The ADA digital asset is re-establishing its presence with strong spikes in trading volumes.
1 hr ago
Cardano (ADA) grew by just 5% in the past day, but seems to be headed for further growth, as it made its way to $0.27. With a 32% weekly growth, ADA is one of the best performing assets last week, though standing behind the rise in Stellar (XLM), which added more than 50% to its price.
However, the climb of ADA in terms of Bitcoin prices has been slow, and the asset is still down around 50% from its BTC peak achieved in December.
The biggest awakening for ADA came last week, and now the asset is in consolidation mode. The new pair ADA/USDT is less active compared to the ADA/BTC pair, which is still in the top 10 pairs of Binance. Yet the additional trading, and the effect of Upbit, may be the bullish factor for ADA. Depending on the size of the May rally that many traders expect, ADA may follow the trend of other coins and revisit peak prices, but this time also gaining against BTC.
The biggest factor for the ADA trading would be speculative interest. At the same time, the project has yet to unroll its third-generation solution, with a fully scalable network. The biggest efforts of the team, and Charles Hoskinson, are right now on popularization and recruiting potential developer talent. The ADA network uses a relatively unpopular programming language, Haskell, potentially limiting the pool of developers.
Just landed in Toronto. Very excited to meet with the community here https://t.co/Ja4oBTleTO
— Charles Hoskinson (@IOHK_Charles) April 20, 2018
There are many unknowns surrounding the Cardano ecosystem, and some believe it would work with a totally different network architecture, not unlike torrents, where peers add to the speed of the network. But those are only speculations, until the project unrolls its solution to scaling as promised.
Some believe that even now, the Cardano project is overhyped, and is a long-term opportunity at best. Price climbs in the short term would be speculative and at a high probability for corrections.
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