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Why Ethereum Killer Cardano Is Surging So High Lately

Published 05/21/2022, 03:48 AM
Updated 05/21/2022, 04:00 AM
© Reuters.  Why Ethereum Killer Cardano Is Surging So High Lately

    • Cardano is among the top 10 cryptocurrencies in terms of market capitalization.
    • ADA is an innovative contract platform that uses a different consensus algorithm called Proof-of-Stake.
    • The Cardano blockchain rewards users for validating transactions.

Last week, the crypto market experienced one of the most brutal corrections in its history, according to data from CoinMarketCap. With a few exceptions, the price of most cryptocurrencies fell by double-digit percentages. Bitcoin, the flagship cryptocurrency, fell by more than 15% at one point and is currently trading below $8,000.

When Bitcoin fails, the entire market crashes with it. However, one cryptocurrency stood out as an outlier, surpassing its prior all-time high as the rest of the market continued to decline – Cardano (ADA).

According to industry experts, Cardano is the only project in the top 10 cryptocurrencies that utilizes smart contracts, a working Proof-of-Stake, and does not need a restart every month. The crypto pair is an innovative contract platform like Ethereum, but it uses a different consensus algorithm called Proof-of-Stake (PoS).

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