MENU

The Cardano (ADA) price is smoking the other cryptos

It has been another positive day for cryptocurrency traders. At the time of writing all of the ten-largest cryptocurrencies are posting notable gains since this time yesterday.

The world’s largest cryptocurrency, bitcoin (BTC), may be pushing 8% higher to US$11,637 per coin, but one popular altcoin is absolutely smoking it.

That altcoin is the little-followed but widely appreciated Cardano (ADA).

In afternoon trade the ADA price is up 21% to 67 U.S. cents according to Coin Market Cap. This has given the fifth-largest cryptocurrency a market capitalisation of US$17.3 billion and puts fourth-positioned bitcoin cash (BCH) within its sights.

What is Cardano?

Cardano is an increasingly popular third-generation cryptocurrency that was launched last year by a global team of leading academics and engineers.

It was designed to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration. In essence, it has been designed to improve on bitcoin’s technology in every respect.

And it does appear to be delivering on its promise with its proof-of-stake method, Ouroboros. This ambitious piece of technology does have significant potential to shake up the financial industry in my opinion.

But it is early days and it hasn’t yet gained traction like Ripple’s xRapid product. Furthermore, upstart Stellar Lumens (XLM) has another impressive piece of technology vying to replace bitcoin in the future.

If I were a gambling man I would be putting my money on XRP and XLM succeeding. However, there is still a long and volatile road ahead and putting an accurate valuation on any of the cryptocurrencies is close to impossible.

In light of this, I think the prudent thing to do is to watch on from the safety of the sidelines for the time being.

In the meantime I think investors ought to check out this huge opportunity that has everyone excited.

Bill Gates Says This Could Be Worth "10 Microsofts"

If You Missed Investing In Microsoft in 1996 - Read This

I can't believe so many investors haven't heard about something Microsoft founder Bill Gates told a group of college students in 2004.

This could be your chance to get in on the ground floor!

Click here to discover more!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.