Cardano (ADA), which is supported by IOHK, is the firm run by Charles Hoskinson, the founder of Cardano (ADA). They are known for their low key style. They focus more on the development and less on marketing. Cardano (ADA) is one of those projects that are increasingly seeing the institutional interest. The price had an extensive correction and is now ready for a trend reversal. It boasts the one of most satisfied investors.
Chart for ADA/USD (1W)
Cardano (ADA) has finally broken a historical downtrend and started a new cycle. This is a major achievement considering its aggressive correction left a lot of investors clueless about the future of the project. ADA received a lot of hype last year which soon put it in the top 10 league. However, as we have seen in the past, usually after a correction, new projects replace old projects in terms of ranking. For instance, once overhyped coins like Stratis, Factom and Augur are not so popular anymore. In fact, most new cryptocurrency investors may have not even heard of them. There was a time these coins were a part of every altcoin investor’s portfolio.
The price of a cryptocurrency is not often a true reflection of its actual value. This was also the case with Cardano (ADA). It was one of the hottest investments around late 2017, debates regarding its actual value started to rise. Some investors believed the project was really undervalued and others thought it was really overhyped. This was mainly because there wasn’t alot of clarity from the developers so ADA was beried in different layers of mystery. But, recently Charles Hoskinson has announed a line of developments for the project and the road map is looking good.
Chart for ADA/BTC (1W)
One thing is clear, Cardano (ADA) derives most of its popularity and hype from two key names associated with the project: Charles Hoskinson (creator) and IOHK as they are one the major driving forces in the blockchain space. So, people who know enough about either are inclined to believe that ADA is a great project even without knowing much about it. Charles Hoskinson and IOHK are focused on real work and sustainable products instead of creating useless products and upgrades just for public consumption.
Cardano (ADA) might have been overvalued at the top even if majority believed otherwise. However, currently it just above its all time low, looking to begin a new cycle. There should be absolutely no doubt that Cardano (ADA) is definitely undervalued at this price and has a lot of room for growth. Considering everything that the team has been up to, the people who want to invest in the future, Cardano (ADA) is one of the safest bets. Projects like Ripple (XRP) or Eos (EOS) may have a lot more room for short term gains but their future remains uncertain as they are highly centralized.
The whole point of crypto, is building a decentralized network that doesn’t rely on a central authority but it’s users to secure it and validate transactions. When anything comes at the cost of Decentralization in the crypto space it is not worth it, even scalability.