After unlocking massive value, ADA (Cardano-owned cryptocurrency) is now among the top three cryptocurrency based on market cap. It replaces Binance Coin (BNB) in that position.
As at the time of writing this, Cardano’s market cap is well over $41 billion after it surged by 23% and hit $1.33 in the trading price – a new peak. This year has seen Cardano’s ADA cryptocurrency experience some crazy rallies as it has garnered a monumental 630% increase in the current financial year.
The new price movement stems from the announcement by FD7 ventures (a Dubai based finance company that deals majorly with cryptocurrency) that it now owns majority investment in Cardano. A report from the press release indicates that this finance organization will invest $750 million in Polkadot (DOT) and Cardano (ADA) by liquidating most of its Bitcoin.
The organization is convinced that they can serve their investors better by increasing their altcoins holdings. The managing director of FD7 ventures, Prakash Chand, opined that it doesn’t make investment sense to keep Bitcoin for an extended period.
Mr. Chand further said,
“Bitcoin is nearly worthless; its only advantage is that it’s the first to reach the market and the populace considers it to have immense worth. I’m convinced that the basis of the new internet and a web 3.0 would be projects like Ethereum, Polkadot, and Cardano.”
The company is in the process of moving its investments and believes it would complete the funds’ transitions before the end of next month. In recent years, Charles Hoskinson, CEO, Cardano and an Ethereum co-founder, has been making positive noise about Cardano’s developments.
Cardano’s Significant Progress in Creating Blockchain Solutions
Hoskinson’s management has seen the ADA team work tirelessly to develop blockchain solutions for unbanked people. Also, the team has updated the Cardano protocol in recent times to provide more functionality to customers. Thus, strengthening and growing its community.
Furthermore, the March first Cardano’s Mary Hardfork will allow their users to develop customized tokens, increasing the network’s multi-asset support. According to the Cardano foundation, “non-fungible tokens (aka NFTs) can be minted from native assets. These NFTs can substitute digital and real-world assets.” Cardano’s future projections and development made Prakash Chand label Charles Hoskinson as arguably the best brain in crypto.
Chand further said, “I’ve had the opportunity to work with the best brains in crypto and I’m convinced that within the next few years, Bitcoin will be less valuable than Polkadot, Cardano and Ethereum.”
Cardano’s New Devnet Network Is in The Offing
Yesterday, IOHK (Cardano’s mother company) declared that its endorsement for a new DevNet platform developed by Cardano. This platform will see the introduction of Glow, a new multi-platform domain-specific language (DSL) that allows developers to write and deploy smart contracts on various Cardano sidechains.
Part of the official announcement read thus:
“Glow’s portability allows it to work on Ethereum and Cardano. But soon, it will work on any sufficiently-advanced blockchain. Thus, you can run your app once without being concerned that it won’t work on another chain protocol. Hence, developers can run their app on the most suitable blockchain and distinguish itself from the rest. Thus, there would be healthy rivalry among blockchains to create the best solutions that addresses the market’s needs.”