Despite market wide bearish trend, Cardano’s proprietary cryptocurrency token is arguably one of the most successful altcoins by year to date (YTD) price gain.
Cardano fielded up to 1500% YTD price gain last year alone more than any other cryptocurrency including Bitcoin and Ethereum, meme coin Shiba Inu was the only exception. It distinguished itself last year as the most relevant Ethereum killer with its massive adoption industry-wide that saw the crypto break and reset numerous milestone records in the community.
Cardano’s exaggerated relevance is featured in its Proof of Stake that is now set to eclipse its ether counterparts utility industry-wide. It sings true to its codename as the Ethereum killer with its transaction execution speeds that can theoretically reach 1 million transactions per second (TPS), effectively competing with the second largest crypto.
Despite the market-wide pessimism and bearish trend that has been the theme of 2022 crypto market space, Cardano is backed by many to be a major success in 2022 with many in the community continually adding $ADA to their portfolio, here are a few reasons you should buy and HODL your own $ADA this bearish season.
Cardano’s Solid Contract And Upcoming Institutional Adoption
A famous pseudo-anonymous crypto analyst on Twitter once said, investing in Cardano is like owning a piece of the future. Cardano fields one of the most impressive development plans in the industry, its growth plan features a five-stage roadmap that details the developmental process that will see the network mature to a self-sustaining and fully decentralized version of itself.
Success is imminent, as Cardano is in the last stages of its development plans already rolling out DeFi updates leveraging its peer review platform.
Cardano is now backed to feature mainstream institutional adoption this year as it rolls out its new smart contracts that now allow developers and programmers to integrate oracles on their network.
All of Cardano’s foolproof groundwork last year rounds up to a single sentimental conclusion, $ADA is set to balloon explosively in price this year, and this sentiment is shared by many in the community, evidenced by its increasing demand-pull.
Cardano’s Demand-Pull Continue To Pull Weight
As a successful Ethereum killer, it is only natural for traders and Investors to hoard the crypto token in large numbers. The exponential increase in relevance, which is still rising insanely, of the Cardano’s $ADA is now a major player in the token’s supply and demand cycle, the crypto has fielded record highs of demand in 2021 with the demand still ramping up momentum in the industry.
Cardano has fielded one of the most monumental demand-pull in 2022 despite the bearish market trend that the industry is experiencing. The market’s primary focus on supply and demand is bound to fuel $ADA growth due to the crypto’s fixed supply, resulting in major price boosts as demand continues to rise. Users who are patient enough to buy and HODL $ADA long enough are set to reap bountiful rewards.
Cardano’s Collaboration With Chain Link And Resulting Software Updates
Cardano’s upcoming collaboration with analytics firm chain link is another factor that fuels the profitability of the $ADA acquisition. The partnership between the two crypto giants. The partnership primarily targets the developers’ community, it aims to support developers in the industry to develop smart contracts on the Cardano Blockchain by leveraging real-life data models.
The real-life models are called Oracles and they feature support for DeFi applications and smart contracts. The successful integration and launch of these features post partnership completion will see a potentially explosive $ADA price increase.
Exciting times are ahead for the Cardano project, as it continues to attract new and innovative projects leveraging its smart contract functionality. As of now, 127 projects utilize Cardano blockchain with about 30 schedules to launch in the coming three months, effectively boosting the project’s relevance in the industry.
The Hydra software update that will launch this year will see Cardano further boost its scalability to outclass even Ether’s new Eth2 upgrade.
The systems upgrade will ensure long-term relevance of its massive storage accommodations and anti-flooding attacks (DDoS) protocols, the featured sustained relevance will snowball into a long-term price increase post mainstream adoption of Cardano.
Investors and traders that are patient enough to HODL their $ADA are set to make marginal profits as Cardano continues to upgrade its protocols wholistically.
Source: https://coinpedia.org/altcoin/cardano-the-most-relevant-ethereum-killer-top-reasons-to-add-ada-to-your-portfolio/