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28 March 2024
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Cardano skyrockets 30% in the week while other cryptocurrencies fall; understand the reason

Affected by the devaluation of bitcoin, the main cryptocurrencies in the market registered a drop this week, except for one: Cardano (ADA).

According to data from CoinMarketCap, in the last seven days the digital asset has increased by almost 30%. Bitcoin (BTC), in the same period, fell 12%, while Ethereum (ETH) lost 21% of its value.

In the year, ADA had a 561% jump. All this positive movement made the currency reach US $ 37 billion in market value, which places it as the 3rd largest in the market.

What explains the high

Part of the currency’s rise, according to Cardano’s ambassador to Brazil, Marcus Vinicius, can be explained by the updates and hard forks that have been made in the project since last year.

The latest hard fork, called ‘Mary’, will be launched next month. The novelty was announced by IOHK, a company that develops the Cardano protocol (ADA), through a tweet published this week.

“Today, Cardano does not have the characteristic of creating tokens. From March 1st, with this new hard fork, you will be able to create tokens and burn tokens ”, said Vinicius.

In summary, this new update will change Cardano’s blockchain, which will move from a single ledger network (ADA only) to a multi ledger network (with ADA, stablecoins etc).

Another change (that of 2020) that has made the currency appreciate, according to Vinicius, is the possibility of staking on the Cardano blockchain. In short, staking consists of blocking assets in a portfolio to support the network and, in return, receiving “rewards”.

“People are staking in their wallets and that has regained confidence in the project,” said Vinicius.

According to CoinMarketCap, until last week 71.9% of the total circulating supply of ADA was on the Cardano blockchain, which makes the network “the most decentralized on the market”.

About Cardano

The Cardano blockchain was founded by IOHK CEO Charles Hoskinson in 2017. He was also one of the co-founders of the Ethereum network.

In summary, the network is an open source proof-of-stake blockchain platform with protocols that are being created based on community acceptance. Here in this link it is possible to understand everything about Cardano.

“Today, Cardano does not have the characteristic of creating tokens. From March 1st, with this new hard fork, you will be able to create tokens and burn tokens ”, said Vinicius.

In summary, this new update will change Cardano’s blockchain, which will move from a single ledger network (ADA only) to a multi ledger network (with ADA, stablecoins etc).

Another change (that of 2020) that has made the currency appreciate, according to Vinicius, is the possibility of staking on the Cardano blockchain. In short, staking consists of blocking assets in a portfolio to support the network and, in return, receiving “rewards”.

“People are staking in their wallets and that has regained confidence in the project,” said Vinicius.

According to CoinMarketCap, until last week 71.9% of the total circulating supply of ADA was on the Cardano blockchain, which makes the network “the most decentralized on the market”.

About Cardano

The Cardano blockchain was founded by IOHK CEO Charles Hoskinson in 2017. He was also one of the co-founders of the Ethereum network.

In summary, the network is an open source proof-of-stake blockchain platform with protocols that are being created based on community acceptance. Here in this link it is possible to understand everything about Cardano.

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