one, as Ethereum has been the oldest and longest functioning smart contracts blockchain, and has many DApps built on it which contribute highly to the DeFi ecosystem.
However, with many developments and projects on the Cardano platform, it is safe to say the token will be on a roll in the near future, and here are some of the reasons why.
Goguen mainnet launch
This launch will set Cardano at par with Ethereum, the mainnet will permit smart contract functionality with no issues of high network fees, and also more number transactions can be processed per second. Thus Cardano will have everything Ethereum provides and also at a modest price.
This news of the launch has invoked bullish sentiments for the token.
Mary hard fork update
This update has made Cardano a multi-asset blockchain, developers and businesses can now build on or migrate to this platform, it is now possible to issue tokens by staking not only ADA but also other cryptocurrencies.
After the upgrade was done on 1st March there was a huge price surge, it also reached an all-time high of $1.48. With nothing negative or glitches being reported about the upgrade this will help Cardano to surge high.
Even though this week Cardano’s price has been dropping, it is not a bad sign as the uptrend line is actually bullish, and the further developments on the platform will help the price surge high.
Project catalyst- world’s largest DAO.
Project catalyst is Cardano’s IdeaScale protocol, a community-driven feature that supports the building of Dapps, from the time of its launch to now it has become the world’s largest DAO.
The platform has fundraisers for the distribution of ADA among most valuable protocols selected by the community the second fundraiser distributed $250000 worth of ADA, the 4th fundraiser has already raised over $1 Million.
These are some developments for Cardano, which we think will ride the token’s glory to growth.
- In addition to all the new projects on the platform, there has been an improvement in investor interest too, earlier Grayscale announced that intends to invest, increase its holdings in ADA, with some other Altcoins.
- A recent survey conducted by Voyager Digital revealed 31% of traders are bullish on Cardano and intend to trade and invest in the token.
- Cardano listed ADA futures on leading cryptocurrency exchange BitMEX.
- The token has witnessed a 5000% percent growth since last April.
- According to stats, it has yielded 2000% returns for the investors in a year, highest of all other currencies and commodities.
After an acute examination of Cardano’s growth and development trajectory, it is safe to say this will be the next Altcoin to take the market by a storm.