Crypto Assets are Here to Stay. Will Cardano Take Center Stage?

12:02 pm, Tue, 1 June 21

The overall crypto market experienced a massive hit, the effects of which can still be observed after nearly two weeks. The prices of major digital assets including Bitcoin and Ethereum, significantly declined, which was stressful for crypto investors and enthusiasts.

The creator of Cardano has a different view of the market and is confident that crypto assets are here to stay,eventually replacing the traditional financial ecosystem.

Among the top 10 coins, Cardano was the only altcoin trading well during the massive correction seen two weeks ago. While most of the top cryptocurrencies plunged, ADA traded above $1.6 at the time.

The technological upgrades planned and launched for Cardano blockchain can make it a direct competitor of ETH, according to Hoskinson. Therefore, if you have yet to invest in a crypto asset and you want to purchase Cardano then you should consider choosing, Binance or Kraken, two of the most popular crypto exchanges.

What Advancements Have Been Made for Cardano?

Cardano is currently the fourth-largest crypto asset in the market, trading at $1.72 (at the time of writing). The Cardano blockchain has been developing, all the while setting new benchmarks for other digital currencies.

According to recent reports, 1 million wallets were created for the Cardano blockchain, which brought the spotlight on the altcoin. The popular crypto asset grabbed the attention of the interested parties once again after the Alonzo upgrade was reportedly launched a few days ago.

Considering these advancements and the overall success of the blockchain Hoskinson stated:

I believe what we’re doing with Cardano is the best what the industry has. We’re future-proofing programmable finance… That’s a tremendously exciting thing.”

Many people were shocked, given the recent correction and instability in the crypto market. However, Charles Hoskinson, stressed the importance of the crypto market and claimed that the market is not a bubble that will burst, but instead it will grow, mature and materialize. He continued to say that the digital assets are now here to say, regardless of the volatility witnessed occasionally.

The creator of Cardano stated:

Third generation protocols are going to change everything and we’ll no longer be stuck in this Bitcoin-altcoin madness and the irrationality.”

Does it Imply Anything for Bitcoin?

Bitcoin has been at the top of the crypto market, despite the fluctuations in its price that have been witnessed over time. After taking a hit two weeks ago, the price of Bitcoin was seen close to $30,000 and now stands at $36,403 (at the time of writing).

Here is a graph by CoinGecko, showing the price of BTC in the last two weeks.

btc-graph-01-06-2021

Previously, the future and fate of the crypto market mainly focused on that of Bitcoin. However, considering BTC’s price drop and advancements in other altcoins such as Cardano, Hoskinson indicated that other cryptocurrencies have separated themselves from BTC to some extent.

While Bitcoin may not have a very high price at the moment, it is still the flagship cryptocurrency and remains unaffected by the changes in the crypto market so far. Bitcoin Whales and long-term investors are enthusiastic and optimistic about BTC’s utility and prominence, which is a positive indication for potential BTC investors.

Therefore, people who are interested in buying Bitcoin can use popular crypto exchanges such as SwissBorg or Kraken and safely invest in the flagship crypto asset. Crypto investors can also ultimately consider crypto trading and use ByBit to trade safely and conveniently.

On the other hand, interested crypto traders with not enough time or expertise can also enjoy the benefits by opting for copy-trading. One of the best and safest platforms to be used for copy-trading is PrimeXBT Covesting.