It has been a rather interesting past few weeks for Cardano. Although most people still aren’t sure why this cryptocurrency is around or why its price is so high, things are certainly firing on all cylinders. Thanks to more strong gains over the past 24 hours, we have seen the Cardano price surge to US$0.50 once again. This has pushed the currency’s market capitalization all the way to US$13 billion, which is rather impressive.
Cardano is Uber-Bullish
Although we have seen most altcoins rise in value throughout 2017, there are still a lot of questions when it comes to Cardano. For a currency few people seem to know anything about, it certainly has taken the industry by storm. Thanks to a lengthy period of solid gains since mid-November, we now have a Cardano price of over US$0.50. That is quite spectacular, especially considering there are nearly 26 billion ADA in circulation right now.
We can only commend new platforms which focus on smart contract technology these days. Although Ethereum is the go-to solution in this regard, Cardano thinks it can make a positive impact. At the same time, there are many established altcoins which offer this functionality, and smart contracts will be coming to Bitcoin as well at some point. It will be quite a competitive ecosystem in a year or so from now; that much is evident.
Regardless of how you feel about this altcoin, one can’t deny the Cardano price has recently undergone a massive rally. The coin was worth two cents less than four weeks ago and has since risen to US$0.50. The Cardano price shows a lot of signs of a pump, but only time will tell whether or not that is what is going on. Good money is to be made here, which is what most people care about.
No one will be surprised to learn Cardano also has had a good amount of 24-hour trading volume. Over US$900 million worth of ADA changed hands during this time period, which shows people are genuinely interested in what this altcoin has to offer. Whether that is due to its technology or the profits to be made through massive overnight gains is anybody’s guess at this point.
Most of Cardano’s 24-hour trading volume has come from the Bittrex exchange, which generated nearly 60% of all trades. Binance is also making a positive impact with 38.9% of all volume. It is quite interesting that this currency is less popular in the fiat currency markets, even though Coinnest is the only exchange offering such a trading pair. Then again, Coinnest isn’t the biggest Korean exchange by any means.
How all of this will play out remains to be seen. It is evident Cardano’s price is mainly driven by speculation, just like all other cryptocurrencies and digital assets. However, in the case of Cardano, its team will have to deliver on their promises fairly soon before people move on to the next coin from which to profit. This currency has had a good run so far, but nothing keeps going up forever.
