Market Analysis on Cardano (ADA) and its extensive growth

Cardano- whose cryptocurrency is denoted by ADA, is an advanced and efficient combination of Bitcoin and Ethereum. Bitcoin is financial based blockchain, and Ethereum is a smart contract based blockchain technology. Cardano is a step ahead and facilitates both the platforms in a better way. In simple terms, Cardano is a cryptocurrency that is decentralized, blockchain based system, powered by the ADA coin and it runs on the Cardano platform. It is also a smart contract-based system and is used to control Decentralized Apps also known as DApps. However, Cardano is a two-layered system – one layer manages the DA exchange, and the other layer runs the smart contracts. It is also the first peer-to-peer transaction system based on scientifically tested theories.

The main objective of this cryptocurrency to create a sustainable ecosystem using the separated layers to manage the transaction of ADA coin and smart contracts separately. Its primary motive is to provide quick and safe currency exchange and to let the users operate diverse, smart contracts and applications seamlessly. The smart contracts provided by Cardona are more secure when compared to the other cryptocurrencies. Since the platform is layered, it becomes difficult to tamper it once entered. And, once the information is stored, the contract executed or the transaction is performed, the data are stored in the blockchain ledger permanently.

Market Analysis on Cardano (ADA) and its extensive growth

Based on the reports from CoinMarketCap, Cardano (ADA) is the 11th largest cryptocurrency with its market cap value as USD 1,228,363,768 on February 21, 2019, at 11:44 USD which is relatively lower by 12.09 percentage from the value of 1,397,272,338 USD on  January 10 at 09:34 UTC. The overall market has been on an uptrend with inconsequential lows. The market value reached its lowest on February 06 with its MCap value – 936,855,525 USD. However, the current value shows that the market boomed 31.12 percent high since then. The 20-day Exponential Moving Average also shows that the market is an uptrend, with its values rising from 998,033,597 USD February 1st to the current value by23.08%. This significant growth pushes the digital currency into bullish pressure.

CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present prices of USD and BTC on February 21, 2019, at 11:44 USD are 0.047378 and 0.00001186 respectively, and the corresponding 24h Volume is 23,536,397 USD. Stats show that the MCap/USD pair has taken the lead, followed by BTC. The price of BTC started as low as 0.00001089 at the beginning of January 2019 and has bounced up 8.9% to reach the present-day value. Both the pricing and the MCap values have been on a similar wave, with the same level of ups and downs. The market reached its pinnacle on January 10 at 09:34 UTC with its MCap value as high as 1,397,272,328 USD, the prices of USD and BTC were $0.053892 and 0.00001333, and the 24h volume was 57,205,692. The numbers went downhill after that, but it started ascending as fast as it went down. The cryptocurrency reached its milestone with the price of USD shooting from 0.036134 USD on February 06 to 0.048011 USD on February 19, a 32.87% growth within a span of 13 days.

The 14-day Moving Average of this digital currency also exhibits an uptrend with Mcap value increasing from February 07 to the current value by 29.60%. With the bullish market, traders can invest in this cryptocurrency to keep the market uptrend and be the receiver of good profits in the future. Since, the market balance points in favor of the buyers, a long term investment by the investors on ADA would work beneficially for them.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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