The value of most cryptocurrencies is still shaken by the biggest drop of the year. A few digital currencies are improving while some manage to stay afloat even when they seem like they’re losing it. Cardano (ADA) is a special case, and this piece will consider what helps keep it afloat.
Cardano (ADA) is a new coin as it was launched late last year. However, being new hasn’t stopped it from creeping into the list of top ten coins. The cryptocurrency is ranked seventh on CoinMarketCap. It was also given a grade B from Weiss.
How does Ada do it?
Lots of older cryptocurrencies are struggling to survive, but Cardano holds firm in the seventh position despite being low cost. Its price at the time of this writing is $0.218, and its total market cap stands at $5.6 billion. This is because the daily trading volume exceeds $11,545,000 daily.
Apparently, the trading volume of Cardano is the main reason for the high rank. The coin supply is also massive and could surpass all other coins if there is an increase in value.
How can the coin value increase?
ADA is still new and is fully functional. The Blockchain network is still being developed, and when it is done, it will offer more to users. It only lacks smart contracts and an ability to handle dApps. When these features are available, this cryptocurrency will be more widespread, and its value will increase.
Cardon plans to help Africa
ADA has planned to help Africa, specifically Ethiopia and Rwanda. ADA signed an MOU with the government of Ethiopia to use Cardano to educate people and hire them as well. Ethiopia plans to adopt ADA in their agricultural industry. The MOU is the first of its kind, and the training will start shortly.
Cardano will be the first to make a name in the African market, and this will greatly increase its potentials.