Cardano (ADA) Demands Attention- Here’s Why It’s A Hot Buy Today
When new investors scour the market looking for investment opportunities, there’s one question they are likely to ask. Which are the hottest coins now?
If they are knowledgeable about the market, they’d land on CoinMarketCap or other sites that shows daily market aggregates. If you did that today, two coins in the top 10 are likely to attract your attention- IOTA, and Cardano (ADA).
Why would ADA demand your attention? It’s because only it is one of the hottest coins this week, rising by +12.8% when most others are teetering.
ADA/USD in the market
Cardano, like every other coin, had a rough May, especially the last few weeks. June again begins with political uncertainty in Italy and other market sentiments set to play a role in price direction.
The general feeling is that the market will rally in the coming weeks due to an influx of new investors. If such a rally does occur, ADA is set to see huge price jumps.
Short-term, however, there’s a chance the coin could make above $0.30. The slight bullish sentiment will be very crucial over the weekend and early next week.
If the ADA bulls successfully break above the $0.23 resistance level, the coin could pick a nice momentum. That is predicted to take it to or near the $0.35 level. At the moment, if the coin rises above $0.30, buying for long-term investment would be advisable.
Currently, ADA/USD is trading at $0.23, picking a slight surge of +1.20% over the last 24 hours. Over 7 days, Cardano has risen by +12.78%, suggesting optimism is building.
Why is Cardano rising?
The simplest explanation is that the crypto community has finally realized how potentially big Cardano is. And it’s not just for being a top ten coin. The effort by IOHK and Charles Hoskinson is beginning to bear fruit as the platform prepares for the next phase of development after launching KVEM.
It is progress for the community that now feels the months of waiting are worth it. it has rallied everybody, including the team that recently said that:
“This is the first smart contracts testnet for Cardano. Smart contracts must be formally verified, so they run exactly as specified and are free from bugs or flaws. Only then can they be widely adopted as financial infrastructure that can be relied upon by billions of people.”
Cardano’s unique research-based approach has the effect of reassuring the community that the future is bright. And that faith is shown in the support the community gives the coin.
Being a smart contract platform, Cardano is much like Ethereum. However, the approach taken by IOHK has set it apart.
The team was clever enough to design a project that accommodates numerous upgrades and updates without destabilizing the network with hard forks. And what that means is that Cardano could potentially overtake Ethereum in a few years.
Why you should buy Cardano
One of the advantages of Cardano (ADA) is the capacity for its blockchain protocol to scale to levels Ethereum and other coins can’t reach. This factor puts the platform in prime position for use by businesses and governments.
Already governments in developing countries are studying and piloting solutions based on the Cardano protocol. It also boasts of key factors like moving towards a fully decentralized platform, with robust governance system.
The IOHK is also one of the most respected companies working in the blockchain industry. Its CEO is a former Ethereum co-founder. His commitment to the Cardano project has seen it rank as one of the less-risky crypto assets.
What this means is that making investments in ADA potentially means your assets are secure. But the main reason Cardano demands attention is that it represents a solid platform, one of the 1% that will survive a cryptocurrency bust.
Cardano’s rise to the top of the market isn’t based on hype like some of the coins. It is based on solid developments that may appear too slow in coming. The progress made over the last several months is being seen in the various testnets. Work continues and when the mainnet proper launches, Cardano (ADA)’s rise will be monumental.