- Charles Hoskinson commented on recent developments in Cardano and that the project is on its way to beat competitors Bitcoin and Ethereum.
- Hoskinson believes Cardano is likely to become the world’s largest cryptocurrency with its governance model and decentralization.
- ADA price is currently in a downward trend that started in mid-April and the altcoin is at support at $0.2589.
Charles Hoskinson, an American entrepreneur and the creator of Cardano shared his thoughts on Cardano. The creator of the Ethereum-alternative believes the token is likely to beat competitors Bitcoin and Ethereum, in terms of market capitalization, through its mass adoption.
Hoskinson’s statements have failed to catalyze a recovery in the altcoin, and ADA price is at support at $0.2589, at the time of writing.
Also read: XRP price makes comeback above $0.50 as pro-XRP lawyer urges former SEC officials’ testimony
Charles Hoskinson believes Cardano can beat competitors
Cardano’s competitors Bitcoin and Ethereum have the largest market capitalization in the crypto ecosystem. Hoskinson gave a talk at blockchain convention Rare Evo 2023, and shared his views of the recent developments in Cardano.
During his speech, Hoskinson explained that Cardano is probably going to become the biggest cryptocurrency in the world. To back his bullish comments on the project, Hoskinson attributed the project’s sustainability, scalability and interoperability set it apart from the approach taken by blockchains like Bitcoin and Ethereum.
A recent update in Cardano, the Alonzo upgrade, powers smart contracts on the altcoin’s blockchain and supports dApps and DeFi projects and their development in the ADA ecosystem. Cardano’s utility and potential market reach are therefore drivers that can beat Bitcoin, Ethereum and other projects in the ecosystem.
At the time of writing, ADA price is in a downward trend and exchanging hands at $0.2589. The altcoin is below its three long-term Exponential Moving Averages (EMAs) at 10,50 and 200-day at $0.2665, $0.2890 and $0.3344.
Hoskinson’s commentary did not act as a bullish catalyst for ADA price and it remains to be seen whether the altcoin will begin its recovery from the downward trend.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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