Cardano (ADA): You Can’t Go Wrong With Advice Like This
Cardano (ADA) is one of two worst performers as the latest cryptocurrency reversal continued to affect prices across the market. According to coin ranking site XBT.net; Cardano was down -4.27% against the US dollar, only better than NEO’s 24h drop of -4.13%. While this doesn’t mean much in terms of the overall picture, it sure affects ADA’s short-term standing.
The impressive performance by this coin in the market in the last two days has now been completely overshadowed by today’s huge reversal. The “Japanese Ethereum” seems to have been hit hard by news from its home region.
First, its possible investors have panicked due to the Binance struggle with the JFSA. Then there is the issue with AML regulations in South Korea. These events appear to have tempered investor spirits. Bitcoin too has dropped, and we know that most often a drop in BTC value usually sweeps altcoins too.
However, today’s performance is the more stark, bearing in mind that ADA was the best performer two ago. By then Cardano posted a remarkable +19% price jump to lead the top 10 coins into the green.
Yet, just 48 hrs later, Cardano is the worst performer, albeit with a modest margin of just 0.14% above its main top 10 competitor NEO. It appears the great performance of the past three days is weighing down on Cardano (ADA). You could be tempted to ask what would be happening to this cryptocurrency.
You can’t go wrong with advice like this
Charles Hoskinson co-founded Ethereum before he moved on to co-found IOHK and Cardano. He, therefore, has something or two about cryptocurrency investing.
Cardano’s blockchain-based platform is secured by its Ouroboros protocol and built in the formidable Haskell programming language. The fact that the platform features decentralized applications (dApps) and smart contracts is an advantage to it. This will help it as it looks to penetrate the market. It is also one of the few coins that operate at extremely low costs with good scalability.
Could this advice to Korean investors by Cardano founder Charles Hoskinson be what we need now as prices go into the red? While speaking to BlockchainNewsKorea, he said:
“I’d like to tell the viewers in Korea that there is no rush. When you see emerging, great, new technology comes, you have this implicit gut feeling of “Oh God! I need to do something now. If I don’t do something now, I’m going to miss this great market opportunity.”
The IOHK CEO feels that blockchain technology and cryptocurrencies are not going anywhere. And that most likely includes Cardano. The former Ethereum co-founder also believes that whatever happens now cannot and should not hinder investors from getting into cryptocurrency. He says:
“…it does not matter if you get in today, or two years from today, or three years from today. They are still going to be around and there’s still going to be plenty of opportunities.”
And we can still make it big with cryptocurrency even if we fail to do it now. The issues of FOMO shouldn’t force investors to make unwise decisions regarding putting their money on this or that crypto. It would be nice to conclude with his analogy about the internet. Take this with you as you contemplate the next move. Remember, you can’t have it all whenever you need it. Charles sums it up pretty well in these words:
“I can go start an Internet business today and still become a billionaire and the Internet is quite old. So there is no notion that if I didn’t get in in 1994, there’s no way to start the next Amazon”
In short, Cardano (ADA) may be tanking now, but do you see it doing well a few years down the line?