Cardano [ADA] aiming to take back the 6th position
Cardano continues to plummet in a bullish market, as prices continue to drop from the recent high of $0.38 on 3rd May. Coming close to February’s high of $0.46, Cardano gained 142% growth in the last month, from $0.14 on April 3rd to $0.35 at press time.
ADA has been fluctuating this week, however, seeing prices as low as $0.32 on 1st May. The coin had declined by 6.35% in the last week from $0.38 on 29th April to the current price, and a whopping 5.3% fall in the last 24 hours.
Cardano is known for its features such as the world’s first provably secure proof of stake algorithm known as Ouroboros. It is also known for its wallet called Daedalus wallet, which is a secure, multi-platform, hierarchical deterministic wallet for the ADA currency.
The wallet also has support for Ethereum Classic and Bitcoin, a mobile wallet service for Android and iOS and decentralized app support.
Cardano continues to slug it out with Litecoin for the number 6 position by overall market cap even as the prices fall. The market cap of Cardano is $9 billion to Litecoin’s $9.6 billion. The difference in their market caps is just $600 million, with Cardano being able to close the gap if the price goes up due to its higher circulating volume.
At this point, a 2% hike in the price of Cardano could see it take over the #6 position.
The Twittersphere is abuzz with news on Cardano, with Cardano signing an MOU with Ethiopia. This is what user MetaHash had to say about it:
“Sounds promising, but it’s difficult to say when Cardano will show the real growth… Most likely, coins may bear fruit in the long run”
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