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Cardano's recent stroke of luck continued on Friday, as the multi-asset chain protocol emerged as one of the best performers on the market. The public blockchain project is riding a wave of positive momentum thanks to an active developer community and optimism regarding the evolution of Internet 3.0.
ADA approaches a maximum of two weeks
The value of ADA rose 5.3% on Sunday to reach $ 0.0473, the highest since Christmas Eve. The currency that powers the decentralized platform has returned to 9.3% over the last seven days, placing it among the best for the week. in comparison, bitcoins were exchanged for the week while XRP lost almost 3%.
At current values, the Cardano blockchain is worth $ 1.2 billion, ranking at the 11th place among active projects. Six months ago, the cryptocurrency was worth nearly $ 5 billion and was ranked eighth in terms of market capitalization. Beyond this limit, ADA has lost more than 70%.
The last series of luck was accompanied by a significant increase in the volume of trade. Since last Tuesday, ADA's sales have increased by 200%, according to CoinMarketCap. Almost $ 44 million of ADA has been traded in virtual currencies in the last 24 hours. ZBG and Binance have processed about a third of the daily transactions.
Now the time to buy?
Cardano has been the recipient of a flow of positive news lately after it was declared the most developed cryptocurrency of 2018 based on the Git commits. Over the course of the year, the project received 21,644 commits, according to coincodecap.com. Since then it has been superseded by Augur on an annual basis. Further information can be found here.
The project was also presented in Weiss Ratings' outlook 2019, which made several daring predictions about the future of cryptocurrency.
"A select group of criptos will compete to create a new type of Internet," Weiss said in his report. The rating agency believes that a selected group of coins that includes Cardano, EOS and Holochain will drive the development of Internet 3.0.
Internet 3.0 refers to the new paradigm of Web interaction both in terms of creating websites and interacting with consumers. Although it is still largely a marketing term, Internet 3.0 has been described as an artificially intelligent Web that will converge on IOT and blockchain functionality.
Cardano also received media attention in Japan after CEO Charles Hoskinson appeared on national television. In a television documentary titled "Capitalism – the Desire of 2019", Hoskinson talks about the impact that bitcoin has had on the global economy.
"Bitcoin has taught the whole world that the government does not need beliefs, that belief should not be given to us by a pope or a king or a prestigious bank," he said. "We can only decide for ourselves, now if you do not like it, build something better, you do not like your payment system: just build something better."
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
