Cardano (ADA) is the newest coin to take its place in the coveted top 10 cryptocurrency market caps, currently sitting at number nine with a market cap north of three billion USD. ADA found itself firmly in the top 10 after a hugely impressive week, in which it grew from a low of 338 sats to a high of 1690, and is currently trading at just under 1200 sats, for a growth of over 350% in Bitcoin price. Alongside Bitcoin’s 30% price increase in the past week, the dollar increase for ADA during the time frame was over 450%. With such a
Cardano (ADA) is the newest coin to take its place in the coveted top 10 cryptocurrency market caps, currently sitting at number nine with a market cap north of three billion USD. ADA found itself firmly in the top 10 after a hugely impressive week, in which it grew from a low of 338 sats to a high of 1690, and is currently trading at just under 1200 sats, for a growth of over 350% in Bitcoin price. Alongside Bitcoin’s 30% price increase in the past week, the dollar increase for ADA during the time frame was over 450%.
With such a boom, much of the crypto community is attempting to wrap their heads around what this currency exactly is. At first glance, ADA is a coin focused on scalability and accessibility– the primary goal is to create a coin that will be ready for mass adoption, should it come. Beyond that, there are plans to implement smart contract features and other utilities available in existing altcoins. As of now, mainnet has launched, but smart contracts and all other features are still in development.
Cardano’s selling point is the philosophy behind it. ADA claims it is the only cryptocurrency derived from a scientific philosophy and research-driven approach. On the surface level, this sounds revolutionary and a clear indication that ADA is superior to its competition. However, this bold claim is blatantly false. It is not the only, and not the first. There are plenty of coins that derived from a scientific or academic background and research driven (take MIT’s Enigma for example).
Beyond this, ADA cannot hide the fact that there is no tangible developments in place. At this point in time, the coin is simply vaporware. The mainnet is more of a litenet than anything, as none of the planned features are currently in place. In comparison to it’s competitors, such as ETH, IOTA, NEO, and WAVES, ADA is seriously lacking in terms of framework. The team, which parades its “global background”, seems to be void of industry veterans and respected individuals within the crypto sphere.
While Cardano has just recently established itself in the top 10, it is unlikely to predict it will remain there for much longer. Many speculators suggest that a pump is in place to artificially inflate the coin’s market cap. While this may or may not be true, it’s logical to suggest that the real value of ADA is far below #9 on coinmarketcap, and it’s safe to assume we will see it exit its place in the top 10 in the near future.