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Cardano (ADA) is one of the most prominent altcoins in the crypto space. This digital asset was created by Charles Hoskinson, who is also the co-founder of Ethereum.
The Cardano blockchain is also technologically advanced. Its latest Alonzo Upgrade directed the attention of a vast audience towards the network and the ADA token.
Despite its popularity, the price of the ADA token has been dropping. Even though the overall crypto market has been moving downwards, Cardano enthusiasts have been concerned about the price recovery of the cryptocurrency.
ADA is currently trading at $0.501 (at the time of writing) after dropping 3.73% in the last 24 hours alone.
However, despite the current picture, which many see as bleak, Cardano has retained its position as one of the top 10 crypto assets. This is a surprising and positive indication, the reasons for which have been explained below.
At any point, if you are interested in buying ADA make sure you look at the Cardano price prediction first and then invest.
On the other hand, if you want to start trading digital currencies then you can opt for PrimeXBT Covesting. It allows novice traders to copy experienced traders. Sign up with our link today.
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Reasons for Cardano’s Position in the Market
Currently, Cardano (ADA) is the eighth-largest cryptocurrency in the market. With a $17.16 billion market capitalization, it stands above Solana and Dogecoin.
The collapse of the Terra ecosystem greatly affected the entire crypto space while it was already moving downwards. This caused the interested parties to panic and be skeptical about the crypto space.
Here is a graph by CoinMarketCap that shows the price movement of ADA over the last month.
Despite the price fluctuation seen above, Cardano has not lost its value and significance and here are a few reasons why.
- Vocal and well-reputed leader
- United and supportive community
- Technological advancements and upgrades
According to an analyst, Charles Hoskinson plays a major role in Cardano’s position at the moment. He is known to be vocal about the digital asset and has quite the influence in the market. He has also been involved in the development of technologies for the Cardano network.
The crypto analyst also specified that the community supporting Cardano is strong and patient.
The blockchain is also known to progress in terms of technologies, introducing upgrades such as the Alonzo Upgrade and the highly-anticipated Vasil hard fork.
In the last 30 days, there have been more than 70,000 wallets holding ADA on the Cardano blockchain, which is a result of the Vasil hard fork. A large number of institutional investors have shifted their focus toward the altcoin and the ADA Whale transactions have also risen to a 4-month high.
This data does signify that despite the price movement, the value and prominence of ADA remain unaffected. Therefore, if you also want to invest in this altcoin make sure you opt for one of the lowest fee crypto exchanges that are according to your criteria as well.
Helpful Information for New Crypto Investors
New crypto investors need to have as much information about the crypto space as possible due to several reasons. Since there is no shortage of crypto exchanges, it can take time to look for a suitable platform. It can also be challenging for novice parties to know which digital asset to invest in.
Therefore, to avoid maximum risks and have a less stressful experience of buying crypto, the interested parties should know the following tips.
- Choose the best crypto exchange that offers high security and suits your needs the most.
- Keep an eye on the price movement of the digital asset you want to buy.
- Know the right time to invest.
- Initially invest as much as you can afford to lose.
As a beginner, if you are looking to invest in ADA, BTC or ETH, you can click on SwissBorg or Kraken (U.S. citizens).
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