Bitcoin and Ethereum are the tip of the iceberg in terms of cryptocurrencies and blockchain.
Cardano, for example, is one of many rival coins and blockchain platforms.
Cardano is an open-source blockchain and smart contract platform that is powered by its eponymous cryptocurrency, Cardano (ADA). Cardano’s blockchain, unlike Bitcoin’s, employs a proof-of-stake algorithm to approve transactions and procedures. Charles Hoskinson, one of Ethereum’s co-founders, founded Cardano.
In the blockchain ecosystem, Cardano is unique in that it has some academic research credentials. Naturally, this does not guarantee that the platform will be a success right away. Furthermore, just because something is intellectual does not necessarily imply that it is right.
Cardano’s PoS method, according to Emin Gün Sirer, a Cornell University professor, has the advantage of being peer-reviewed. It does, however, suffer from its paper being long, thick, and full of nuanced evidence. Sirer claims that there is a lot of debate among academics about whether articles have valid proofs or whether they have just redefined components to make them proofs.
According to CoinMarketCap, Cardano is now ranked 15th among the top cryptocurrencies by market capitalization. It used to be in the top 10, but it’s dropped down the ranks in the last year as development appears to have halted.
ADA/USD in 2018
ADA recently started publicly trading in late 2017, so this was the company’s first full year on the market. Cardano began trading on October 1, 2017 for $0.22 and had increased by 190 percent by the end of the year to $0.64. The infamous 2017/2018 market-wide cryptocurrency bull-run coincided perfectly with the launch of ADA. ADA achieved the greatest trading prices it has ever seen in the first months of 2018.
The all-time high price for ADA was $1.16 on January 4, 2018. However, as the cryptocurrency sector corrected during the year, ADA’s trading price plummeted, and it plummeted dramatically. ADA traded at $0.0414 on December 31, 2018, down 96% from its all-time high. It is down 81% since its initial release in 2017.
Q1 to Q3 2019 ADA/USD
ADA had a rather uneventful January through early March. In these months, for every upswing, there was a downswing that corrected the price. ADA, on the other hand, had a big boost in its trading price in mid-March. The price of ADA was around $0.0404 on March 4, 2019, but it shot up for the next four weeks. Cardano was trading at $0.1007 on April 3, 2019, a 149 percent increase.
This was the coin’s highest trading price of the year, but it didn’t go down without a fight. The price of ADA fluctuated during the next month, ranging from $0.0619 on May 9 to $0.0987 on June 23. This was soothing to negative investors. Cardano’s performance in the first half of 2019 demonstrated that it still had life after crashing from its all-time high a year earlier.
Q4 2019 ADA/USD
Unfortunately for negative traders, ADA was unable to maintain its upward trend. Its price dropped from $0.0521 on September 18 to $0.0367 on September 26, at the end of Q3 2019. This provided Cardano with flexibility to expand in the fourth quarter of 2019. Cardano’s October performance would have been appreciated by worried traders after the spectacular upswing and subsequent downswing experienced in the first three quarters of 2019.
ADA began trading in October 2019 with a price of $0.0380. After a week, the coin’s price had risen to $0.0418, a healthy 10% increase. On October 23, the coin was driven to a monthly low trading price of $0.0357 due to a market correction. Cardano, on the other hand, was able to rebound and by the end of the month had reached $0.0407. Over the course of the month, there was a 7% gain.
The story was basically the same in the first part of November as it had been the previous month. Cardano witnessed little increase in the first two weeks of November, but the month ended with a bang. The highest trading price for ADA in November was about $0.0448 on November 17th. However, a market slump the following week reduced Cardano’s price to barely $0.0351.
Cardano’s trading price rose slightly on November 29, reaching $0.0403, but this was short-lived, and by December 17 the price had dropped to around $0.0331, where it remained for the remainder of the year. Cardano showed some potential in 2019, but it wasn’t able to maintain any meaningful increase. It finished the year at a lower price than when it began.
Important Events in 2019
A string of encouraging announcements could explain Cardano’s excellent performance in March. For one thing, Ledger, a hardware wallet manufacturer, has stated that it will support ADA. Cardano stated at the end of March that it had completed a major update to its mainnet in preparation for the release of its Byzantine fault tolerance protocol.
Cardano, worth $233,000, was stolen from cryptocurrency exchange Bitrue in June 2019. This seems to correspond with Cardano’s rapid and considerable price drop at the same moment.
Cardano had further positive news near the end of the year, when Weiss ratings declared that Hoskinson’s platform was vastly better than competing blockchain EOS. While this revelation had no impact on the price of ADA in 2019, the coin may fare better in 2020.
Cardano has already had a successful year. Its price started the year at $0.033 and was at $0.0400 as of yesterday. Although it is still a long way from its all-time high, significant growth is always good news for those who invested in Hoskinson’s technology.