Will Cardano be Able to Top BitcoinSV Next?
Four days after the Cardano Virtual Summit closed its doors, ADA managed to reach yet another accomplishment. That of course is Cardano's (ADA) massive price rise in the past few days. As part of Cardano's price increase it managed to climb yet another ranking on CoinMarketCap and CoinGecko. Currently it edged out Litecoin (LTC) for the coveted 7th spot and is close to outranking BitcoinSV (BSV).
During the past 90 days, ADA's price managed to go from $0.035 to $0.10 currently. Its Bitcoin valuation has grown in tow and had a very similar rise from 0.00000569 to 0.00001180 BTC. This is a near 100% price increase in BTC valuation and over 180% in its fiat valuation.
Why Is Cardano Soaring?
The excitement surrounding Cardano seems to heavily outweigh the FUD at this point in time. With their mainnet due to launch later this month and a new Daedalus wallet for the Shelly testnet launching earlier today it is easy to see why.
As for the FUD, there were a few very minor issues that might have negatively impacted ADA. The was the issue of the Cardano Foundation accepting PPP loans from the U.S. government. This ended up being a non-issue as many others within the crypto-space have done the same.
There was also the Chinese farmer video, in which MLM scammers were apparently misappropriating Cardano & its founder Charles Hoskinson. The Cardano Foundation & Hoskinson deny any link to the event that took place in China.
Traders have decided that excitement outweighs the FUD buy buying ADA and pushing Cardano's price forward.
Cardano looks poised to push BitcoinSV from the 6th spot on the list of top cryptocurrencies next. All it really needs is another good day or two.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado