Cardano is a public blockchain platform named after the Italian mathematician Gerolamo Cardano.
At the time of writing this article (autumn 2022), Cardano has the 8th place among all cryptocurrencies by capitalization according to Coinmarketcap. At the same time, Cardano has ambitions to surpass both Bitcoin and Ethereum which have the first positions in the ranking.
In this article:
The decentralized Cardano platform has a fully open source. The Cardano Foundation, based in Zug, Switzerland, is responsible for the development of the platform.
The Cardano project was founded in 2015 (and launched in 2017) by the co-founder of Ethereum, mathematician Charles Hoskinson from Colorado, USA (Charles Hoskinson – Wikipedia).
Charles wanted Ethereum to develop as a commercial entity with venture capital. However, Vitalik Buterin was against it, so Charles left Ethereum and started working on the Cardano project.
The idea of Cardano is to become a third generation blockchain project – to take the best of the technologies first implemented in the Bitcoin (Generation I) and Ethereum (Generation II) networks. Cardano claims to outperform Bitcoin which is slow and energy-consuming, and Ethereum which is unsafe.
Cardano users can create decentralized applications and run smart contracts.
The Cardano network implements the Ouroboros consensus mechanism based on Proof-of-Stake. It has been validated by the research of computer scientists and cryptographers from the University of Edinburgh, the University of Tokyo and other reputable institutions.
The special feature of the Cardano blockchain is that it is divided into two levels:
Splitting the blockchain into two layers allowed the Cardano network to process up to a million transactions per second. But this is far from the limit. It is likely that the power will increase significantly after an update called Vasil scheduled for September 2022.
As a result of the update, the platform should become even more productive, accessible and easy-to-use.
ADA is the internal cryptocurrency of the Cardano network.
ADA is named after Ada Lovelace, a 19th-century female mathematician who has been called “the world’s first computer programmer.”
ADA cryptocurrency can be used:
The fastest way to find out the price of ADA is to ask Google by typing ADA price into the search bar.
However, this method has a number of disadvantages. They are important when you want to not only find out the course, but also analyze the chart:
If you are looking for a powerful and free instrument to get quotes and analyze the cryptocurrency market without any delay, download the ATAS platform.
After installation, click on the Chart button in the main program window. Type ADA (or the name of any other cryptocurrency you are interested in) in the indicator manager, as shown in the picture:
The ATAS platform will offer many options for the price of ADA: in dollars, euros, pounds, rupees and other currencies. You can also choose the exchange on which you want to see the rate.
Having chosen ADAEUR@Binance, you will see a chart of the ADA exchange rate against the euro according to the Binance exchange:
The rate will be delivered in real time without any delay.
To buy and sell ADA, you need to open an account on a cryptocurrency exchange – Binance, Bybit or another.
If you want to actually buy ADA for investment hold, you’d better go to the Spot section.
If you want to actively speculate on volatile cryptocurrency markets, then you’d better go to the Futures section since cryptocurrency exchanges offer futures trading for active participants, which has its advantages:
Important information for analysis and decision-making is provided by futures charts in the cryptocurrency markets. Judge for yourself by looking on a 1-minute chart:
As the price rose to the important level of 0.438 (marked as 1 on the market profile), the delta indicator showed that market buys became more active (2). However, the price entered the range in the following minutes.
The fact that ADA did not rise in price as a result of buys was a bearish sign. Probably, the sellers’ stop-losses that were set at the 0.438 level got activated. An expanding bearish candle with a spike in market sells on the delta indicator (3) could serve as a signal to enter a short-term speculative position.
Similar trading ideas occur in the cryptocurrency markets every day. ATAS will help you find and implement them to be of benefit to your capital. Download the demo version of the platform now, there are at least four good reasons for this:
You can learn how to use ATAS to analyze markets and ADAUSD from our blog or YouTube channel.
Information in this article cannot be perceived as a call for investing or buying/selling of any asset on the exchange. All situations, discussed in the article, are provided with the purpose of getting acquainted with the functionality and advantages of the ATAS platform.