It’s a slow start to the week for cryptocurrencies. The markets entered the weekend on news that the SEC was going after ICO influencers, and nothing much in terms of major positive news releases with regards to specific coins or the market in general.
This explains the relatively weak start to the week considering that overall momentum is still weak. However, these relatively uninspiring price movements are an opportunity for long-term investors to accumulate on coins that have good prospects for growth, such as Cardano (ADA). So, why Cardano (ADA)? Well, most projects in the top 10 are solid, but Cardano stands out due to its price at this point relative to its fundamentals and the scope of what it is aiming to achieve. It is one of the most undervalued projects in the top 10 at this point when priced at just over $0.04 from a high of over $1.
Quite understandable given that most projects are now being exposed as vaporware, just out to get rich off uninformed investors. Unfortunately, this increased pressure to prove adoption has forced many projects to seek low-value partnerships that may add no long-term value. Cardano is one of the few projects that hasn’t bowed down to such market pressure. That’s because the goal was long-term sustainability from the get-go, and all indications are that Cardano (ADA)’s partnerships once they come will not be with obscure entities. They will be transformative.
For instance, earlier this year, Cardano signed a memorandum of understanding with the Ethiopian government to drive up the use of Cardano in the country’s Agritech industry. It also has working relationships with a number of Asian and other African countries as well. This is just a pointer of how big Cardano intends to go. It doesn’t need PR partnerships just to pump up prices. Its partnerships will add real value in the world and by extension the value of Cardano (ADA).
With such powerful technical capabilities and potential for adoption by among others governments, Cardano comes across as heavily undervalued. As blockchain becomes more adopted in society, Cardano thanks to its strong fundamentals in the market, will be among the most adopted. With such strong fundamentals, Cardano is a solid hold for long-term investors. The moment bitcoin rebounds and the whole market enters a new bull phase, Cardano (ADA) will probably be among the biggest gainers in crypto sphere.
Cardano [ADA] creates record by becoming 4th biggest loser in terms of trading price against all-time high
The bear attack on the market has been pretty obvious, as demonstrated by a lot of cryptocurrencies who are trading below their price support. Popular coins like Bitcoin [BTC], XRP and Cardano [ADA] have all be affected by this downtrend, with some suffering worse than others.
The price crash has also brought some surprising facts to light. As we approach the anniversary of Bitcoin hitting its all-time high, the comparison with the current prices shows that Cardano is the fourth-biggest loser in the one-year period.
The other three coins above it are Bitconnect, Qtum and ICON, cryptocurrencies that are not considered to be in the big leagues. The research indicates that Cardano is currently trading at a whopping 98% below its all-time high.
At the time of writing, Cardano was trading for $0.0298 while at its peak, it was trading for $1.179. Over the course of 2018, Cardano has been plagued with a lot of issues from within the IOHK Foundations as well as its users. The main complaint that users have with the cryptocurrency is the fact that the network is slow and updates are hard to come by.
IOHK’s Chief Executive Officer and founder, Charles Hoskinson, has also been in the news several times to state that Cardano has a lot of potentials that will allow users to build on it.
Despite the negative impacts, Cardano was given a boost recently when it was announced that Coinbase had decided to add Cardano to the list of 30 upcoming cryptocurrencies on its platform. Coinbase’s blog had stated:“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
The cryptocurrency exchange’s blog further stated:“Our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
Cardano(ADA) – A little too late for the Coinbase effect, but fundamentals getting better
Coinbase is the one exchange that every crypto community wishes could list their coin. That’s because the excitement it creates has often led to price pumps that have given major short-term gains to investors. For instance, the listing of Litecoin (LTC) led to a major pump that gave a boost to LTC in the 2017 Bull Run. The same was the case for Ethereum Classic (ETC). Crypto communities also look up to Coinbase because it gives access to the American market, whichis an important one for crypto’s long-term growth.
However, both of these reasons are now greatly diluted. The massive pumps in prices that usually came with Coinbase listings are gone. That’s because bear power is so strong, that exchange listing just don’t cut it anymore when it comes to boosting prices. Besides, Coinbase is now opening up its doors to lots of cryptos,which takes away the excitement. For instance, yesterday, the company announced that they would be listing Cardano (ADA) alongside 30 other cryptos. This takes away the wow effect that came with Coinbase in the past.
Then there is the fact that there are lots of other exchanges that are now offering Cardano (ADA) and other cryptos to the American market. No one looking to buy Cardano (ADA) can claim that they have failed to buy, because they lack access. On this basis, Coinbase may no longer be something to look forward to as a price booster.
The fundamentals are right
Charles Hoskinson has already made it clear that they divested their bitcoins at the right time, to allow them comfortably fund Cardano development all the way to 2020. This is important because, some projects are already running out of money, due to the bear market. This means that Cardano is assured of surviving the bear market, and thrive when it is fully developed.
Beyond this, the IOHK team has made tremendous progress on the Cardano (ADA) roadmap. Recently, the team announced the release of the Cardano testnet. According to Laurie, a member of the IOHK team, the testnet allows developers and Cardano users can check out new features of the Daedalus wallet before they are deployed on the mainnet.
The Cardano team has also achieved a number of other development milestones including Ouroboros, a POS stake algorithm that makes Cardano as secure as Bitcoin, but more efficient. With so much progress on their roadmap, there is no doubt that Cardano (ADA) will emerge as one of the most useful blockchain platforms in the future.
Besides, the IOHK team is an asset in itself for Cardano. They are not only good at the tech side of things but are also going all out to ensure that Cardano gains acceptance in the market. For instance,Charles Hoskinson has made progress in establishing relationships with thegovernment of Mongolia, as well as a number of African countries.
Coinbase’s magic may be over, but Cardano (ADA)’s growth is to a large extent assured.
Cardano (ADA) Testnet Released By IOHK, Cardano Moves a Step Further!
Cardano (ADA) is certainly one of the digital assets that might not be getting much of an attention from the crypto users. Most of them may think that Cardano is a developed crypto. No, it’s actually not! The cryptocurrency is still in developing phases and they are working hard on its technology. We would see Cardano (ADA) emerging as one of the top digital assets in the coming years. The Testnet has been upgraded by IOHK, which is a core part of Cardano’s network. This is just a Testnet launch, but moreover, Cardano is moving ahead in the right direction, where they would change the world with improvements in blockchain technology.
The recent Testnet of Cardano (ADA) launched by IOHK gives the Daedalus wallet users an opportunity to explore some new features ahead of being integrated into the Mainnet. This Testnet upgrade will be very useful for the developers as well as for IOHK engineers. They would be able to use Testnet and benefit from its features. The users would be allowed to use test tokens to trail along with the system and examine how to use the upcoming features without losing funds and this will cost nothing. The users can also send their opinions to IOHK regarding their experience about the features of Testnet, which will help IOHK to enhance the Testnet before the launch of Mainnet.
This Cardano Testnet comes up with the Cardano 1.4 that contains Daedalus 0.12.0 and Cardano SL 2.0.0. This upgrade comprises of a new wallet extremity with a new v1 API, also including the wallet data migration. Some basic changes have been made with improvement in clock synchronization checks and process management, which will adjust the problems caused during loading on Daedalus. The users will also be able to reactivate checks if the clocks are off following the synchronization without restarting the wallet, which would take so long to start up again.
Moving on looking at the bear market, many of the digital assets has been financially hurt. Some of the cryptos have lost up to 80% in the recent bear market. Few days’ ago, ETCDEV proclaimed that they are closing down due to funding problems. So, top crypto’s like Ethereum Classic (ETC) are suffering badly from this bear market. But Cardano does not have any sort of funding issue from these bear markets. The Cardano (ADA) network is fully funded till 2020 unless IOHK team finishes their project. Charles Hoskinson said that they are very clever with the BTC’s they have. He added that they have deprived those Bitcoins and are fully funded for the next two years.
This puts Cardano (ADA) in a strong position, and as they will complete their development programs, ADA will rise to skies. Cardano (ADA) price in the past couple of weeks has been around $0.04 USD to $0.03 USD, which shows how stable the coin has been in the bear market. Cardano (ADA) is a future prospect of the crypto industry and it will flourish considering the facts of its development.
Having a look at today’s (6th December 2018) market, Cardano (ADA) has dropped a bit more. This is because the price of Bitcoin (BTC) has dropped below $4,000 and this has affected the prices of other altcoins. At the time of writing, Cardano (ADA) was trading at a price of $0.035 USD. In the last 24 hours, it has dropped up to –4%, but it has still managed to remain at $0.03 USD mark.