Mysterious Cardano Token Grows 400% In One Week

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Even though all eyes were on Bitcoin recently, the altcoin news are also showing some growth. While Bitcoin surged, a mysterious altcoin named Cardano was surging as well. The surge of Cardano went above and beyond all the expectations, rising to 142% to a $3.5 billion market cap.

Cardano’s ADA token, whose circulating supply is of 25.9 billion and with a maximum of 45 billion, saw a value surge from little under $0.03 to over $0.14 in one week. Currently, the price is around $0.12.

A lot of people were wondering what’s behind this massive surge and what is anticipated for the project’s next roadmap announcement. Cardano has partnered with leading cryptocurrency development company named IHOK and has a team of knowledged and experienced cryptographers, including the Ethereum co-founder Charles Hoskinson.

So, does this mean that Cardano is the new Ethereum?

Well, some of the crypto currency’s surge was a new trading paid with Ethereum on the Bittex exchange. Here, some of the cryptocurrency’s proponents said that the technology is better than the one of Ethereum, and that it will probably take over. However, according to CoinMarketCap, the Cardano token is only trading in two exchanges with most of its volume traded on the Bittrex’s ADA/BTC pair.

In a nutshell, Cardano is a blockchain that works both as a cryptocurrency and a smart contract platform. The development began in 2015 with a goal of becoming ‘the first blockchain project to be developed from a scientific philosophy’.

Moreover, Cardano aims to become a go-to platform for smart contracts, which is where most of its value comes from. It has developed a new functioning programming language that lets coders write in a more secure and mathematical approach.

 

So, what do you think of Cardano? Does it have the potential to become the next Ethereum – or even bigger?