Cardano Is a Better Bet Than Bitcoin and Ethereum Right Now

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The price of Cardano (CCC:ADA-USD) has been rising while the broader cryptocurrency market continues to fall, making the fledgling asset a lone bright spot among digital coins and tokens.1642355408897.png

On the day of this writing, the price of ADA-USD is up 9.5% at $1.24 in the past week. Cardano has been marching higher as larger digital coins such as Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) fall into bear market territory as they are each more than 30% below their all-time highs reached in mid-November.

To be sure, the price of ADA-USD has also fallen more than 30% over the last two months, but Cardano appears to be rebounding faster than other cryptocurrencies as both Bitcoin and Ethereum face the ominous technical indicator known as a “death cross.” ADA-USD is up about 300% over the last 12-months. So, what is the catalyst leading Cardano to rebound?

Milestones and New Projects​

The catalyst for Cardano right now appears to be the fact that the cryptocurrency has hit several key milestones in recent weeks. ADA-USD has exceeded the 20 million transaction mark with no downtime in over 1,500 days of operation. And Cardano is also now held in more than one million digital wallets worldwide.

Both of these achievements are significant and have helped the price recover from its autumn selloff. Also key has been the launch of the rewards token ADACash (CCC:ADACASH-USD) last month, which reached a market capitalization of $30 million and more than 10,000 holders less than a month after its debut.

The successful launch of ADACash provides momentum to Cardano. However, developers are not stopping when it comes to new projects related to the ADA-USD blockchain, which is billed as a third generation blockchain after Bitcoin and Ethereum.

Developers are coming up with new projects that include a non fungible token (NFT) marketplace and an exchange for decentralized finance (DeFi) transactions. While these projects will take time to come to market, they underscore the utility and functionality of the Cardano blockchain and position ADA-USD for future growth.

Hydra Upgrade​

An additional upcoming catalyst for Cardano is the “Hydra” upgrade that is expected to take place later this year and will dramatically improve the processing time for transactions on the ADA-USD blockchain. The faster speeds will make Cardano even more useful when it comes to decentralized finance, as well as smart contracts.

It’s important to note that Cardano operates on a “proof of stake” concept that is much more energy efficient and better for the environment than the “proof of work” concept that Bitcoin and Ethereum run on. The high rate of energy consumption is a major knock on most other cryptocurrencies and the sector in general.

Another unique feature of Cardano is that the cryptocurrency has a dedicated team of developers behind it led by former Ethereum mastermind Charles Hoskinson, and any upgrades to ADA-USD’s network are peer reviewed before they are implemented. This combination of rigor and environmental sustainability makes Cardano the ideal digital asset for socially conscious investors.

Going forward, the prominence of ADA-USD is only expected to grow. Some analysts have even forecast that Cardano will eventually surpass Ethereum as the leading blockchain technology for decentralized finance and smart contracts, as well as NFTs.

Bet on Cardano’s Future​

Cardano has a lot working in its favor and its price is responding. Many people who intimately understand the world of digital coins and tokens see ADA-USD as the future of the sector and expect it to eventually rival and ultimately replace larger cryptos such as Ethereum and Bitcoin.

Cardano is where cryptocurrencies are headed–not where they have been. The fact that ADA-USD is more energy efficient and superior when it comes to facilitating DeFi transactions and smart contracts makes it one of the more useful digital tokens, and an attractive option for investors who want exposure to cryptocurrencies that haven’t run up to exorbitant prices.

While all cryptocurrencies are risky investments, Cardano is worth a small position. ADA-USD is a buy.
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