Cardano (ADA) has demonstrated its resilience in April, maintaining its position in the top ten cryptocurrencies. As it builds bullish momentum, Cardano’s security and scalable infrastructure are positioned to attract widespread adoption and potentially surpass Ethereum.
Cardano (ADA) is now gaining momentum after a resilient April. It was once considered a rival to Ethereum and remains one of the most popular cryptocurrencies on the market. Through years of research and development, Cardano has proven its scientific and mathematical superiority over Ethereum.
While Cardano has shown stable growth, its numbers are still modest compared to Ethereum’s achievements. However, Cardano offers advantages such as lower fees, faster transactions, and scalability, which will ensure its long-term success over Ethereum.
According to a report by Crypto News Flash, Cardano (ADA) has an impressive 978,780 core commits, more than double the number of commits Ethereum (ETH) had (407,170) during the same period. Daily activity over the past month, according to Santiment data, shows Optimism (OP), Cardano (ADA), and Hedera (HBAR) as the top three, closely followed by Polkadot (DOT) and Kusama (KSM). Ethereum (ETH) ranks at number 8, with Chainlink and ETHStatus at number 6 and 7, respectively.
In April, ADA experienced volatility caused by Bitcoin’s fourth halving event. Historically, this event has resulted in high returns for leading cryptocurrencies, including altcoins like ADA.
ADA has faced significant pressure in recent weeks, with some altcoins surpassing it in market cap rankings. However, ADA has shown resilience by maintaining its position in the top ten. This is crucial for attracting investor interest, forming partnerships, and ensuring network integration and exchange listings.
The data shows that only 35% of ADA owners are currently in profit, indicating a potential loss of investor interest. However, whales continue to show interest in the altcoin, taking advantage of discounted prices to keep buying.
As of now, ADA is trading at $0.47 after a 4% price surge. However, on the weekly chart, the altcoin is still struggling with a 7% drop. The price movement is closely tied to the broader market trend, with investors closely watching Bitcoin’s anticipated bull run in the coming weeks due to the halving event.
Changelly, a crypto analysis platform, predicts a bearish end to the month with a price of $0.437471 for ADA, representing a nearly 10% drop from current prices. However, compared to other major cryptocurrencies, Cardano (ADA) shows signs of potential undervaluation based on the “supply in profit” metric, which reflects the portion of coins currently held at a profit.
On-chain data reveals that a lower percentage of ADA holders (51.9%) are currently in profit compared to Bitcoin, Ethereum, and other cryptocurrencies. This suggests that a larger number of ADA were purchased at higher prices, potentially indicating that the coin is undervalued.
In conclusion, Cardano (ADA) has demonstrated resilience and is poised for bullish momentum. Its security and scalable infrastructure make it an attractive option for mass adoption and could potentially surpass Ethereum. However, the current market trend and fluctuations in price pose challenges for ADA’s short-term performance.