The bears might be out in force for the world’s leading cryptocurrencies, but Cardano (ADA) and Tron (TRX) seem to be bucking the trend. Much like DASH has gone against the grain recently, ADA and TRX price charts have turned green in recent days. Those tracking ADA price live on October 15 saw a 2.1% upswing over the last 24 hours. Almost in line with Cardano, the price of TRX improved by 2.5% over the same period. Making the movements even more significant is the fact the crypto market as a whole saw $16 billion wiped off its value during the week ending October 14.
Are We on the Verge of an ADA Price Push?
If we’re at the start of an upward trend, now would be the obvious time to buy Cardano. However, is there life beyond a mini price bump. For those taking short positions, the recent break is clearly a positive, but long-term investors will need some more convincing if they’re going to hold out for more. In July, creator Charles Hoskinson told YouTube channel Learn Crypto that the project’s future is bright. Pointing to potential financial regulations as a positive, Hoskinson said Cardano is ready to fully embrace any changes in that direction.
On a more practical level, Cardano is also bidding to usurp Ethereum when it comes to smart contracts. Although topping Ethereum is a huge task at the moment, Marlowe, Cardano’s domain-specific language (DSL) is already being used in a variety of settings. The DSL will allow financial contracts on the blockchain to be executed in the Peyton Jones style. Put simply, the feature will allow secure financial transactions to be carried out on the Cardano blockchain without any third-party intervention. When this system comes into full effect, many insiders believe it will rival Ethereum and, in turn, push the price of Cardano towards the market’s second most valuable crypto.
In Project Shelley Cardano Trusts
More recently, Cardano gave investors more details about Project Shelley. Dubbed the route to “full decentralization,” Project Shelley focuses on three key areas: delegation, incentives and networking. Companies on the blockchain will be able to add signing rights to their block to allow trusted third-parties to operate within the network. Beyond that, incentives will ensure stakeholders are continually motivated to support the network, while networking streams will create a support infrastructure for everyone connected to the Cardano blockchain.
The overall aim of Project Shelley is to turn Cardano into an enterprise-ready platform that major corporations can link into and fulfill all their business needs. If that happens, the ADA price in dollars can only improve. In practice, Cardano nor the price of its digital token will realize the full benefits of this for a while. However, the potential is there. So, for those holding a long position, enjoy riding the current wave of good fortune and look forward to more of the same in the future.
*Information in this article should not be taken as investment advice.
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