Of the top ten most valuable cryptocurrencies on the market today, Cardano (ADA) is having one of the best days. At the time of writing, it’s price is at $0.549. That’s a 35 percent gain from 24 hours ago. Looking back a month, Cardano has risen by 421 percent.
Just at the beginning of December, this coin was the ninth most-valuable cryptocurrency. As of today, it is now sitting comfortably in fifth place. Its current market value is $14.2 billion. Its market cap is more than Litecoin (LTC), which is worth $13.2 billion.
What sort of crypto-coin is Cardano (ADA) anyway?
This cryptocurrency has been one of the top altcoins for a while now. It has been competing with Ripple (XRP) and Litecoin (LTC) for market share. As far as altcoins are concerned, Cardano has had an impressive growth story.
What sets this coin apart from other cryptocurrencies? For one thing, it was founded in a bit of a different way. The team that developed ADA says that it’s the only digital coin that was built on a foundation of research-driven, scientific philosophy.
While that may be true in part, there are several new crypto-coins that were launched on a scientific or academic foundation. For instance, MIT’s Enigma currency was founded in a similar way.
Cardano (ADA) has some pretty lofty goals for the future. Included in those is the eventual adoption of smart contracts – like what is normally associated with Ethereum (ETH). One of its co-founders actually helped work on early Ethereum.
But a lot of its goals flat out haven’t been realized yet. It doesn’t have the terms of framework that its competitors are succeeding with. Until this coin becomes a fully realized operation, maybe its value isn’t indicative of how robust the technology really is.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.