Cardano is considered one of the most popular cryptocurrencies of the past year. Allegedly, it is known as a potential Ethereum Killer and that is a huge claim considering Ethereum’s success rate. Although, even as Ethereum is trailing right behind Bitcoin in its pursuit to overtake it, there is another opponent that is now trailing Ethereum.
While bitcoin is still the most well-known and high-performing cryptocurrency asset, Ethereum has always stayed in pursuit of Bitcoin’s position with its compelling integrated applications. However, Cardano aims to challenge Bitcoin and Ethereum in places where it needs improvement.
With cryptocurrencies constantly pursuing each other’s position, the crypto market has become highly competitive and even more volatile. Therefore, traders have traded Qumas AI and numerous others that help you maintain, analyze and trade in the crypto world efficiently and easily.
What Is Cardano?
Cardano is a blockchain platform, while ADA is the name of its native cryptocurrency. As a ‘new’ cryptocurrency in the market, Cardano has surpassed a lot of milestones on its way to the top. One of the primary reasons for this is that the creator of Cardano was previously the Co-founder of Ethereum, Charles Hoskinson. While Charles has a more business-centered approach for Cardano, he also ensured that his cryptocurrency overcame any weaknesses that its competitor Ethereum and others had.
To begin with, Hoskinson designed Cardano to be energy efficient, to support fast transactions on a minimum fee, and with smart contracts. All of this is to compete with Bitcoin and Ethereum’s most well-known capabilities and to surpass them on the ladder to success.
Should You Invest in Cardano?
Despite Cardano’s capabilities and benefits, it is still a relatively new cryptocurrency, and not many people know about it yet. Therefore, investors are a little skeptical about its future potential and predicted growth. While Cardano shares a great vision in the cryptocurrency world, its ambitions are still not achieved yet and its projects are far from being implemented.
Consistent Decline
Despite being one of the top 5 cryptocurrencies in the world, Cardano last saw its peak some time ago when it was valued at approximately $3.10 however since then it has been on a constant decline. With only a slight hike in March earlier this year, it is currently at a crashing new low.
Cardano’s Ambitious Project in Africa
Cardano’s ambitious project launched in Africa in 2017 looked great on paper but little implementation has been carried forward in the past few years. With multiple announcements made, there is little groundwork to rely on and as a result, most investors are losing faith in its completion.
Rising Competitors
While Cardano set out on an ambitious pursuit to become the best, its competitors like Ethereum and Bitcoin are on a constant rise in terms of upgrades and constant developments. Ethereum for example has maintained its growth since its inception and its integrated applications are now stronger than ever.
Losing Its Hype
According to most investors, Cardano has now begun to lose its hype. Being Overhyped when it was first introduced, this turned out to be one of the leading factors for Cardano’s quick popularity and high market values but it could not be sustained.
Key Disadvantages of Investing in Cardano
Despite being one of the top cryptocurrencies to date, here are a few disadvantages that you must consider before investing in Cardano.
Established Competitors
While Cardano is in direct competition with Ethereum and Bitcoin, it lacks recognition as its competitors, and therefore, not many people know about it. It is also not regarded as one of the original cryptocurrency ads. Therefore, it lacks in popularity.
Unfinished Product
According to experts, Cardano is considered to be an unfinished product based on the fact that it still needs some key developments and has limited use as compared to other intelligent blockchains and their competitors.
Minimum Liquidity
Lower demand has also caused investors to lose much interest in Cardano as an asset. Due to lower demand, it has minimum liquidity, making it harder to sell to reclaim your investment or look for a potential profit.
Conclusion
In conclusion, it is safe to state that despite Cardano’s massive hype and high values, it has been unable to keep up the consistency and is no longer the best investment to make in the crypto world.
