Cardano is on the rise: on the morning of February 7th, its ADA token overtook Ripples XRP in fourth place by market capitalization.
More users are starting to interact with DeFi (decentralized finance) on Ethereum ( new all-time high for Ethereum! ), Transaction fees are increasing. This leads to a greater acceptance of „Ethereum killers“. These are alternative smart contract platforms with higher transaction speeds and lower costs.
The cryptocurrency market is directly feeling this movement. One platform that is receiving increased attention is the Cardano network.
Also because ADA, the native currency of the Profit Revolution smart contract platform, has overtaken Ripple’s XRP as the fourth largest cryptocurrency by market capitalization. This is done against the background that ADA gained over 25% in value on the last day and almost 100% in the previous week.
Have we arrived in the altcoin season?
Cryptocurrency investors who have been around since 2017 will likely remember the following cycle. First there is BTC growth, followed by ETH growth, followed by Altcoin growth. It’s a pattern that we seem to be going through again.
Bitcoin hit its all-time high. Then Ether didn’t follow long after that, surpassing $ 1,600 – and now select altcoins are seeing the hype reflected in their cryptocurrency prices.
The past doesn’t repeat itself, but it rhymes. It is hard to deny the pattern’s existence.
Logically, it makes sense, as new users and institutions are most likely to come into contact with Bitcoin and Ethereum before they learn anything about altcoins. This has led to price increases in some of the popular cryptocurrencies in the market with high upside potential.
We have also seen a significant increase in DeFi usage as the Total Contract Value (TVL) increased from less than $ 1 billion in early 2020 to its current value of nearly $ 34 billion.
This has led to an increase in the use of smart contract platforms as these networks allow the creation and hosting of decentralized applications. Some of its biggest competitors, Polkadot, Cardano, EOS, and Stellar have seen positive price movements based on this assumption.
What is ADA?
ADA is the native cryptocurrency Cardano (For Cardano buy manual ), named after Ada Lovelace, a mathematician from the 19th century, which is widely regarded as the first computer programmer.
With ADA, anyone around the world can secure their savings and instantly exchange value with ADA without the supervision of a third party. According to Cardano: „Every transaction is recorded permanently, securely and transparently on the Cardano blockchain“.
Anyone can delegate their ADA and validate transactions on the network, thereby receiving a payment in the form of ADA. This creates a self-sufficient pool of network users who care about the well-being of the platform and earn ADA in the process.