Cardano (ADA) - the Latest Cryptocurrency to Hit Top 10 Market Cap [Video]
|Is the global buzz around Bitcoin and other altcoins continue, Cardano, which is home to the Ada cryptocurrency made its way to the top 10 this week. Standing just above $13 billion, Cardano is now the 6th largest cryptocurrency market cap, trailing behind Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin as of Sunday night. While you might have not heard of Cardano and its ADA crypto before, it has actually been around since 2015. It's a decentralized, fully open-source blockchain project that extends beyond ADA. It's was established by Charles Hoskinson, a co-founder of Ethereum, when he partnered with the Cardano Foundation. What it's known best for it its heavily research-based approach consisting of "a global team of scientists and academics who have meticulously studied the blockchain space and what makes a coin successful."Cardano is sometimes called the "Ethereum of Japan" because 95% of the participants in the ADA Initial Coin Offering (ICO) were Japanese. In a massive bullish sentiment, ADA’s price started to surge above its ICO price against Bitcoin on Friday. By Sunday, its price has gone up 30% to $0.50. Most of Cardano’s recent trading volume has reportedly come from the Bittrex exchange, which generated nearly 60% of all trades. Considering the sudden buzz around it, it is very likely that Cardano’s price is mainly driven by speculation, just like all other cryptocurrencies and digital assets. So buyer, beware. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
For more from Invest Diva, click here
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.