ADA rockets and influencers are talking. Net result: $2.3 trillion crypto market
Cardano is getting people talking.
It’s actually getting people more than talking; those who have talked have acted.
Cardano’s ADA token passed the $3 mark for the first time on Sept. 1, just weeks after becoming the world’s third-biggest virtual tender.
While its total value at that price of $96 billion is roughly a fifth of that of Ethereum’s currency and a 10th of that of leader Bitcoin, according to Coinbase, Cardano has doubled in a month.
This sudden interest in ADA has combined to drive the entire crypto market value toward $2.3 trillion, up from its high point of $2 trillion just two weeks ago.
On the back of increased sustainability for the future of cryptocurrency infrastructure as a result of the US government’s proposals on tax treatment and regulation, investors took to Bitcoin advocacy once again and its price topped $50,000, taking it toweard the high period before Elon Musk’s infamous tweet, and smaller coins—including Ethereum and its rivals Cardano and Solana as well as the meme-based dogecoin have all soared.
Cardano differs from its bigger cousins because transactions are verified using “proof of stake,” which rewards ownership, rather than “proof of work,” which rewards effort.
Cryptocurrency enthusiasts are beginning to view investing in all of the major units as important by investing in all of them, however Cardano’s rise shows how the space is evolving collectively.
Oddly, having already become a self-imposed influencer and having created huge waves of volatility in the prices of five major cryptocurrencies, Elon Musk has focused even more on his favored coin, Dogecoin and is looking closely at the impending dogecoin upgrade, designed to secure the dogecoin blockchain and reduce transaction fees, calling it “important.”
According to a Dogecoin supporter on Twitter today, the upgrade will help to secure the network and lower the transaction fees, prompting a response from Elon Musk himself. They went on to outline how the dogecoin upgrade will affect the network, with 205 computers “currently running the newest update” but “more nodes need to upgrade.”
Influencers are still the order of the day it seems!