Cardano ADA Rises to the Top 10: There is yet another cryptocurrency that’s making its way to the top 10. Cardano knocked IOTA down to number 7, now standing proudly at the 6th position in market cap list. Let’s take a look and see what Cardano is all about.
What’s Going On with Cardano ADA?
As the global buzz around Bitcoin and other altcoins continue, Cardano, which is home to the Ada cryptocurrency made its way to the top 10 this week. Standing just above $13 billion, Cardano is now the 6th largest cryptocurrency market cap, trailing behind Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin as of Sunday night.
What the heck is Cardano?
While you might not have heard of Cardano and its ADA crypto before, it has actually been around since 2015. It’s a decentralized, fully open-source blockchain project that extends beyond ADA. It’s was established by Charles Hoskinson, a co-founder of Ethereum, when he partnered with the Cardano Foundation. What it’s known best for is its heavily research-based approach consisting of “a global team of scientists and academics who have meticulously studied the blockchain space and what makes a coin successful.“
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Ethereum of Japan?
Cardano is sometimes called the “Ethereum of Japan” because 95% of the participants in the ADA Initial Coin Offering (ICO) were from Japan.
Cardano ADA Recent Market Moves
In a massive bullish sentiment, ADA’s price started to surge above its ICO price against Bitcoin on Friday. By Sunday, its price has gone up 30% to $0.50. Most of Cardano’s recent trading volume has reportedly come from the Bittrex exchange, which generated nearly 60% of all trades.
Looking at Cardano ADA chart…
It is way too soon to do any type of technical analysis on the surging ADA price. But looking at ADA as traded versus Bitcoin, we notice that its price has been gaining momentum and it may be due for a pullback towards its immediate support. That is, the 23% Fibonacci level at 0.000023.
Considering the sudden buzz around it, it is very likely that Cardano’s price is mainly driven by speculation, just like all other cryptocurrencies and digital assets. So buyer, beware.
Meanwhile, the overall cryptocurrency market cap, including Bitcoin and 1342 altcoins in circulation has reached an all-time high, breaking the $600 billion USD barrier.
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