This seemingly never-ending bear market in the crypto space, at least for the last day and a half, is taking a bullish turn – and that’s especially true for Cardano (ADA). The market as a whole is breathing a sigh of relief, after a big piece of news hit us on Sunday: an international leader of the G20 announced that he officially sees crypto assets as non-risky.
That exact announcement, which came in the form of a letter sent to global finance ministers by the head of the Financial Stability Board (FSB), was a massive boost for the entire crypto market – led by Bitcoin (BTC), which added $1,000 to its price in the wake of the announcement. The actual G20 event will be held in Argentina this week.
Still, ADA coins are having an even better day than BTC – having gained 14% in the past 24 hours. Surely the G20 news helped, but this coin is on a strong and unstoppable journey toward higher adoption from the general public, and we think that its price has a lot more growth coming in the next quarter or so.
First, let’s remind ourselves what Cardano (ADA) is, exactly
Cardano (ADA) is often referred to as the “Ethereum (ETH) of Japan” – and there is a very good reason for that. It is a unique type of technology, unlike the majority of altcoins that use Ethereum or Bitcoin (BTC) protocols to start with. That means that it was built from scratch.
This cryptocurrency platform basically does the same thing as Ethereum: enabling new parties to launch decentralized applications (dApps) and new tokens on top of the network, while also being a coin that serves as a store of value. What sets ADA apart from ETH is that the technology is much faster, cheaper and scalable. It is also the first crypto venture to ever be fully peer-reviewed and based on science and philosophy.
Cardano (ADA) is still a little behind, though
Okay, so all of this technology sounds great, right? The one main drawback with this coin, as an investment, is the fact that it’s not a fully-formed product yet. Ethereum (ETH), NEO (NEO) and QTUM (QTUM) all have already hosted a bunch of new dApp launches, and new coins have launched on their networks.
Meanwhile, Cardano has only had two ICOs get announced for their platform – two token sales that are still ongoing. No coins have actually been launched on the network yet.
With platforms like TRON (TRX) and Dragonchain (DRGN) making quick progress toward their main net launches, the team behind the ADA coin must be a bit worried.
But the Cardano technology is strong enough to hold out
This science-based platform will be fully decentralized once its bootstrap era phase is finished, and there are a ton of other cool things they’re working on in their roadmap.
With cheaper transaction costs, little to no scalability issues, and an easier and more flexible interface for businesses than Ethereum (ETH) – this is hand-down the strongest threat to ETH’s dApp dominance.
Moreover, this coin is cheap right now – it’s only about 18 cents right now. That is highly, highly undervalued in our opinion. Once more businesses beyond the two existing ICOs start using this platform to launch their apps, this coin’s price will undoubtedly surge.
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.