The atmosphere around the cryptocurrency market has been good, with the exception of some price fluctuations here and there. A constant is a series of short bullish movements. Many of the major digital assets have increased and decreased in recent days. While Bitcoin has paved the way for the gathering of major digital assets since early April, the rally, short-lived, has stagnated in most major plays.
Cardano is ranked number 10 on the list of the largest crypts in the market. The digital asset has an ROI of 233.59%. The total ADA in circulation is ADR 25,927,070,538. Cardano is quoted at $ 0.074381. It has risen 0.41% with a market capitalization of $ 1,928,488,104 at the time of publication. Cardano has a trading volume of $ 81,751,440 according to the data provided by CoinMarketCap.
Cardano is designed to facilitate complex transfers of programmable values. It offers total security with scalable transactions. Cardano is based on Haskell’s programming. The network was developed by a team of leading engineers and professional researchers. The digital asset aims to prepare a democratic payment solution that will have the power to assume the existing traditional payment system.
State-Backed Cryptocurrency For Ethiopia
The altcoin had its own isolated news that resulted in a surge, coming from the Ethiopian country of East Africa. Charles Hoskinson, CEO of IOHK, the company behind the cryptocurrency told the community through an AMA session on April 21 that a Memorandum of Understanding (MoU) was signed with the Ethiopian government. Based on the MoU, a digital payment system will be established in collaboration with the Ministry of Innovation and Technology of the country.
The cryptocurrency will be used first by residents of the capital city of Addis Ababa, before expanding to other cities in the country. ADA will be implemented mainly for payments of public services and public transportation.
Working in coalition with the government for a financial project of this magnitude will provide a significant use case for cryptocurrency and greater adoption at a broader and sovereign level. In reference to the same, Hoskinson said:
“It’s not just a made-up thing; an aspirational which we hope will acquire customers. It’s a government-sponsored monopoly in that respect.”
Cardano Recent Market Stats
The important impulse in the price of the cryptocurrency began at 0800 UTC when the ADA was trading at $ 0.0722 and saw an increase of 8.17 percent to $ 0.0781 in a three-hour period. For Cardano, the next increase occurred at 1200 UTC when it rose from the mentioned point to its current price of $ 0.0797. It should be noted that the currency did not enjoy an upward movement as marginal drops marked the wave, but the bulls managed to sustain.
Since the increase, Cardano has seen a huge increase of 9.17 percent against the US dollar in a 24-hour period, while the competition’s currencies are only making minimal gains. In terms of market capitalization, Cardano experienced an increase of $ 200 million, breaking the $ 2 billion mark in the process. However, before the market correction and lateral movement of last week, Cardano’s market capitalization was $ 2.18 billion.
ZBG represents the largest commercial volume of ADA, with 32 percent of the total commercial volume in the ADA / USDT commercial pair. Other important exchanges on the list are Binance, Upbit, Huobi Global and HitBTC.
Cardono Price short Term Bearish
The price of Cardano oscillating around 0.07 dollar, it tends to fall to 0.05 dollar. Cardano is about to form a price correction after the unprecedented April 1 boom. After reaching the desired level, the digital asset should increase in the medium and long term. The price of Cardano is expected to be over $ 0.06 to $ 0.07 by the end of the quarter. The resistance should be facing after $ 0.007. The 2019 Cardano price prediction goes with a higher score of $ 0.05. By 2020, the price of Cardano should exceed 1 dollar.
Short-term investors are advised to wait a moment to see what the final phase of the price correction will show. For holders of medium and long-term securities, Cardano is optimistic. Investors can expect more profits if they decide to keep their investments for at least a year or more.