Cardano ($ADA) Touted as a Top Contender in Cryptocurrency’s Future by Influential Analyst

A popular cryptocurrency analyst and influencer has recently highlighted Cardano’s unique position in the cryptocurrency world, and pointed to its use cases to make a bullish case for its native token $ADA, suggesting it could be one of the top cryptocurrencies in the future.

In a video analyzing the smart contract platform, popular cryptocurrency influencer Cheeky Crypto revealed to his over 150,000 subscribers on the Google-owned video-sharing platform YouTube he is bullish on Cardano over its use cases, which include rebuilding confidence within the world economy by developing technology that encourages secure and transparent practices in international trade.

Cardano, as the YouTuber pointed out, is a decentralized network using a Proof-of-Stake consensus algorithm. He pointed to the cryptocurrency’s “research-driven development” as something that sets it apart from its competitors.

Per the analyst, the cryptocurrency is working on making a real-world impact, especially in developing regions, as it’s looking to offer financial services to the approximately 1.7 billion individuals globally who currently lack access to banking services. This mission is exemplified by Cardano’s collaboration with World Mobile in Africa, aiming to bridge connectivity gaps, spur new economic opportunities, and transform lives, he said.

Cardano is often referred to as a newer version of Ethereum and called a “third-generation” cryptocurrency, with the analyst siding with this approach and saying that Cardano addresses the primary obstacles impeding the adoption of first-layer blockchain technologies, including scalability, interoperability, sustainability, and security.

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The YouTuber, as first reported by NewsBTC, also noted that Cardano has been focusing on “security and scalability” when it comes to its decentralized applications. Notably, the total value locked in Cardano’s decentralized finance (DeFi) ecosystem has dropped from around $410 million late last year to now stand at $350 million, according to DeFiLlama.

The analyst also pointed out Cardano has improved its transaction throughput through the use of layer-two scaling solution Hydra, which employs state channels for off-chain transaction processing.

Notably, as CryptoGlobe reported, Cardano has maintained its top stop in cryptocurrency development activity, outperforming other major digital assets, including Bitcoin ($BTC) and Ethereum ($ETH).

Despite these advances, Cardano is, at the time of writing, trading at $0.51 per token after falling more than 18% over the last 30 days.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/02/cardano-ada-touted-as-a-top-contender-in-cryptocurrencys-future-by-influential-analyst/