Cardano, an open-source decentralized project is one of the leading cryptocurrency in a crypto market today, holding the grip on 12th largest spot in terms of market capitalization.
Input-Output Hong Kong (IOHK) backs this ambitious blockchain project which is designed to boost the scalability issue that is still persisted in the world’s largest cryptocurrency, Bitcoin.
What Sets Cardano Apart?
Although market prices are less promising than what it happened to be in late 2017, investors, traders, and enthusiasts are still eyeing to find the potential cryptocurrency to invest and trade. Notably, Cardano has already made headlines through various partnerships and announcements with industry leaders. Moreover, crypto players also appeared to be betting high on the future price of Cardano. But will that be a lucrative project invest in?
Well, the specific answer to the above question is quite difficult– this is because the crypto market is too volatile by nature, but there’s always room to predict future performance based on its existing concert.
It’s the fact that the privacy-focused coins such as Zcash, Dash and other such currencies certainly create a sense of uncertainty among the investors whereas currencies such as Cardano tend to build trust. Having said that, Charles Hoskinson, the CEO of Cardano or IOHK has been quite active in the crypto market for the last couple of months.
Partnership with New Balance
Mr.Hoskinson during the Cardano Summit in Bulgaria in late September this year – announced the collaboration with New Balance to solve authenticity on the blockchain. Essentially, New Balance is the athletic wear and sneaker brand and both companies will worth together to create a new blockchain called NB Realchain which reportedly confirms the authenticity of New Balance’s retail products.
Talking about the partnership, Hoskinson notes that;
“We’re looking forward to seeing what New Balance customers make of the opportunity to protect their investment by verifying the authenticity of their new purchase forever, on the Cardano blockchain,”
However, it’s worth noting that within just two years of launch, Cardano amassed market capitalization of over $1billion. Remarkably, the currency currently captures the 13th largest spot with the market capitalization of $989,001,076.
Cardano’s Performance in 2019
Following the closer look at the yearly price chart, Cardano was traded at around $0.042 against USD on December 31, 2018. The coin kick-started 2019 with $0.041 and has hit the second quarter with $0.070. It geared up this year’s third quarter with $0.084 against USD. However, the coin entered the fourth quarter of 2019 at $0.039.
Moreover, at the time of reporting this, Cardano is valued at $0.043715 against USD, surged briefly by 4.20 percent within the past 24Hrs. As on November 05, 2019, the coin is listed at over 100 cryptocurrency trading platforms with multiple trading pairs. However, the top trading platforms for Cardano as per the current time are CoinEx, Binance, Huobi global, Upbit, BiKi, BW.com, BKEX and Bitrue
Cardano is also known as the Ethereum of Japan – in fact, the report highlights that around 95% of ADA coin is held by Japanese. Nevertheless, the project defines itself as;
Cardano (ADA) is a decentralized platform that will allow complex programmable transfers of value in a secure and scalable fashion. It is reportedly the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach, and one of the first to be built in the Haskell programming language.
Even though the market has plummeted to a new low this year, Cardano remained under the 15th rank on the graph of Coinmarketcap. Besides, the project has a pretty good community that frequently promotes its partnership announcement, price updates, and other development-related news. As per the report, the development team of Cardano comprises of a “large global collective of expert engineers and researchers”.
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