Investors are always seeking the most profitable investment and this is no different for cryptocurrency investors who invest in the currency whose price is most likely to soar. Cardano has been one of the currencies that many investors have turned to, with its price rising greatly in the last one month. Cardano (ADA) got everyone's attention when its price rose 400% in just one week, dwarfing the progress of all other major cryptocurrencies. On Tuesday alone, its price surged an incredible 142% in less than 24 hours which had many cryptocurrency investors contrite at not having invested in Cardano earlier.
Image 1 – Cardano (ADA) Charts – Source: https://coinmarketcap.com
One of the key drivers of the recent price surge is a major announcement that Cardano (ADA) developers are expected to deliver this weekend. As with all other major announcements, speculative investors invested heavily in Cardano and this pushed the price through the roof. The development team behind Cardano is led by former Ethereum head, Charles Hoskinson as the leader of IOHK, the research company behind Cardano. Once the updated roadmap is announced, the price of Cardano may even rise higher than it has.
Increased support for exchanges
This is another reason that's the currency's great price increase. The availability and visibility of a digital currency on exchange platforms is crucial to its demand and supply. For a long time, Cardano has not been offered by most currency exchanges but this has changed in recent months as exchanges recognize the great potential Cardano has.
Bittrex, one of the biggest exchanges which are headquartered in the US recently began offering a trading pair between Ethereum and Cardano i.e. ETH/ADA pair. This makes the trading of Ethers for ADA possible. Binance, one of Asia's biggest exchanges which are based in China also added ADA to its platform recently opening up opportunities for Cardano in the Asian market. The Asian market has been known to offer cryptocurrencies at a higher value than the global average. Other exchanges are quickly adopting ADA as it has become one of the biggest traders and this will keep pushing the price of ADA even higher.
ADA debit card
The Cardano development team is working on an ADA debit card that has excited very many cryptocurrency enthusiasts. This would not be the first time a cryptocurrency attempts this but previous attempts have not been as successful. This would bridge the wide gap between digital currencies and the general offline commerce. This debit card will be linked to an application that is topped up via Daedalus, Cardano's wallet.
Ouroboros receives growing support
Ouroboros is Cardano's proof-of-stake consensus algorithm. It protects the users and ensures maximum security and privacy by employing a rigorous cryptographic that is light-years ahead of its peers. It also allows for the development of protocols by the developers that enhance speed, ease of use and security enabling the development team to adapt to changing user needs. This algorithm has received very positive reviews by expert cryptographers and programmers with many recognizing it as the future of cryptocurrencies. This has boosted the users' confidence in Cardano and led to a rise in demand of its native cryptocurrency, ADA.
Mathematical approach to security
While some cryptocurrencies rely on popular programming languages for their development which makes them prone to attacks, Cardano is based on a completely new language known as Haskell that was developed by Philip Walder. This language provides unparalleled security by using a mathematical proof of security, a unique security protocol that is unique to Cardano. This makes transacting on Cardano's blockchain more secure than with any other cryptocurrency.
Cardano bursts into top 10
Earlier this week, Cardano burst into the top 10 currencies by market capitalization hitting a record high of $3.2 billion in the wake of its price surge. This was at the expense of some major currencies including Monero, NEO, and NEM. This is proof of the potential that Cardano offers to investors. What makes it even better is that it currently trades at a very eye-catching price of $0.12 which means that even small-scale investors can afford to invest in Cardano. This is the best time to invest in Cardano and sit back as your money is multiplied tens of times. Do not wait for tomorrow, invest in Cardano right away.