Cardano (ADA) is the most prominent cryptocurrency offering to date that is not a Bitcoin clone. In our view, the reason for this is that its creators have employed a clever approach to building it, and Cardano has been able to put a lot of technical innovation into its protocol. As a result, it is an interesting project that we believe will generate a lot of value over time.
Morningstar analyst Patokai Lu has published a report showcasing the ‘big three’ altcoins: bitcoin (BTC), ethereum (ETH) and Cardano (ADA). The analyst used a proprietary algorithm to grade the altcoins based on their fundamental value and technicals, and according to his findings the ADA-fueled platform is one of the three best long-term-investment candidates.
Cardano, together with Bitcoin and Ethereum, has the potential to become the “big three” of mainstream cryptocurrencies, according to Morningstar Portfolio Manager Amy Arnott.
She reminded out that each had advantages and disadvantages. Cardano, on the other hand, will soon provide Ethereum’s technical applications without the latter’s severe volatility. She argues, on the other hand, that Bitcoin is incapable of generating cash flow.
These characteristics, according to Arnott, will certainly attract the attention of institutional investors as the ecosystem develops.
Cardano maintains his composure in the face of adversity.
With each passing day, the long-awaited Alonzo protocol gets closer to implementation. Input Output Global CEO Charles Hoskinson provided an update earlier this month, saying:
“All things considered, velocity is just where it should be, and advancement is right where it should be. Alonzo is on his way.”
Hoskinson has taken the effort to keep the community updated on Alonzo’s development throughout this time. The deployment is expected to begin in mid-August or early-September, according to current projections.
Cardano will be able to compete with other smart contract platforms in the near future. Institutional investors may be interested in Cardano because of its possible technological uses, according to Arnott.
“Cardano is comparable to Ethereum in that it is a system with a wide range of technological possibilities. Cardano and other stablecoins have sparked a lot of interest.”
During the run-up to May, ADA hit a high of $2.50. It bottomed out at $0.90 during a four-day period after a -64 percent decline as FUD took hold. Since then, the price of ADA has fluctuated between $0.98 and $1.90.
In accordance with Bitcoin’s recent resurgence, positive sentiment has returned to ADA. Price moved over the 50-day MA for the first time since mid-June yesterday, with a 26 percent swing.
However, the market quickly retraced to settle below that level yesterday. Another effort to break above the 50-day MA is being made today.
Since last week, the RSI has been on the rise. Momentum is now approaching overbought territory, with a value over 50.
Obstacles to mainstreaming
Despite the fact that Arnott used the term “mainstream” in her remarks, Bitcoin has a lot of challenges in becoming popular.
Perhaps the most significant cause for people’s dissatisfaction is regulatory unpredictability. However, usability, and more particularly, simplicity of use, is often neglected.
Christopher Miglino, the CEO of SRAX, reminds out that cryptocurrency may be frightening to the ordinary individual. This discourages many individuals from ever attempting to participate.
“The technical know-how required to successfully purchase and trade cryptocurrency is a significant barrier to entry, preventing the average person from getting started. Many businesses are attempting to make the procedure more user-friendly, but the ordinary consumer is still frightened by it.”
As a result, it’s possible that smart contract supremacy isn’t determined by whatever platform has the greatest, most lucrative applications. Instead, the fight may be won by sticking to the basics.
Gain a competitive advantage in the cryptoasset market.
As a premium Edge member, you’ll get additional crypto insights and context in every story.
Analyses of the whole chain
Snapshots of prices
a little more context
For just $19 a month, you can become a member right now. Examine all of the advantages.
Like what you’ve seen so far? Stay up to date by subscribing.
This article broadly covered the following related topics:
- crypto signals
- best crypto news
- crypto blockchain
- crypto signals telegram
- blockchain whispers telegram