This week has seen a price drop in most cryptocurrencies, led by Bitcoin. The previous 2 to 3 weeks saw cosmic growth of most crypto assets, therefore we’re seeing a correction and sideways consolidation this week. In contrast, the Cardano project and its native currency ADA are breaking out, possibly to new all time highs. This is because of some announcements by its developers and moves by large investment firms. The following YouTube video by Altcoin Daily provides us with a report.
Cardano is intended to be a software platform for decentralized blockchain applications, in direct competition with Ethereum. This previous post explains what Ethereum is (Ethereum Explained), and why these blockchain platforms are so important for the future. One huge disadvantage for Ethereum is its “gas” prices. Gas is the term for processing power needed to run apps on the platform, and it costs money to enable it. Ethereum gas prices have become unreasonable in the past few months, so Cardano and other rival platforms hope to address it.
Apps that run on Ethereum can be ported to Cardano with little or no modifications. 2 other blockchain platforms to keep your eyes on are Polkadot and Binance Chain.