Cardano has seen a surprising surge in its popularity as it, through its market capitalization, temporarily becomes the 3rd biggest crypto asset. It’s the 6th top cryptocurrency for quite some time now. Voyager CEO Steve Ehrlich said he didn’t expect Cardano to outperform Bitcoin — not even temporarily. The CEO is very enthused with the passion shown by people actively involved in the world of digital trading and cryptocurrency.
Cardano could be crypto’s next big thing if its popularity continues to increase. Mint, an e-paper, stated that billionaire Michael Novogratz is asking for help to explain what’s going on with the network; this is because it still lacks many functionalities available on its well-established rivals such as Bitcoin and Etherium. The cryptocurrency, also known as ADA, still needs many improvements as it’s relatively new in the crypto world.
According to data tracker CoinMarketCap, Cardano currently has a market value of about $34 billion, up from $5 billion the previous year. This massive surge in its market cap is particularly because of its recent update that enables the users to create smart contracts on its network. It has been around for years and has seen steady improvements over time. With its proof of stake (PoS) technology, it was always a promising coin.
However, Cardano has a long way to go, and crypto analysts are not comparing it to Bitcoin yet; Bitcoin is still the most fancied cryptocurrency, and investors around the world continue to pour money into it. Then again, crypto investors are not understating assets’s massive success; there are numerous success stories of ADA investors making rounds on the internet. People who don’t have enough money to invest in Bitcoin usually turn to cheap alternatives such as Cardano.