Cardano: The Ethereum Killer?
The company behind Cardano is called IOHK (Input Output Hong Kong). Charles Hoskinson is not only the Chief Executive Officer of IOHK but is also the founder of Cardano. Moreover, he is the co-founder of the world’s second largest cryptocurrency Ethereum. He has quite a reputation, and that is precisely why investors trusted Cardano easily when it was announced.
He was the person to introduce smart contracts to the world through Etherum. However, just like a majority of cryptocurrencies Ethereum also had a few issues which Cardano aims to solve. Cardano is a blockchain protocol similar to Bitcoin or Ethereum and has its own cryptocurrency called “ADA” so you can transfer ADA on Cardano’s network.
One thing which Cardano does in an excellent manner is smart contracts. If the term smart contracts sound familiar to you, then Ethereum which is the top cryptocurrency after Bitcoin also does the same thing. And apart from Charles being the co-founder of both of these coins, the smart contracts functionality is another reason why Ethereum is often compared to Cardano or ADA.
One of the reasons smart contracts became so popular is because it has some great uses. Moreover, it tends to remove the part where you have to trust people, and instead, both parties trust a decentralized platform. ICO or Initial Coin Offerings is an example of smart contracts, and users send Etherum or Bitcoin to an address by trusting the smart contracts.
Once the funds are sent in terms of any cryptocurrency the user receives the tokens of the specific project they have invested in by the smart contract as long as the project and contract are legit. Since it is decentralized, there is no person who can break the trust or cheat, because technically it is a machine or lines and lines of code.
Cardano (ADA) Price Today – ADA / USD
Will ADA 5x before January of 2019?
Well, there is no simple answer to that, it depends on a lot of different factors. Maybe the price of ADA will 10x if the factors are in favor of the world’s top cryptocurrency. Recently, IOHK (Parent company of ADA) announced that Trezor (the famous hardware wallet which is used by crypto-owners all around the globe) will soon support Cardano (ADA).
That is good news for Cardano coin because if the support comes out at year end and if the crypto market is booming as expected then this will result in a further price increase. If it isn’t booming, then we can still expect a little spike in the price of ADA. Trezor is the most used hardware wallet and is popular for not only storing your crypto portfolio but also for safely storing your wallet key.
An executive tweeted; “Have you ever wondered what we are working on? Have a look at our newly created roadmap, where you can see all the new stuff that is coming up!”
That is all speculations though, talking technically we see that ADA is not only in a bearish zone but a majority of the signs show that it is further heading into a bearish market. After touching a high of 0.0770 cents, the cryptocurrency with a market cap of over 1.7 billion US dollars started forming a downwards trend.
If we take a brief look at the chart of Cardano or ADA, we clearly see that the world’s 9th cryptocurrency is following a bearish market trend well below 0.0750 cents. Although the hourly MCAD is showing signs of a bullish market, all the other indicators are only showing us a bearish future. These indicators include the hourly RSI, the major support level, and the major resistance level.
This doesn’t mean ADA won’t 5x its price, however, the chances of that happening isn’t much. In the volatile world of cryptocurrency, anything can be expected.