Cardano is showing some toughness in a time when its peers are just about to crack under pressure.
The bear market is hammering the cryptocurrency market, with the majority of cryptocurrencies now trading at prices not seen since the middle of last year.
However, this decline has created an opportunity for crypto investors to purchase the proverbial dip of appealing crypto assets that are anticipated to perform well in the coming months.
Cardano is one of the most robust blockchain networks in the cryptocurrency business. It is a tried and tested crypto asset. Charles Hoskinson, the founder, has described ADA as a “solid, futuristic technology” with a programming staff that prioritizes thoroughness over speed.
In the poll, ADA scored 78 percent, while Bitcoin and Ethereum got 11 and 5 percent, respectively (The Daily Hodl).
Cardano Continues To Get A Lot Of Love
The value of ADA increased significantly today, rising as much as 9 percent in the last 24 hours as investors continued to express interest in the asset as the financial system shows signs of recovery.
Hoskinson commented on a recent poll undertaken by @LondonRealTV, the Twitter account of the same-named media firm, on Twitter.
In a bad market, nearly 80 percent of respondents chose Cardano’s native token ADA above other major cryptocurrencies, the survey shows.
The crypto appears to be more popular than Bitcoin, Ethereum, or any other cryptocurrency. In the poll, ADA scored 78 percent, while Bitcoin and Ethereum earned 11 and 5 percent, apiece.
On June 3, the token dominated the market as the largest gainer among the top 100 cryptocurrencies by market value, having increased by more than 13 percent. Its re-allocation rate was higher than that of the other chains, both in proportion and momentum.
ADA total market cap at $21.5 billion on the daily chart | Source: TradingView.com
The Whales Are Swallowing Plenty Of ADA
As this developed, Cardano whales have been moving enormous amounts of ADA just prior to a substantial price increase.
The ADA development team is now working on the Vasil hard fork, which is anticipated to deploy in July. The patch is intended to streamline Cardano’s support for smart contracts.
The launch of the Cardano Hydra update is anticipated for the third quarter of 2022. It is projected that these features would increase Cardano’s acceptance and spike the price. In light of this, Cardano is a perfect purchase in the current bear market.
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During the last 24 hours, Cardano (ADA) surpassed its competitors as the blockchain made headway in its collaboration with satellite TV provider DISH Network.
According to data from Coinmarketcap.com, ADA increased about 10% to $0.639, outperforming the top 10 cryptocurrencies.
DISH will deploy a decentralized identity and loyalty token based on Cardano technology, beefing up their partnership formed late last year.
Featured image from Outside Magazine, chart from TradingView.com