Cardano (ADA) has demonstrated its resilience and maintained its position in the top ten cryptocurrencies in April. The project’s security and scalable infrastructure have positioned it to attract mass adoption and potentially surpass Ethereum.
Cardano (ADA) is starting to gain bullish momentum after a strong performance in April. Despite being once considered a competitor to Ethereum, Cardano remains highly popular in the cryptocurrency market. Through extensive research and development, Cardano has proven its superiority to Ethereum from a scientific and mathematical standpoint.
While Cardano has experienced steady growth, its numbers still fall short compared to Ethereum. However, Cardano offers advantages such as lower fees, faster transactions, and scalability, which will contribute to its long-term success over Ethereum.
According to a report by Crypto News Flash, Cardano (ADA) had a significant number of core commits, with 978,780, more than double the number of commits Ethereum (ETH) had (407,170) during the same period. Additionally, recent daily activity data from Santiment shows that Optimism (OP), Cardano (ADA), and Hedera (HBAR) are the top three cryptocurrencies, closely followed by Polkadot (DOT) and Kusama (KSM). Ethereum (ETH) is ranked eighth, with Chainlink and ETHStatus at sixth and seventh place, respectively.
In April, ADA experienced volatility due to the influence of Bitcoin and its fourth halving event. Historically, this event has resulted in high returns for leading cryptocurrencies, which also benefited altcoins like ADA.
Despite facing pressure from other altcoins that have surpassed it in market cap rankings, ADA has demonstrated 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.
However, only 35% of ADA owners are currently in profit, which puts it at risk of losing investor interest. Nevertheless, whales continue to show interest in ADA by taking advantage of discounted prices.
At the time of writing, ADA is trading at $0.47 after a 4% price surge. On the weekly chart, the altcoin is still struggling with a 7% drop. The price movement is largely influenced by the overall market trend, with investors closely monitoring Bitcoin, which is expected to experience a bull run in the coming weeks due to the halving event.
Crypto analysis platform Changelly predicts a bearish end to the month, with a projected price of $0.437471 for ADA, representing a nearly 10% drop from current prices. However, compared to other major cryptocurrencies, Cardano (ADA) appears to be undervalued based on the “supply in profit” metric, which indicates the portion of coins currently held at a profit.
On-chain data reveals that a lower percentage of ADA holders (51.9%) are in profit compared to Bitcoin, Ethereum, and other cryptocurrencies. This suggests that a larger number of ADA coins were purchased at higher prices, potentially indicating that the coin is undervalued.
In conclusion, Cardano (ADA) has shown resilience and remains a popular cryptocurrency. Its security and scalability make it an attractive option for mass adoption, potentially surpassing Ethereum. While ADA has faced pressure from other altcoins, it has retained its position in the top ten, attracting investor interest and demonstrating its potential for growth.