Investors flocked to Bitcoin this week on hopes of cashing in on the soon-to-be Bitcoin Gold (BTG) cryptocurrency. On Wednesday, October 25, Bitcoin Gold will spring into existence after the main BTC blockchain deliberately splits in two.
The entire BTC blockchain up to the fork will be recognized by BTG nodes, meaning whatever BTC balance remaining on the previous chain will be transferred over to the BTG wallet balances.
With this in mind, crypto investors have bet on BTC, buying immense volumes before the fork. This has caused a rather exaggerated drop in altcoin prices, with Ethereum falling below U$ 300 while BTC reaches new all time highs.
Enter Cardano ADA
One altcoin has remained largely unchanged during this hectic month: Cardano ADA. This one month old currency, known to some as “the Japanese Ethereum”, brings very interesting innovations to the altcoin universe.
First of all, Cardano is environment-friendly. Its proof-of-stake algorithm avoids the absurd energy waste that comes with proof-of-work cryptocurrencies such as Bitcoin and Ethereum. Investors predict a new age of environmental consciousness where energy conservation will be a priority. In this context ADA promises to be one of the top cryptos in the coming years. Projects such as the Australian PowerLedger POWR cryptocurrency already plan on cashing in on the coming environmentally conscious energy trading wave that will likely face explosive growth with electric cars driving the demand.
Cardano is not a Ethereum token, it is a independent blockchain, meaning it does not depend on another crypto’s underlying infrastructure. Most ICOs use Ethereum for its blockchain, enforcing smart contracts via Ethereum’s Solidity programming language.
Investors looking for a low market cap and potentially disruptive crypto to invest in should look at Cardano, in our opinion. It has held value nicely during the pre-fork Bitcoin mooning and will likely be a top destination for altcoin investments post-fork.
Visit the Official Cardano ADA website.
Disclosure: The Tape is invested in Cardano. We believe in the project since day 1. As part of our ethical commitment to the crypto community, we disclose any potential conflicts of interests on our posts. Whenever we recommend a coin, it is based on our own assessments. Perform due diligence and invest only based on your own research.