Charles Hoskinson talks about Cardano’s “hidden superpowers”, ADA on-chain metrics turn bullish
- Charles Hoskinson talks about the competitive advantage of Cardano during recent fireside chat event.
- Hoskinson considers consensus building as the hidden superpower of the Ethereum competitor chain.
- Cardano on-chain metrics paint a bullish picture for ADA.
Charles Hoskinson, co-founder of the Cardano blockchain, discussed the Ethereum competitor’s advantage over other smart contract platforms. Hoskinson calls it Cardano’s “hidden superpowers.”
ADA price is $0.3698 at the time of writing. Cardano yielded over 10% gains in the last seven days.
Cardano has a competitive advantage over other chains
Cardano is the twelfth largest cryptocurrency by market capitalization. ADA added over 10% to its value in the last seven days. Charles Hoskinson, CEO of the research and development company Input Output Global (IOG), commented on the importance of building consensus within a network.
During a fireside chat with IOG Chief of Staff and Cardano Foundation CTO, Hoskinson spoke on several issues faced by the ADA blockchain.
The Cardano co-founder said, “This exercise of consensus building is one of the hidden superpowers and the biggest competitive advantage that Cardano has.”
‘This exercise of consensus building is one of the hidden superpowers and the biggest competitve advantage that Cardano has’- @IOHK_Charles.
— Input Output (@InputOutputHK) August 21, 2024
Thank you to @IOHK_Charles, @jj_siler & @giozzi for their engaging discussion at #RareEvo24.
Watch the replay of ‘Reflecting on…
On-chain metrics signal potential for gains
Cardano’s social dominance is at its highest level since June 2022 at 1.474%. This metric shows crypto market participants are discussing Cardano on social media platforms, relatively more than other cryptocurrencies.
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Cardano social dominance vs. price
The smart contract network’s traders have consistently realized losses. It is likely that traders are capitulating. Typically, when retail traders consistently realize losses, a price recovery in the asset follows.
 [14.33.20, 22 Aug, 2024]-638599470655600906.png)
Cardano network realized profit/loss
Cardano trades at $0.3688 at the time of writing.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
