Will Cardano’s coming of age impact rivals Bitcoin and Ethereum?
The recent full decentralization of the cryptocurrency Cardano will drive up its appeal and price, making it better placed to compete with rivals Bitcoin and Ethereum.
The price of Cardano has skyrocketed over the last few months, rising around 600% since the start of the year, to become the third largest cryptocurrency by market cap, just trailing Bitcoin and Ethereum.
Yet now, Cardano has come of age by becoming totally decentralized, with its parent company granting control of the blockchain to the community. This will likely attract more investors which will, naturally, drive up the price.
In addition, this landmark achievement will allow Cardano to hike its competition status.
Indeed, Cardano will likely be a challenger cryptocurrency to Ethereum, because as well as being used as currency, the blockchain can also be utilised to build smart contracts, protocols and decentralised applications.
In addition, it is said to be considerably more scalable than Ethereum.
Cardano will also challenge the world’s largest cryptocurrency by market cap, Bitcoin. The reason for this is because those who already invest in digital assets, or who are planning to do so, are aware that one of the keys to successful investing is diversification.
As such, these investors will also want sufficient diversification in regard to their cryptocurrencies, which will, ultimately, impact Bitcoin’s market share.
Earlier in 2021 we added Cardano to our cryptocurrency exchange app, deVere Crypto, along with other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.
This highlights our ongoing commitment to continually reviewing and growing our crypto offering to give users access to the opportunities and rewards of cryptocurrencies.
This milestone in Cardano’s progression will further bolster its position as an up-and-coming star in the cryptocurrency market.
And I would expect a number of renowned investors to shortly publicly show their support for Cardano on social media, as we’ve recently seen with other digital currencies.