There has been a lot of turns and twirls in the world of cryptocurrency and it has been known that no coin is unshakable.
The leading cryptocurrencies Bitcoin [BTC] and Ethereum [ETH] will have to lend its eminent position to fellow leading cryptocurrency. Currently, Cardano [ADA] holds the 7th position trading at the price of $0.241 with a decrease of 6.55% in the last 24 hours as per CoinMarketCap. Cardano [ADA] has recovered from the bearish act of last week, still crawling its way up the prices a millisecond despite the market crash.
Bitcoin [BTC] holds number 1 position in the cryptocurrency world value with a market cap of over $143 billion which is trading at a price of $8,307.73. There has been a decrease of 2.39% in the last 24-hours at the time of writing. Ethereum [ETH] trading at a price of $690.13 with a market capital value of over $68 million holds the second position in the global cryptocurrency market list. Ethereum has a decrease of 3.57% in the last 24-hours as per CoinMarketCap.
Charles Hoskinson, the CEO of Cardano is filled with optimism about his coin. He truly believes that Cardano will surpass both the top leading cryptocurrencies in the world, Bitcoin [BTC] and Ethereum [ETH] in a year. Having a trading volume over $116 million and a market capitalization value of around $6 billion with a circulating supply of 25,927,070,538 ADA.
Cardano rather young, when compared to the other leading cryptocurrencies, makes up for it by its unique features regarding its blockchain technology. Cardano [ADA] also is backed by 3 entities, namely the Cardano Foundation, Input-Output Hong Kong [IOHK], and Emurgo from a Japan and Hong-Kong based company.
Charles Hoskinson says,
“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”.
Looking at the global chart list, Bitcoin was the first token in the market, however, it was not able to handle the capacity of data gathered, the complexity of processing basic information was slow. Then came Ethereum [ETH], which was a notch higher than Bitcoin since it used contract storage repository. Although more advanced than Bitcoin [BTC] Ethereum [ETH], it was not superior since it processes with a single layer model for information storage.
Cardano [ADA] on the other hand introduced its multi-layer data processing model. The ultimate aim of Cardano [ADA] is to carry onboard the commercial customers which Bitcoin [BTC] and Ethereum [ETH] cannot process.
With the release of it’s latest features, Cardano [ADA] had the first ever functioning crypto wallets in the market called Daedalus. It is easy to use and simple to download.
While the bulls and bears have their clash in the market, it’s time for us to wait and watch who will rise and stick around.