Cardano (ADA) has traded positively today and has seemingly found its bottom against bitcoin. Its seems like the bears put in their best shot to absolutely crush this market and it has shown some resilience this week. ADA/BTC bounced as soon as it hit the support trendline of the falling wedge. This price action emboldened bottom fishers to enter long positions.
Charles Hoskinson, creator of Cardano and co-creator of Ethereum, boasted about the coin and its ecosystem saying it was one of the few cryptos being verified by engineers and scientists. Having been looked over by scientists and university academics, Cardano (ADA) is also being looked after by three different dev teams, which includes IOHK on the head with Hoskinson.
ADA’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe.
Find out when ADA reaches critical levels. Sign up for push notification to hear about every new article on economicgazette.com.
Recently, Cardano’s new consensus protocol, Ouroborus, was introduced to create a faster means for transactions with minimal costs. One thing worth noting is, Ouroborus consumes less energy, and it is efficient.
Cardano (ADA) does have strong case to be next in line to join Coinbase after Ripple, which most analysts predict will be the next coin to join the exchange.
The new for ADA has been light and certainly does not explain the recent pop. Hoskinson has been doing a tour of Mongolia. He had a discussion with the Foreign Minister after his arrival on Wednesday; gave a lecture at the country’s Institute of Technology and met up with the financial regulators on Thursday; he announced just a few hours ago that Ubex, a local exchange, would be listing ADA on its servers. However, it’s hard to see what Hoskinson’s trip to Ulaanbaatar might mean for the wider development for the project