Cryptocurrency can always attract many neophytes and seasoned investors alike. Similar to how stocks and other securities work, investors can anticipate market performance based on a general market outlook, but unlike traditional securities, many of these outlooks aren’t derived from traditional fundamentals. With a (still) relatively young market found within the overall crypto landscape, is Cardano the next Ethereum juggernaut competitor?
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It’s important to understand that many of the prices associated with cryptocurrency are likely to be somewhat divorced from their main performance as a smart digital currency. Essentially digitally-savvy investors can buy Cardano as a store of value, as a way of sending and receiving payments, or as a method for staking and paying transaction fees on the network.
In that line, Cardano’s price point remains in the extremely low portion of the cryptomarket, coming in at $0.853 per token, a 5.09% decrease from last week. In the longer term, Cardano’s max price hit only $3.10 in September of 2021, making this token highly speculative.
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Cardano’s speculative nature extends beyond its current price point toward its development as a token. Currently, at its “Goguen” stage, Cardano is far from being a full-fledged token to challenge the might of Ethereum’s current capabilities. Cardano’s ultimate goal is to allow for better smart contracting through proprietary languages built into the system that can allow even non-programming financial experts to write and execute their own smart contracts.
The horizon for this token remains far away in terms of price and development. While other cryptocurrency proponents consistently talk of the next price hike, conservative investors (even the ones in the cryptocurrency space already) can pass on Cardano for now given the lack of relative development on the project.
Note: Please do not invest money or assets in the financial markets that you cannot afford to lose. This article should not be construed to be investment advice and is for information purposes only