Cardano (ADA) has been in the shadows lately, slowly climbing the cryptocurrency charts and has now passed Litecoin, Monero, Dash, and IOTA to claim the fifth largest digital currency by market cap at $31.3 Billion.
At press-time, ADA is currently trading at $1.21, a coin, up 14.78% on the day. That is just under its record high of $1.31, that was reached today at 08:19:14 UTC. For the month, Cardano is up 830.7% and since October 1st, 2017, the coin is up 5661%.
Cardano, was launched back in 2015 but has yet to deliver what its developers originally promised. ADA has been called the “Ethereum of Japan” as it was established by Ethereum’s co-founder Charles Hoskinson. During the coin’s ICO phase, 95% of the participants in the fundraising were Japanese. It has since globalized. Cardano’s aim is to become an advanced smart contract, similar to that of Ethereum except it has invented a new proof-of-stake method named “Ouroboros.” So ADA offers more functions on its smart contracts and also promises to function cheap, quick, and efficient like Litecoin, while also offering the store value of Bitcoin. All in one coin.
There isn’t really any clear indication as to why Cardano has made such significant gains as of late. With Bitcoin’s rise coming to a complete halt, investors have been adamantly searching for the “next Bitcoin.” With ADA’s circulating supply as high as Ripple’s and coin price just passing the $1 mark, it is highly unlikely that Cardano will ever hold as much value as Bitcoin. However, it is quickly gaining popularity among altcoin investors and is very close to passing Bitcoin Cash for the 4th spot.
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