Cryptocurrency and blockchain technology have gained a lot of popularity in recent years. Cryptocurrencies like Bitcoin, Ethereum, and Litecoin have become household names. However, there are many other lesser-known cryptocurrencies that are also making waves in the industry.
Cardano (ADA) is one of the world’s leading proof-of-stake blockchains regarding electricity consumption and market capitalization.
Cardano competes with Ethereum and the giant cryptocurrency
Cardano has been able to position itself as a strong competitor to Bitcoin the giant cryptocurrency and Ethereum, the world’s second-largest cryptocurrency. One of the main reasons for this is Cardano’s focus on scalability and sustainability.
According to a recent White House study that has ranked ADA as the third cryptocurrency, this has placed Cardano in a far better position for the future because investors have demonstrated their approval on social media in favor of ADA, and perhaps this will lead to an increase in the value of ADA.
The goal of the study is to examine the role that cryptocurrencies have on climate change. It also assessed whether the government needs any changes in policy to improve the cryptocurrency market’s effect on the environment.
Source: White House
With the approaching Vasil hard fork, the community is expecting a lot from Cardano as the fork will bring features like delegation and staking pools. The hard fork is scheduled for July 29, 2020.
The upcoming hard fork will have a significant impact on Cardano’s native currency, ADA. The price of ADA has increased by more than 50%. As the trading volume has sky-rocketed from $732.33 million to $763.21 million in only a few days, this has put Cardano in a strong position for the future.
Source: Trading view
ADA is currently trading at $0.5104. In the last 24 hours, it has traded as low as $0.5011 and as high as $0.5192. Cardano is set to enter the top three cryptocurrencies by market capitalization again by the 2022 end if the current trend continues.