Cardano is now a better bet than Bitcoin and Ethereum

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Price for Cardano (CCC:ADA-USD) is growing, while the wider cryptocurrency market continues to fall, leaving the newly created asset a lone bright spot between digital coins and tokens.

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As of this writing, the ADA-USD price has risen 9.5% to $ 1.24 in the past week. Cardano has advanced higher than larger digital coins such as e.g. Bitcoin (CCC:BTC-USD) in Ethereum (CCC:ETH-USD) belong to the bear market area, as each is more than 30% below its all-time highs reached in mid-November.

Of course, the price of ADA-USD has fallen by more than 30% in the last two months, but Cardano seems to be recovering faster than other cryptocurrencies as both Bitcoin and Ethereum face an ominous technical indicator known as “Death Cross.” ADA-USD has increased by about 300% in the last 12 months. So what is the catalyst that leads Cardano to rebound?

Milestones and new projects

The current catalyst for Cardano seems to be the fact that the cryptocurrency has reached several key milestones in recent weeks. ADA-USD has exceeded the limit of 20 million no-loss transactions in more than 1,500 operating days. And Cardano is now stored in more than a million digital wallets worldwide.

Both achievements are important and have helped the price recover from the fall sale. It was also crucial launch of a prize 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 first appearance.

Successful launch of ADACash gives impetus to Cardan. However, developers are not stopping when it comes to new projects related to the ADA-USD blockchain chain, which is charged as a third-generation blockchain chain after Bitcoin and Ethereum.

Developers are preparing new projects that include an irreplaceable token (NFT). and exchange for decentralized financial transactions (DeFi). Although these projects will take time to hit the market, they emphasize the usability and functionality of the Cardano blockchain chain and position the ADA-USD for future growth.

Hydra upgrade

An additional upcoming catalyst for Cardano is Hydra upgrade. which is expected to take place later this year and will dramatically improve the processing time of transactions in the ADA-USD blockchain. Higher speeds will make Cardano even more useful when it comes to decentralized finances and smart contracts.

It is important to note that Cardano operates on the basis of the “proof of input” concept, which is much more energy efficient and better for the environment than the “proof of work” concept on which Bitcoin and Ethereum operate. High energy consumption is a big blow to most other cryptocurrencies and the sector in general.

Another unique feature of Cardano is that it has a dedicated cryptocurrency development team led by Ethereum ex-husband Charles Hoskinson, and all ADA-USD network upgrades are professionally reviewed before they are implemented. Due to this combination of rigor and environmental sustainability, Cardano is the ideal digital asset for socially conscious investors.

In the future, ADA-USD’s reputation is expected to only increase. Some analysts even predict that Cardano will eventually surpass Ethereum as the leading blockchain technology for decentralized finance and smart contracts and NFT.

Bet on Cardan’s future

Cardano has a lot of work to do and his price is responding. Many people who have a good understanding of the world of digital coins and tokens see ADA-USD as the future of the sector and expect it to compete over time and eventually replace larger cryptocurrencies such as Ethereum and Bitcoin.

Cardano is where the cryptocurrencies are headed – not where they were. The fact that ADA-USD is more energy efficient and better 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 looking for exposure to cryptocurrencies that have not yet reached exorbitant prices.

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

On the day of the publication of Joel Baglole did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.

Joel Baglole has been a business journalist for 20 years. He spent five years as a personal reporter for The Wall Street Journal, and also wrote for The Washington Post and Toronto Star, and for financial sites such as The Motley Fool and Investopedia.

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