Cardano (ADA) Coin Grows Girthy Gains, But Can It Bully Bitcoin In The Battle Of Blockchain Assets?
Cardano’s ADA Records Considerable Growth But Can It Bully Bitcoin?
Bitcoin enthusiasts have been considerably happy in recent times because the coin successfully broke through the $4000 mark even though no one really knows for how long it will stay that way. This progress, people are optimistic, is a sign that the coin still has better days ahead. Speaking on the matter, the Managing Partner and Head of Research of Fundstrat, Thomas Lee, has said that there will be a considerable bull run within 6 months.
“The key number to watch is the 200-day moving average…Bitcoin’s bouncing along that. If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”
Cardano’s Recent Activity
Cardano’s ADA has been climbing steady and has risen almost 50%, allowing it to break into a list of the top ten cryptocurrencies when ranked by market capitalization. Cardano successfully launched its mainnet Cardano 1.5 version and entered its Shelley phase of development, officially ending its Byron phase. This move is a bit of a landmark move because it pretty much sets the framework for the Proof-of-Stake execution for the Shelley phase. Along with this update, there will be a shift from the current consensus protocol which is Ouroboros Classic to the Shelley era protocol, which is Ouroboros Genesis.
According to Cardano,
“Ouroboros Genesis is a major upgrade to the protocol that underpins Cardano because it is first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin.”
The upgrades and improvements from Cardano may have increased trust and faith in ADA as the coin, in the space of a week, increased by 18%, hitting a total increase of 66% in a month. The month of March has also seen a considerable increase in other coins such as the Binance Coin (BNB) as Binance recently launched a decentralized platform.
Could Cardano Possibly Challenge Bitcoin?
It seems very unlikely that ADA could challenge or even overthrow Bitcoin. Apart from the fact that it would frankly be a bit of a stretch, the current climate has the team of most projects constantly working on improving and advancing the technology controlling their respective assets and platforms.
Charles Hoskinson, the founder of Cardano, has also corroborated this, explaining Cardano’s recent triumphs but also stating that there will be a lot of development going on.
According to him:
“…dealing with issues like the Cardano Foundation and having to go through a change of leadership – these were all things that we overcame. They prove that we’re resilient, and they prove that we know how to execute and that we’re going to be here for a long time. And that we’re going to be building for a long time.”