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Cryptocurrency Cardano is now competing with Ethereum and Bitcoin

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New cryptocurrency is now competing with Ethereum and Bitcoin

The crypto currency Cardano is now the third most valuable digital currency next to Ethereum and Bitcoin.

The crypto currency Cardano is now the third most valuable digital currency next to Ethereum and Bitcoin.

Photo: IMAGO / agefotostock

In the race for the most valuable cryptocurrency, the digital currency Cardano is now also involved. There is a good reason why investors are increasingly investing now.

the Cardano cryptocurrency is now almost on par with currencies in value Ethereum and Bitcoin. At the moment it is scratched under the abbreviation “ADA“Well-known digital investment product at the US dollar mark per unit. Critics view the hype with skepticism and warn. Investors, however, are drawn to Cardano by the latest announcement.

Cardano: more than just a cryptocurrency

Cardano was founded by the co-founder of the cyber currency Ethereum Charles Hoskinson, that’s why investors put their trust in the brand. The platform of the studied mathematician Hoskinson mainly listens to the forecasts and calculations of the scientists.

With this, Cardano wants to differentiate itself from competitors such as Ethereum or Bitcoin, whose investment strategy is more about reacting to the market. Cardano wants to guarantee the security of its crypto currency and so the makers around Cardano have invested a lot of time and work in this goal since it was founded in 2015. Time that the market doesn’t give you otherwise.

Cardano presents a new update

Experts see the announcement of the Alonzo update for September 12 this year as the main reason for the price increase. The update made smart contracts possible for the first time, such as those offered by Ethereum.

Cardano’s in-house smart contract developer language “Plutus” is made for central applications, so-called DApps. This opens up the cryptocurrency to a broad masses, because Cardano’s network is no longer tied to just one terminal device. Cardano wants to offer decentralized finance (DeFi), non-fungible tokens (NFTs) and crypto gaming as blockchain applications in mid-September.

Cardano ranks 3rd among the most valuable cryptocurrencies

In the past ten days, the cryptocurrency around Cardano’s native ADA token has risen by almost 30 percent. Thus Cardano has become the third largest digital currency next to Ethereum and Bitcoin.

Such increases are not uncommon, especially before the release of new updates. The psychological effect must not be forgotten: Cardano’s ADA token is available in much larger quantities than, for example, the Ether token from Ethereum or even a Bitcoin.

Inexperienced investors in particular tend to use a higher margin of ADA tokens, which cost a few euros, instead of spending a few thousand euros on a single Ether token. So there is speculation on the increase in value of ADA, while Cardanon’s market capitalization is far below that of Ethereum. So whether the token will keep what it promises remains to be seen.

Sources: Trending Topics, Coin-Update, Twitter / cardano_deutsch

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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