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The Future of Cardano (ADA) is Similar to XRP

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future of Cardano

Global Coin Report had earlier anticipated the XRP mega breakout that happened on Friday, 21st of September. All our team had to do, was observe the charts and recognize there was a massive spike in the trade volume of the digital asset right after the announcement that xRapid might go live in the next month or so. There was also the additional interest of the digital asset via social media platforms. The discussions are still evident and include how Ripple solutions in the financial industry, will bring the much-needed blockchain revolution to the banking industry. After seeing the recent success, we decided to take a look at the future of Cardano (ADA).

Cardano (ADA) Plans on Doing the Same Thing

One of the core missions of the Cardano project is to develop a decentralized blockchain and cryptocurrency with smart contract capability, as well as delivering more advanced features than any protocol out there. Cardano has made financial smart contracts simpler through the Marlowe Project.

Marlowe does this by allowing the user to write financial smart contracts by simply visually composing known building blocks. The existing building block toolbox has three categories: observations, contract and the money to be transferred in ADA.

Perhaps Marlow can be used to design very simple smart contracts to power cross-border payments or even peer-to-peer automated payments. Looking at the future of Cardano, the smart contract capability on the Cardano platform could create something similar or better than Ripple’s xRapid.

Catering for the 3 Billion Unbanked Globally

One of the organizations that contribute to the development of Cardano, is IOHK. According to the Cardano website, IOHK is committed to using peer-to-peer innovations to provide financial services to three billion people that don’t have them. Majority of the unbanked reside in emerging countries that are in Africa and Asia. Once Cardano spearheads financial inclusion in these regions, it would have done something far much greater than Ripple is doing by courting the global banks through RippleNet.

One thing that has helped increase the financial development of these emerging markets, is mobile banking that has been spearheaded by services such as MPesa in Kenya. Such services allow anyone with a registered mobile SIM card, to use it as a mobile bank. The owner of the SIM can then proceed to transfer funds through MPesa, as well as securely storing it on the network. The parent company of the service –  Safaricom Limited –  has seen its revenue increase exponentially by simply charging a small convenience fee with each transaction.

If Cardano were to come up with such a service that directly uses ADA, then the sky is the limit for the digital asset. Such a feat would be greater than xRapid and xCurrent combined.

Future of Cardano

It is with the above brief future possibilities of the Cardano project, that we can compare its current value in the markets of $0.09, to that of XRP mid last year. This was when Ripple was finalizing the development of its software solutions of xVia, xRapid and xCurrent. As a matter of fact, the team at Cardano are also finalizing a lot of the back-end functions such as the earlier stated smart contracts.

Observing the circulating supply of both XRP and ADA, the coins in are 39.8 Billion and 25.927 Billion respectively. With a difference in supply of 13.873 Billion, it is clear that once ADA starts to blossom in the market, it could even outperform XRP’s peak value of $3.82 seen back in January.

However, if we consider the Cardano project to being where Ripple was in May 2017, then the project and coin have another 1.5 years to come up with a working product and to propel its adoption in solving real-life problems. Therefore it would be prudent to consider slowly accumulating some ADA religiously on a monthly basis for the next 1 year or so.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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