Cardano’s recent run of good fortune continued on Friday, as the multi-asset chain protocol emerged as one of the market’s top performers. The public blockchain project has been riding a wave of positive momentum thanks to an active developer community and optimism concerning the evolution of Internet 3.0.
ADA Approaches Two-Week High
The value of ADA rose 5.3% on Sunday to reach $0.0473, its highest since Christmas Eve. The coin that powers the decentralized platform has returned 9.3% over the past seven days, placing it among the top performers for the week. by comparison, bitcoin traded flat for the week while XRP lost nearly 3%.
At current values, the Cardano blockchain is worth $1.2 billion, placing it 11th among active projects. Six months ago, the cryptocurrency was worth nearly $5 billion and was ranked eighth by market cap. Over that stretch, ADA has dropped more than 70%.
The latest run of good fortune has been accompanied by a notable rise in trading volume. Since last Tuesday, ADA trades have increased by 200%, according to CoinMarketCap. Nearly $44 million worth of ADA was transacted on virtual currency exchanges in the last 24 hours. ZBG and Binance each processed roughly a third of the daily transactions.
Now the Time to Buy?
Cardano has been the recipient of positive news flow lately after it was declared the most developed cryptocurrency of 2018 based on Git commits. During the course of the year, the project received 21,644 commits, according to coincodecap.com. It has since been overtaken by Augur on a year-over-year basis. More information can be found here.
The project was also featured in Weiss Ratings’ 2019 outlook, which made several bold predictions about the future of cryptocurrency.
“A select group of cryptos will compete to build a new kind of internet,” Weiss said in its report. The rating agency believes a select group of coins that includes Cardano, EOS and Holochain will lead the development of Internet 3.0.
Internet 3.0 refers to the new paradigm of web interaction both in terms of how websites are created and how consumers interact with them. Although it is still largely a marketing term, Internet 3.0 has been described as an artificially intelligent web that will converge on IOT and blockchain capabilities.
Cardano has also received media attention in Japan after CEO Charles Hoskinson appeared on national television. In a nationally televised documentary titled “Capitalism – the Desire of 2019,” Hoskinson talks about the impact bitcoin has had on the global economy.
“Bitcoin taught the whole world that belief doesn’t have to be given to us by a government, that belief doesn’t have to be given to us by a pope or a king, or a prestigious bank,” he said. “We can just decide for ourselves. Now, if you don’t like it – you just build something better. You don’t like your payments system – you just build something better.”
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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