Cardano (ADA) has hit a critical milestone today. This emerging altcoin has finally surpassed $1.00 in value. This particular crypto-coin’s
Just in the past hour, this cryptocurrency has gained about 39%. In the past week, its price has risen by 158%.
More importantly, Cardano has soared past Litecoin (LTC) and IOTA (MIOTA) to become the 5th most valuable cryptocurrency on the worldwide market. At $1.06 per unit of ADA, the entire digital currency is worth $27.6 billion.
Is Cardano (ADA) Really the Next Ethereum?
Unlike Ethereum, Cardano is the first peer-blockchain in history to be founded by scientists. At least that’s what its team claims.
This coin is a tradeable unit of value like Bitcoin. It’s also a fast and cheap way to complete transactions – like Ripple (XRP) and Litecoin (LTC). But most importantly, it’s those two combined with being a smart contracts platform – like Ethereum.
For a while now, it’s been called the “Ethereum of Japan.” But unlike Ethereum, it’s fast and cheap. Its Proof-of-Stake (POS) technology also allows for deeper functionality.
Bitcoin (BTC) has attracted a lot of up-and-coming rival cryptocurrencies that are challenging its market control. Numerous crypto-coins like Ripple (XRP) and Litecoin (LTC) have launched, using technology similar to Bitcoin’s – but building on its flaws and limitations.
Much like Bitcoin, Ethereum has also inspired some copycat protocols. Cardano is one of them. And Cardano already offers some advantages over Ethereum, which recently sunk from second-most-valuable cryptocurrency to third.
Interestingly enough, Cardano was founded by one of Ethereum’s co-founders – Charles Hoskinson.
How does Cardano (ADA) Stack Up Against Ethereum?
One of the obvious ways that these coins differ is growth. Ethereum’s native cryptocurrency, Ether (ETH), has only gained about 18 percent in the past week. In the past 24 hours, it’s basically been flat.
Nevertheless, both coins have experienced tremendous growth. It’s looking like the upward trajectory isn’t slowing down for either of them any time soon.
According to CoinCheckup.com, Cardano has a Total Coin Analysis Score of 92.35%. Included in that is a 94% for Product Strength, and a 93% for Coin Strength. It’s average daily return on investment (ROI) is 8.54%.
Ethereum, on the other hand, got a Total Coin Analysis Score of 87.05%. Included in its total score is an 88% for Product Strength, and a 94% for Coin Strength. Ether’s average daily ROI is 2.35%.
For the time being, it looks like Cardano might net you a bigger profit this week. But it must be said that these are both high-value cryptocurrencies with a ton of potential. They are already re-shaping the financial system in their own unique ways.
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.