Cardano (ADA) coin is growing tremendously, but can it bully Bitcoin in the battle for blockchain assets?

Cardano (ADA)

Cardano (ADA) coin is growing tremendously, but can it bully Bitcoin in the battle for blockchain assets?

Cardano’s ADA is seeing significant growth, but can it bully Bitcoin?

Bitcoin enthusiasts have been very happy lately with the coin successfully breaking the $ 4000 mark, although no one really knows how long it will stay that way. This progress, people are optimistic, is a sign that better days are ahead of the coin. Fundstrat’s Managing Partner and Head of Research, Thomas Lee, said on the issue that there will be a sizable bull run within 6 months.

Lee said:

“The most important number to watch out for is the 200-day moving average … Bitcoin jumps along that. If Bitcoin holds above USD 4,000, it will exceed its 200 days [moving average] by August, so I think the outside window will be five to six months before Bitcoin technically looks like it’s in a bull market again.

Cardano’s newest activity

CardanoADA’s ADA has grown steadily, rising nearly 50%, allowing it to climb into a list of the top ten cryptocurrencies by market capitalization. Cardano successfully launched its Mainnet Cardano 1.5 version and entered the Shelley development phase and officially ended its Byron phase. This step is a milestone as it pretty much sets the framework for proof-of-stake execution for the Shelley phase. Along with this update, there will be a shift from the current consensus protocol which is Ouroboros Classic to the Shelley era protocol which is Ouroboros Genesis.

According to Cardano,

“Ouroboros Genesis is an important upgrade to the protocol that underpins Cardano as it is the first proof-of-stake protocol to match the security guarantees of proof-of-work protocols like Bitcoin.”

Cardano’s upgrades and improvements may have increased confidence and confidence in ADA as the coin increased 18% in a week and made an overall increase of 66% in a month. The month of March also saw a significant increase in other coins such as the Binance Coin (BNB), as Binance recently launched a decentralized platform.

Could Cardano possibly challenge Bitcoin?

It seems very unlikely that ADA could challenge or even topple Bitcoin. Aside from the fact that it would be a bit of a chore to be honest, the team on most projects is constantly working on improving and advancing the technology that drives their respective assets and platforms due to the current climate.

Charles Hoskinson, the founder of Cardano, has also confirmed this by explaining Cardano’s recent triumphs, but also declaring that there will be a lot of development.

According to him:

“… Dealing with issues like the Cardano Foundation and having to undergo a change in leadership – we have mastered all of that. They prove that we are resilient and they prove that we know how to do it and that we will be here for a long time. And we will continue to build that for a long time. “

https://bitcoinexchangeguide.com/bitcoin-btc-ethereum-eth-ripple-xrp-value-forecast-top-crypto-coin-price-chart-analysis-today/

Tolu

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify Bitcoin stories down to the basics so that anyone, anywhere, can understand and add social research and feedback insights without too much background knowledge. When he’s not busy with crypto messages, Tolu enjoys music, loves to sign, and is an avid movie lover.

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