Cryptocurrency: Cardano Coin Price (ADA) in May/2021

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Cardano Coin Price

cardano coin price

Cardano is decentralized public blockchain platform. Cardano is currently the 7th largest cryptocurrency with its market cap in the market. Cardano (ADA) is a new blockchain cryptocurrency which was started in 2017. Its price is $1.48 per coin. Cardano coin price has gone from $0.181 to $1.86 in the last few days. So, most people started to talk about Cardano and Cardano coin price. Elon Musk said that they are not going to accept Bitcoin because of its environmental cost, so Cardano coin price hit its highest level

It is from the third generation of crypto. If you want to ask about the first generation, crypto 1.0 was Bitcoin and Bitcoin was easy to understand for people. Second generation of crypto is Ethereum. Now we are seeing a battle between Cardano and Ethereum. You can think Ethereum is the perfect one but there is a whole community of thousands of people who think that Cardano is a better technology. People believe that Cardano will solve Ethereum’s problems. Both of them are trying to become the best platforms for designing smart contracts.

You can ask yourself who is behind this Cardano. Charles Hoskinson who founded Ethereum back in the day, found Cardano. He left the Ethereum project in 2014.  He was co-founder of Ethereum. Therefore, both of these two technologies have similarities. You can say that Cardano is trying to improve everything that Ethereum has done before. You should know that Cardano is the blockchain and ADA coin is the cryptocurrency just like Ethereum and its network.

What Makes Cardano Special?

What Makes Cardano Special?

Ethereum was the first cryptocurrency to have smart contracts on it. However, Ethereum is expensive to use. When Ethereum grows higher in value, this becomes a major problem because the average transaction fee has passed nearly $20. Cardano wants to change this problem by changing their old technique to proof of stake model.  Bitcoin and Ethereum use the proof of work model. This model means they have miners, and those miners are helping to solve transactions on the Bitcoin or Ethereum network.

However, Cardano uses the model called Proof of Stake. With this model people can mine or validate transactions according to how many coins they hold. You can say the more Cardano you hold the more of a chance that you have to mine Cardano the currency itself.

Cardano’s goal is to create a fastest and scalable blockchain while using a Proof of Stake model.

Cardano (ADA) has a max number of tokens that can be created; it is 45 Billion and there are 31.9 Billion tokens in circulation. While Bitcoin can handle 4-4.5 transactions per second, Ethereum can handle 20 transactions per second. Cardano can handle million transactions per second but it has not happened yet.

We saw 6-6.5 transactions per second. Cardano is trying to solve this problem by decentralizing network with using the proof-of-stake model. The reason that their model is better than Proof of Work model is because we get rid of the fees.

Cardano Coin Price and Where to Buy It? 

cardano coin

If you are from the United States, you can buy Cardano at the biggest cryptocurrency exchanges such as Coinbase, Binance, Gemini. Now Cardano coin price is $1.48 per coin and total market cap is around $47 Billion. Bitcoin’s market cap is around $1 Trillion and Ethereum’s market cap is around $400-500 Billion.  If you think that Cardano coin price market cap could reach half a billion-dollar market cap, then that current Cardano coin price could reach $15.5 per ADA coin.

What is written here is for informational purposes only. It is not just any investment advice. Please invest by doing your own research. Don’t invest based on the information here

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