Cardano (ADA) – a new competitor for bitcoin?

Cardano (ADA) on Friday exceeded its previous all-time high in 2018 by $ 1.18 and set a new all-time high at $ 1.45 on Saturday.

As a result, the token surpassed Binance Coin (BNB), Polkadot (DOT) and Tether (USDT), taking the third place in the crypto rating after Bitcoin and Ethereum. ADA capitalization exceeded $ 40 billion.

ADA growth over the last week was 20%, over the last month – over 290%, over the last year – over 2600%.

There are several reasons for Cardano’s growth. The project plans to roll out the Goguen update on March 1st. It will implement important changes that will help the platform enter the decentralized finance (DeFi) segment. DeFi platforms were wildly popular in 2020, and this trend is likely to continue this year.

Many projects are working on compatibility, but Cardano has gone further. On February 26, the project team announced support for the new programming language Glow. Integration will allow developers to work across different ecosystems. After the Goguen update, the project is expected to surpass the tokenization standards implemented for ERC-20 and ERC-721 implemented in Ethereum.

On February 27, it became known that Binance will support the update and hard fork of Cardano. This means that ADA deposits and withdrawals will be suspended for approximately five hours.

Meanwhile, Dubai-based fund FD7, with $ 1 billion in assets, announced that it will sell $ 750 million worth of bitcoins over the next 30 days to grow its positions in ADA and DOT.

FD7 Ventures Managing Director Prakash Chand argues that Bitcoin, in addition to its role as the first form of digital investment, “is actually pretty useless.”

“Projects like Cardano, Polkadot and Ethereum are the backbone of the new Internet and Web 3.0. I want to bet that Ethereum, Cardano and Polkadot will be more valuable than Bitcoin over the next few years, ”he added.

Cardano is a multi-tier Proof-Of-Stake blockchain platform for building decentralized smart contract applications. The platform was created by the IOHK development team led by Charles Hoskinson, the former co-founder of BitShares, Ethereum and Ethereum Classic. Nearly 70% of all Cardano project (ADA) tokens are staked, making it the most decentralized blockchain in the world.

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