Why only Cardano rises in this sea of blood

Despite experiencing a 14% correction in the last 24 hours, at the time of writing Cardano has performed excellently during the week. Just to exemplify, this drop has not managed to cause it to lose the profits of the past seven days and has also not caused the cryptocurrency to lose its third market placement. Moreover, last Saturday (26) the altcoin hit its historic high by trading at $1.48, according to CoinMarketCap data.

That being the case, we need to understand what is going on. Why is Cardano rising while other assets keep correcting? Is all this bullishness based on fundamentals or is it just another market speculation? To understand this, we first need to explain it to you:

What is Cardano

Cardano is a decentralized platform that enables complex programmable value transfers in a secure and scalable way. Its ICO is one of the biggest successes in blockchain history. Just to exemplify, it managed to raise $60 million in 2017. The altcoin has become a pioneer in bringing a blockchain evolved from a scientific philosophy and a research-based approach. Moreover, it is one of the first to be built on the Haskell programming language.

Being a digital asset created after Bitcoin and Ethereum, the altcoin is able to learn from the mistakes of its predecessors and bring a platform that performs better than the major crypto-actives. As such, its blockchain features flexible and scalable layers. In other words, features that previous assets struggle to implement.

Now yes, we can go to the facts and answer the question:

Why is Cardano growing?

Despite all the advantages mentioned, Cardano does not yet have a blockchain that features the full functionality of Ethereum. That is, it is not yet possible to create tokens and smart contracts on its platform. However, tomorrow, March 1, 2021, this scenario will begin to change, as, there will be a hard fork, known as Mary, on the cryptocurrency that will take a broad step towards Cardano becoming a true competitor to ETH.

While we see Ethereum struggling to combat its high gas rates, we will see a Cardano closer to presenting a network with smart contracts, decentralized finance (DeFi), and non-fungible tokens. Importantly, non-fungible tokens (NFTs) are receiving attention from non-blockchain media.

Furthermore, we cannot help but comment on the entry of companies into Cardano. Although Bitcoin is the main focus of this arena, altcoin is also attracting attention. Thus, FD7, a Dubai investment firm, decided to sell $750 million in BTC so that it could buy ADA and Polkadot last week.

“Since Cardano has been trading close to a dollar and the platform has a lot of well thought out development, this may be the smartest move FD7 can make for higher returns,” Gerald Votta, director of communications at investment research firm Quantum Economics, told Decrypt.

Conclusion

This article has been written to inform you about what is happening in the market. As such, the decision is always yours. Although Cardano has grown 594% since the beginning of 2021, you always need to study and be cautious. The year promises to be optimistic for the altcoin ecosystem if you look at everything it has to deliver. Without a doubt, this is the best option to lean on: another platform to help the sector of decentralized finance and non-fungible tokens develop.

Learn more about the cryptocurrency market at @Sabrina_Coincidencias

See more about Cardano at @Universo_Cardano