- Charles Hoskinson commented on recent developments in Cardano and stated that the project is on track to surpass competitors Bitcoin and Ethereum.
- Hoskinson believes that Cardano’s governance model and decentralization will make it the world’s largest cryptocurrency.
- The price of ADA is currently in a downward trend, reaching a support level of $0.2589.
Charles Hoskinson, an American entrepreneur and the creator of Cardano, shared his thoughts on the project. He believes that Cardano has the potential to outperform Bitcoin and Ethereum in terms of market capitalization, thanks to its widespread adoption.
Despite Hoskinson’s statements, the altcoin has not experienced a recovery in price, and ADA is currently at a support level of $0.2589.
Also read: XRP price makes a comeback above $0.50 as pro-XRP lawyer urges former SEC officials’ testimony
Charles Hoskinson’s belief in Cardano’s potential to surpass competitors
Cardano’s competitors, Bitcoin and Ethereum, currently hold the highest market capitalization in the crypto industry. During a talk at the blockchain convention Rare Evo 2023, Hoskinson shared his views on the recent developments in Cardano.
In his speech, Hoskinson explained that Cardano has the potential to become the leading cryptocurrency in the world. He attributes this to the project’s focus on sustainability, scalability, and interoperability, distinguishing it from blockchains like Bitcoin and Ethereum.
The recent Alonzo upgrade in Cardano enables smart contracts on its blockchain and supports the development of dApps and DeFi projects in the ADA ecosystem. Cardano’s utility and potential for market expansion position it to surpass Bitcoin, Ethereum, and other projects in the industry.
Currently, ADA is experiencing a downward trend and is trading at $0.2589. The altcoin is below its three long-term Exponential Moving Averages (EMAs) at 10, 50, and 200-day levels of $0.2665, $0.2890, and $0.3344.
Hoskinson’s comments have not acted as a catalyst for a bull run in ADA’s price, and it remains to be seen if the altcoin will recover from its downward trend.
Bitcoin, Altcoins, Stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization. It is a virtual currency designed to function as a medium of exchange. Bitcoin operates without the need for any centralized authority, making third-party involvement unnecessary during financial transactions.
Altcoins refer to any cryptocurrency other than Bitcoin. However, some consider Ethereum as a non-altcoin because forking occurs between these two cryptocurrencies. In this case, Litecoin becomes the first altcoin, as it is forked from the Bitcoin protocol, representing an “improved” version of it.
Stablecoins are cryptocurrencies designed to maintain a stable price by being backed by a reserve of the asset it represents. To achieve this stability, the value of a stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. Stablecoins serve as a gateway for investors to trade and invest in cryptocurrencies, providing an on/off-ramp. Additionally, stablecoins offer a store of value, as cryptocurrencies in general are subject to volatility.
Bitcoin dominance refers to the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides insight into Bitcoin’s popularity among investors. High BTC dominance typically occurs before and during a bull run, as investors turn to relatively stable cryptocurrencies with high market capitalization like Bitcoin. A decrease in BTC dominance suggests that investors are moving their capital and/or profits to altcoins in search of higher returns, often leading to a surge in altcoin rallies.
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