Weiss Ratings Calls Cardano ‘The Most Deeply Undervalued Crypto-Assets’
- Cardano makes slight recovery from the drop to Dec. 2018 level
- Testnet staking sees the impressive start, 2020 Shelley mainnet release will open it for all
- Yesterday, Bitcoin’s drop lead Cardano to reach a level that was last seen in December 2018.
Cardano took a fall to $0.030, a level the digital asset saw in mid-Dec. when ADA reached its bottom at $0.028 during the bear market of 2018.
However, following the BTC, Cardano is back to climbing up, currently trading at $0.0336 with 24 hours gains of 5.59%, as per Coincodex.
The twelfth largest cryptocurrency, however, is still down 97% from its all-time high of $1.33. And Weiss Crypto Ratings believes it is one of the most undervalued crypto assets in the market.
— Weiss Crypto Ratings (@WeissCrypto) December 18, 2019
Cardano Joins the Staking Game
Lately, Cardano has been gaining traction for releasing the testnet of its incentivized staking system live which has been a success.
A whopping 5.4 billion ADA, that represents 17% of Cardano’s circulating supply has been already staked. The reward system meanwhile offers the opportunity to earn more than 10% per year.
IOHK announced that more than 120 staking pools went online just on the first day of operation. Some of the leading tools, however, are operated by IOHK itself whereas several independent pools are also topping the charts.
IOHK also announced the Daedalus Rewards wallet for the Shelley Incentivized testnet to pool, delegate the stake and earn ADA rewards.
Based on data from #PoolTool, #Cardano holders have already staked about 5.4 billion #ADA ($200 million), representing 17% of Cardano’s coin supply. If this continues, staking participants could earn more than 10% per year, before fees, according to Cardano’s profit calculator.
— Weiss Crypto Ratings (@WeissCrypto) December 16, 2019
The Impressive start will Materialize in full in 2020
Tezos is actually the one that has outdone all with 70% of its circulating supply being locked in exchange for passive income via staking. But it could be because of the top exchanges like Binance, Coinbase, and Kraken among others offering staking on the digital asset which has recorded a surge of 218% in price YTD.
For now, Cardano’s incentivized testnet has two snapshots and it is no longer possible to join it. However, Cardano will introduce staking to all its users when its much anticipated Shelley mainnet goes live in early 2020.
However, it needs to be seen if the launch of the long-awaited mainnet will attract users in horde or the novelty of the staking will wear off by then.