The CME Group's futures contracts enabled Bitcoin this weekend to reach a somewhat predictable price of $ 20,000 on certain stock exchanges.
According to CoinMarketCap, the reference cryptocurrency peaked at $ 20,089 on December 17. The market has since corrected and the price of Bitcoin has dropped back to around $ 19,000. Unlike previous situations, altcoins have not suffered in this recent rise of Bitcoin, and some, including Cardano, have been very successful in recent days.
Cardano (ADA) is a new player in the cryptocurrency market, having experienced very strong growth in a short period of time. If NEO presents itself as the Chinese Ethereum, then ADA is the Ethereum of Japan. In less than a week, Cardano went out of anonymity to become one of the most traded cryptocurrency. With an increase of more than 400% last week, the price of Cardano went from $ 0.10 to $ 0.50.
The rise of Cardano
Its capitalization is (as of December 18) $ 12.5 billion, allowing Cardano to overtake Dash and IOTA to place in 6th position cryptocurrencies, just behind Litecoin. ADA tokens are mainly traded on Bittrex, which accounts for 60% of total supply, followed by Binance with 35%. In the previous 24 hours, a total volume of $ 549M was exchanged.
With Bitcoin, Bitcoin Cash and now Dash costing more than $ 1,000, a certain psychology comes into play, especially among new traders, according to Forbes. Dollars pegged to the dollar are considered better investments for new entrants.
Several altcoins have exploded in recent months, including XRP, IOTA, NEM, LTC and ETH, and it looks like Cardano is about to join them.
The Ethereum killer?
Input Output Hong Kong (IOHK) is the company behind the Cardano project. Its co-founder, Charles Hoskinson, also worked closely on the launch of Ethereum. The main goal of Cardano is to develop an Ethereum extension, to solve its current scalability problems.
Like Ethereum and Neo, Cardano is a platform that will execute decentralized applications and smart contracts. It will work in different layers, giving the system the flexibility to facilitate maintenance and updates.
According to the Cardano project website:
"This is the first blockchain project to be developed with a scientific approach, and the only one to be designed and built by a global team of leading academics and engineers. It is essential that the technology is secure, flexible and scalable for use by millions of users. As a result, special consideration and care from some of the leading experts in their fields has been devoted to the project and the design decisions of the system. "
Cardano has a great future, especially if it can provide solutions to current scalability issues blockchains already in use. It is currently trading at $ 0.48 after reaching a record high of $ 0.59 a few hours ago.
ADA will it eclipse ETH and be the reference crypto platform?
source https://crypto-analyse.org/2017/12/20/cardano-peut-il-tuer-ethereum/