After Charles Hoskinson announced that Cardano iscurrently working with a partnership to utilize cases for DLT in the EU, thecrypto asset got the spotlight.
The same way with other cryptocurrencies, ADA’s pricehas also seen with increase during the first month of 2020. The crypto assethas started at $0.033 and currently trading at $0.054.
However, crypto analysts noted that the gainshappening to ADA is not based on the actual usage. Only a few of people use thecrypto asset considering the Cardano blockchain.
If you are not aware, the price of ADA was filled withtremendous expectations before 2020 kicks off. In fact, analysts believe thatthe crypto’s price will soon to experience a massive rise.
Few days ago, ADA’s price surges over 16% over the USDollars. So, the ADA bulls celebrated that price action.
The recent price surges of ADA token were believed tobe due to positive Weiss ratings, Cardano Foundation’s adoption efforts, andCardano staking. Weiss has recently released a report which revealed that ADAhas a better performance that EOS being an decentralized blockchain.
No doubt, a number of traders believe that furtherprice surge will happen. Besides, they have expressed that they also hope thatthe token could outperform Bitcoin in the near term.
Despite the positive market performance of ADAthroughout the first month of 2020, its blocks remain to be completely empty.As you probably know, when blocks are empty, it means that there are only a fewtransactions done within the blockchain.
Considering the blockchain of Cardano, it displays alack of network use. In fact, 66 of the previous 100 blocks have totransactions while other blocks come with only 1 to 2 transactions. Besides,the past 100 blocks do not contain over 10 transactions.
Crypto Analysts believe that the reason behind why theuse of ADA remain incredibly low is that ADA miners have added more blocksinstead of transactions.
So far, the ADA’s price action is entirely based onthe system’s speculation in what in might achieve in near term.
The total number of ADA transactions caused concernsto many folks. On the other hand, the upcoming network developments can resultto greater usage. In fact, Cardano CEO Charles Hoskinson recently announced thefirm’s partnership with accounting group PwC.
Other than that, the tenth crypto asset by marketcapitalization is set to have upgrades to include smart contract functionalityand move the network to the proof-of-stake system.
Although the ADA’s blockchain has seen with a handfulactual use, many people are still placing their hopes over the crypto. Not onlythat, the bulls are expected to work harder and set the price higher. There isstill a chance for the crypto asset to increase the transactions since italready gained more exposure.
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