Two giants in the crypto market, Bitcoin and Ethereum, are finding it hard to maintain their numbers for the past few weeks. Let’s talk about Bitcoin first: Bitcoin was sitting at $58K last month on the 21st of February and has seen a drop in its value to $43K the following day. Bitcoin has enjoyed a lot of success in the crypto market for the past two years or so. However, some analysts suggesting the downfall of this cryptocurrency in the next coming months or years.
Ethereum, on the other hand, is the 2nd largest valued cryptocurrency in the market, sitting at approximately $1.5K. Ethereum has come to the scene just five odd years ago and it is now the most active blockchain in the crypto market. Ethereum was sitting at approximately $230 a year ago. So, it has observed more than 500% increased value within a year.
Cardano was launched by Charles Hoskinson, the co-founder of Input Output Hong Kong (IOHK), back in 2017. Charles is now the CEO of IOHK. Cardano’s ADA price has seen the big peak this week, getting its worth to $40 billion and making it the third-largest cryptocurrency in the world right now. It has the value of $1.22 per coin, not so much when we compare it with big guns like Ethereum and Bitcoin. However, the analyst seeing Cardeno’s price to go high at the end of this year making it approximately $10 per coin. That’ll be a huge thing for Cardano if that happens!
Facts and Figures for Cardano
Cardano has managed to jump almost 475% this year and 6700% from its low value in 2020. This is a big peak when we compare Cardano with other cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH). The resistance levels for Cardano have been between $1.2-1.5 for the past week making it a more than 15% gain in its value. This was all done due to the Mary Upgrade which was just launched yesterday. According to Cryptocurrency analysts, this upgrade will help the crypto market to be more diverse and efficient, allowing other coins to stabilize their rates as well.
Cardano’s founder Charles opened up about another milestone in the Goguen rollout which introduces multi-asset support and effective use of Cardano. The Authentication of legality from social media and news posts has caused its gain in popularity for the past few weeks.
Cardano hasn’t been benefited from the Decentralized Finance (DeFi) at considerable levels like what we see in the case of Ethereum and Bitcoin. Adding to this, many major DeFi projects are being managed on Ethereum Blockchain causing to give more value to Ether.
Some of the big names including Nigel Green, the chief executive of financial advisory group deVere, said “Cardano is the rising star in the Crypto Sector”. Some of the analysts are looking at Cardano as a dominant rival of the big giants (Bitcoin, Ethereum, and Tether) in the next coming years.