Charles Hoskinson comments on this hidden superpower of Cardano, ADA gains likely

Charles Hoskinson talks about the competitive advantage of Cardano during recent fireside chat event.
Hoskinson considers consensus building as the hidden superpower of the Ethereum competitor chain.
Cardano on-chain metrics paint a bullish picture for ADA.

Charles Hoskinson, co-founder of the Cardano blockchain, discussed the Ethereum competitor’s advantage over other smart contract platforms. Hoskinson calls it Cardano’s “hidden superpowers.”

ADA price is $0.3698 at the time of writing. Cardano yielded over 10% gains in the last seven days.

Cardano has a competitive advantage over other chains

Cardano is the twelfth largest cryptocurrency by market capitalization. ADA added over 10% to its value in the last seven days. Charles Hoskinson, CEO of the research and development company Input Output Global (IOG), commented on the importance of building consensus within a network.

During a fireside chat with IOG Chief of Staff and Cardano Foundation CTO, Hoskinson spoke on several issues faced by the ADA blockchain.

The Cardano co-founder said, “This exercise of consensus building is one of the hidden superpowers and the biggest competitive advantage that Cardano has.”

‘This exercise of consensus building is one of the hidden superpowers and the biggest competitve advantage that Cardano has’- @IOHK_Charles.

Thank you to @IOHK_Charles, @jj_siler & @giozzi for their engaging discussion at #RareEvo24.

Watch the replay of ‘Reflecting on…
— Input Output (@InputOutputHK) August 21, 2024

On-chain metrics signal potential for gains

Cardano’s social dominance is at its highest level since June 2022 at 1.474%. This metric shows crypto market participants are discussing Cardano on social media platforms, relatively more than other cryptocurrencies.

Cardano social dominance vs. price

The smart contract network’s traders have consistently realized losses. It is likely that traders are capitulating. Typically, when retail traders consistently realize losses, a price recovery in the asset follows.

Cardano network realized profit/loss

Cardano trades at $0.3688 at the time of writing.

Bitcoin, altcoins, stablecoins FAQs

What is Bitcoin?

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

What are altcoins?

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

What are stablecoins?

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

What is Bitcoin Dominance?

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.