RISE OBSERVED IN THE VALUE OF CARDANO

  • Cardano, the crypto-currency platform which uses ADA as its crypto-currency, is said to have observed a rise in 13% of its market’s value in the past seven days  
  • It presently has a market cap of $5.58 billion and the circulating supply is expected to be ADA 31.11 billion
  • The move upwards pushed Cardano’s market cap up to $5.379323B, or 0.74% of the total cryptocurrency market ca

Cardano, the crypto-currency platform which uses ADA as its crypto-currency, is said to have observed a rise in 13% of its market’s value in the past seven days. And also the firm has been introducing various advancements such as Shelley test net and has promised to release it this year. Talking about Cardano it is an open source project that provides a public blockchain base for all platforms. It was released in the year 2017 and since then it has shown consistency and discipline in its growth. Unlike most of the cryptos the Cardano uses a ledger which emphasises Proof Of Stake for timestamping. It is expected to have a supply limit of ADA 45 billion. It presently has a market cap of $5.58 billion and the circulating supply is expected to be ADA 31.11 billion.

Cardano has been developed with a good skill set and is believed to provide instant and safe implementations in cases of critical industries like aerospace and banking. Cardano offers security and scalability through layered architecture, which makes it unique and special.

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It seems that the stakes of buyers are continuously increasing in ADA and it is also expected to see a huge rise in the coming few days. But there has also been a on chain data that, the increase in the users is expected to bring a bit of resistance for the Cardano firm. This is because it was recorded that most of the buyers have bought it for a range of $0.55 to $0.57, which might act as a supply barrier and inhibit the Cardano growth. And also the most promising thing that supports the rise of Cardano is the belief of its investors in it. 27000 addresses have been recorded  holding 7 billion ADA. This demand is expected to grow in the coming days. So this holds a strong reason to say that the value of ADA wouldn’t decline much if there is any change in the stock market.

The move upwards pushed Cardano’s market cap up to $5.379323B, or 0.74% of the total cryptocurrency market cap

At its highest, Cardano’s market cap was $23.917000B. Bitcoin’s market cap when observed at the end was estimated to be $502.089331B or 68.85% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $84.924992B or 11.64% of the total cryptocurrency market value. 

Conclusion 

This significant rise of the Cardano market cap has been pleasing to most of its investors, and this encourages more and more investors towards it. Considering all these factors, Cardano is expected to share a place among bitcoin and ethereum in the coming days.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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