Should You Buy Cardano (ADA) Or Wait?
For the last several days, Cardano and the entire top 10 cryptocurrencies have seen their value ravaged by the bears. BTC prices dropped from highs closing in on $10,000 to the current price just above $8,200.
Similarly, ADA declined, dropping from a high of $0.39 to the current $0.243 against the US dollar. Although there’s some green dotting the market in the last 24 hours, the sentiment is still bearish.
Cardano’s native coin has lost 7% of its value in the last 7 days. However, that percentage increases significantly when you consider the last 3 months. In a difficult 2018 for many cryptocurrencies, the coin has shed about 40% of its value. That sounds bad, but going 3 months further reveals something else; ADA has actually made gains of up to 816%. What do all these point to? Profit and loss are the names of the game.
Cryptocurrency investment can be tricky, but it appears one thing is vital here- timing. With that hindsight, let’s find out why you should probably be buying Cardano (ADA) now instead of waiting.
Why you should consider buying Cardano (ADA)
Prices are down
Even though the sentiment may still be bearish, and the market could yet go lower, for Cardano this is the time. It’s time to buy when you realize the prices are nearly 50% lower than they were at its recent high that came after a brief rally. In April, the coin rallied from just over $0.16 to reach nearly $0.40. And that was after the Feb-March crash.
The current decline is predicted to correct in coming weeks and though prices could still dip over this weekend, buying and buying some more sounds a great strategy for ADA. Another point to note is to watch the prices of Bitcoin. If BTC continues to stagger, buy more and HODL long-term Cardano will be profitable.
Cardano is a strong project
Many people agree that Cardano is a great project and has a bright future in cryptocurrency. The platform is seen as a 3rd-generation project that could yet be better than both Bitcoin and Ethereum. Its design benefitted from hindsight and is built upon the strengths and improving the weaknesses of the two leading coins.
As such, the team at Cardano is credited with having a platform that has taken care of issues like scalability, interoperability, and governance.
Apart from the scientific approach, the project also benefits from being peer-reviewed. The roadmap also has some exciting features that when deployed, would make the platform one of the top blockchain solution. It’s these factors that give rise to high optimism that the project will succeed and with it the value of its native token ADA.
Cardano is ready for mass adoption
Cardano has attracted a lot of attention from various sectors of the mainstream economy. Its blockchain solutions are getting into deployment face and many projects could soon be using the platform. Users are now aware of the advantages of the Ouroboros protocol that not only provides security against attacks or bugs but can also support sidechains.
A whole range of partnerships is lining up to built dApps and launch smart contracts on the platform. The IOHK, Cardano Foundation, and Emurgo are all working to bring the platform’s solutions to the real world. As it is, ADA is already set to be used on a day-to-day basis in South Korea after a lucrative deal put onto the path for mass adoption.
Unlike many other projects, Cardano is already establishing a presence with the real-life usability of its token. It implies its value should rise with time.
It has also been long known that Cardano supports Cross Chain integration. What this means is that ADA can be directly exchanged with other cryptocurrencies that support the Cardano protocol. At best this puts ADA in a good position to be used widely adding to its value growth.