As Bitcoin shoots as high as 30% in the last week, many altcoins also rose and made increasing gains. However, other altcoins such as Cardano were still shy in their respective uptrends. Cardano is still hovering around a price of $0.35, despite Bitcoin jumping from 19K to 28K. Will Cardano prices boom higher? Will Cardano reach 1$ and triple?
What is Cardano Coin?
ADA is the native cryptocurrency of the Cardano blockchain. This Cardano coin can be used for transactions on the network and can also be held as a form of investment. Cardano has gained popularity due to its innovative features and strong community support. The platform is being developed by the Cardano Foundation, IOHK, and Emurgo, and has attracted partnerships with various companies and organizations around the world.
Why is Cardano Blockchain good?
There are several reasons why Cardano blockchain is considered to be a good blockchain platform:
- Sustainability: Cardano uses a proof-of-stake (PoS) consensus mechanism, which is more energy-efficient and sustainable than the proof-of-work (PoW) mechanism used by some other blockchains. This means that the platform can scale up without causing significant environmental impact.
- Scalability: Cardano has a layered architecture, which allows for more efficient processing of transactions and makes it easier to scale the platform. The platform has the goal of supporting a high number of transactions per second.
- Security: Cardano has a strong focus on security and has undergone several security audits. The platform uses a formal verification method to ensure that smart contracts and other codes are free from errors and vulnerabilities.
- Interoperability: Cardano is designed to be interoperable with other blockchain platforms and legacy systems, which allows for easy integration with existing infrastructure.
- Decentralization: Cardano is a decentralized platform that is governed by a community of stakeholders. This means that no single entity has control over the platform, which reduces the risk of censorship and promotes transparency and accountability.
How to Mine Cardano?
Cardano uses a proof-of-stake (PoS) consensus mechanism, which means that people cannot mine it in the same way that proof-of-work (PoW) blockchains like Bitcoin work. Instead of using computational power to solve complex mathematical problems to validate transactions, Cardano uses a system of validators that validate blocks based on the amount of ADA they hold and are willing to lock up as a stake.
If you want to participate in the Cardano network as a validator, you can become a stakeholder by purchasing ADA and holding it in a supported wallet. This allows you to participate in the staking process and earn rewards for helping to secure the network. You can delegate your stake to a stake pool, which is a group of validators who work together to validate transactions on the Cardano network. By delegating your stake, you can earn a share of the rewards earned by the stake pool.
Where to Buy Cardano?
There are currently many good exchanges that offer to trade and hold Cardano coins. Here’s a list of known exchanges that are currently in good standing:
On the other hand, it is always safer to hold your own coins in your own offline wallet. We suggest using a Ledger or a Trezor wallet.
Cardano Analysis: ADA prices are SHY!
While the crypto market increased by an average of 20% in the past week, ADA increased only by 10%. Cardano is usually a top performer when the crypto market is bullish. However, prices only increased from around $0.32 to reach the current price of $0.35. In fact, ADA today is approaching a very strong resistance.
Cardano Price Prediction: Will Cardano reach 1$?
If Cardano manages to break the $0.35 resistance, and the crypto market continues to be bullish, we can expect Cardano to go back to its uptrend. In fact, not only an uptrend, but a strong one. Bitcoin should be able to break the $30,000 price mark and Ethereum its $2,000 resistance. If that happens, Cardano should be able to explode and reach $0.40-$0.45 as a first step.
Will Cardano reach 1$? Well, the next steps should happen towards Q3-Q4 of 2023 where Cardano should reach the psychological price of 1$. However, the entire crypto market should continue its uptrend momentum.
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