On this page, you will find the price of Cardano (ADA) as of today, a live chart, ADA to USD calculator, and more.
Cardano Price Today
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What is Cardano?
Cardano is the creation of Ethereum co-founder Charles Hoskinson. He began developing Cardano and the platform’s primary cryptocurrency ADA in 2015 after understanding the implications of a proof-of-work blockchain.
In 2017, Charles launched Cardano and its token ADA, and it has since become one of the most prominent cryptocurrencies to utilize proof-of-stake blockchain, a greener option than proof-of-work.
Cardano is a decentralized proof-of-stake (PoS) blockchain created to be the more efficient option for proof-of-work networks. Platforms like Ethereum are huge and relatively more established, but using PoW makes them suffer from high energy use, ever-rising costs, and slow transaction processing time.
PoS enhances scalability, sustainability, and interoperability to the optimum scale possible. Cardano regards itself as the only comprehensive peer-reviewed blockchain platform in the crypto space. The team at Cardano is dedicated enough to stick to several philosophies and principles for guidance instead of a white paper or roadmap. Here are a few of them:
- Exploring the social elements of commerce
- Find a healthy middle-ground for regulators to connect with commerce without compromising some core principles inherited from Bitcoin.
- Implementation Of core components in highly modular functional code
- Separating computation and accounting into different layers.
What Drives the Price Of Cardano?
One of main things that drive the price of Cardano in the volatile cryptocurrency market is the rate of adoption. The more people adopt Cardano for different use cases, the more the value of ADA rises.
With its huge and growing community of support in the cryptocurrency world, Cardano’s adoption is rising. However, the “Bitcoin effect” still plays a pivotal role. Although Bitcoin is the first generation of crypto, it remains the market leader in the digital asset world.
When it sneezes, other altcoins and shitcoins catch a cold. Since Cardano is relatively new compared to the former, most of its price volatility is due to price changes in other leading cryptocurrencies like Bitcoin and Ethereum.
While Cardano can’t compete with the might of Bitcoin, it can, however, benefit from the price changes that Bitcoin pulls as well as market forces. The demand and supply of Cardano also play a huge role in its value and price, with scarcity a booster for value.
Expect the price of Cardano to fall if the market receives more ADA coins than it needs to buy. But if there are fewer ADA coins in supply, the price of Cardano will surge.
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