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Cardano (ADA) Becomes 3rd Largest Crypto

  • ETH, BTC, and other major altcoins and stablecoins dropped in value this week as Ada surged. We will discuss Cardano (ADA) is and what caused its recent price movements.

What caused the Cardano (ADA) price surge?

On Feb 24, the Cardano team confirmed on Twitter that the ‘Mary’ Cardano protocol update is now fully confirmed for March 1st. Another key milestone in the development of the Goguen era, the update introduces native tokens & multi-asset support, bringing exciting new use cases for Cardano. This announcement that Cardano would bring native assets and smart contracts to the Cardano blockchain sent their native cryptocurrency, ADA, to a new all-time high, with ADA growing over 470% in 2021.

Another reason for the price hike was the announcement by Dubai-based FD7 Ventures, a global crypto investment fund with $1 billion under management, to sell off 750M USD worth of their Bitcoin holdings over the next 30 days to increase the company’s positions in Cardano (ADA) and Polkadot (DOT). “Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Says Prakash Chand, Managing Director FD7 Ventures. “Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.”

How is Cardano (ADA) different from Bitcoin?

Cardano uses an open-source blockchain-based Consensus system like Bitcoin but uses Proof-of-Stake (PoS) rather than Proof-of-Work(PoW). This means that mining Ada does not require large amounts of processing power to work like for BTC but rather works by staking, which utilizes the money (Ada) you have on the blockchain to verify transactions. The blocks with large amounts of money staked on them can be considered legit. In this way, Cardano skips the high transaction times and fees inherent in Bitcoin and, as of now, in Ethereum. Running a stake pool has minimum requirements:

  1. 4 GB of RAM.
  2. A network connection with 1 GB of bandwidth per hour.
  3. A public IP4 address.

On the Flipside

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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