Why Are New Investors Choose Cardano To Bitcoin & Ethereum?

Why Are New Investors Choose Cardano To Bitcoin & Ethereum?

2021-10-11 | Mike Hallen

Why Are New Investors Choose Cardano To Bitcoin & Ethereum?

Alex Krüger, a crypto trader and analyst, recently spoke on why Cardano (ADA) may be the most popular cryptocurrency among novice investors. He credited ADA's fame to "a podcast." While cryptocurrency podcasts are popular, he was referring to Charles Hoskinson's. Hoskinson is the CEO and co-Founder of IOHK, the firm behind Cardano, and is active on social media. He discusses ideas like Cardano's update proposals and worldwide crypto challenges on his channel, as well as hosting regular AMA (ask me anything) sessions. According to Krüger, it might imply that he can provide clarification to first-time investors on his initiative. On October 8, the Cardano community provided an update on the near-term progress of the upgrade. The team is working on an October maintenance upgrade as well as further ERC20 deployments, according to the statement. It also said that it has upgraded Cardano node requirements as well as reimplemented the transaction confirmation modal to promote decentralization. In addition, the Cardano team is examining a few tenets, such as Daedalus testnet v.4.3.2, and concentrating on debugging and other improvements. Despite the positive development trend, Cardano had a rough month towards the conclusion of last month. Since then, the average number of big transactions on the blockchain has plummeted. Cardano earned only $1.1 million in capital inflows for the week ending October 1st, according to CoinShares' weekly fund flows report. It does not, however, necessitate a pessimistic perspective. The network "demonstrated favorable underlying developments," according to Grayscale Investments' recent assessment. In the near future, fresh Dapp, NFT, and token releases, according to the research, may cause ADA holders to change their allocation to these assets. Meanwhile, there are challenges to the network from competitors. According to the study, “Layer 1 blockchains with smart contract capability” such as Ethereum, Solana, Internet Computer Protocol, Avalanche, and others are competing. While Cardano just launched Alonzo, which has smart contract capabilities, the use of DAPPs is still in its early stages. However, the Cardano Foundation recently announced numerous key collaborations at the Cardano Summit 2021, including COTI, Chainlink, Rival, and others. In the following days, these collaborations are likely to enhance ADA network usage and use cases even further.

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