Crypto is becoming more and more mainstream, with even the uninitiated often able to name Bitcoin (whether or not they’re familiar with how the cryptocurrency market works). Against this backdrop, an unexpected new player has risen to become the third-largest cryptocurrency globally. Let’s take a closer look at the growth of Cardano-adjacent ADA, which is now competing with Bitcoin and Ether following a sharp rise in demand.
Why are people talking about ADA?
ADA has grown by more than 50% recently with its noteworthy YTD performance above 1,000%, sparking optimistic reports about the value which this token now offers to prospective cryptocurrency investors. In a notoriously volatile market, investing in forms of currency that are on the rise can be a significant advantage. However, the cryptocurrency has also been viewed more sceptically by some, despite acquiring a market value of over $70B.
Why does this matter?
There’s always plenty of interest in decentralised finance, particularly amongst investors. Change comes thick and fast in the world of crypto, and savvy traders are often on the lookout for the best way to direct their investment budgets.
A major point of interest remains the fact Cardano ADA has managed to rise to such prominence while receiving considerable criticism from industry figures in the know. It is continuing to gather more momentum, despite being a largely unknown cryptocurrency. Many people who know nothing about crypto would still be able to cite the names of currencies such as Bitcoin or Etherium, but the seemingly more obscure ADA has still managed to sneak up and meet them.
What is ADA?
Cardano ADA is a form of digital currency, just like its predecessors Bitcoin and Etherium. It was named after famed 19th-century mathematician Ada Lovelace, and like other forms of cryptocurrency, it can be used anywhere in the world.
ADA is part of the Cardano network, with all currency under this umbrella stored either in a digital wallet or invested by its owner. ADA is expected to gradually become useable as a form of currency for different services and offerings under the Cardano umbrella.
This form of cryptocurrency is making waves right now, having successfully exceeded the returns of its better-known rivals by over 1,400%.
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