Cardano (ADA) One of the Best and Cheapest Cryptos, Weiss Ratings Believes
The ADA digital asset has lagged for a long time, but is it overdue for a rally? Weiss Ratings believes it is one of the best and cheapest projects.
Weiss Ratings, the agency that pays special attention to the world of cryptocurrencies, has passed a good word on Cardano (ADA) through its social media:
But the announcement also brings to light the potential flaws of the project.
ADA hovers with at price of around $0.08, and was seen appreciating to significant heights due to its innovative qualities as a smart contract platform. But during the long bear market in 2018, it became clear that the Cardano network was not as competitive as expected. For now, Ethereum remains in the lead, with competition from TRON (TRX) and EOS. Other new networks are lagging, and not participating as prominently in the distributed app and smart contracts economy.
For now, Cardano remains one of the projects that has overpromised and underdelivered, and is mostly working on testing solutions and consensus mechanisms. The Cardano network also reveals that each block carries only the reward transaction, and many empty blocks are mined, suggesting no one is really using the network. Cardano is not on Blocktivity, and seems rather inactive in comparison to already functioning networks.
ADA is also one of the assets bypassed by the flows of funds between major coins, based on Coinlib data. The lack of investors moving in concert is keeping the prices and liquidity low. Still, ADA remains a top 10 coin by virtue of its large supply.
Back in 2018, Weiss Ratings boosted the assessment of ADA from B- to B, and has stated it considers it one of the more innovative projects. However, ADA is yet to match its previous hype, and meanwhile, the project’s founder Charles Hoskinson has committed to working on a new project to build a network of security tokens for Polymath.
ADA created a commotion in 2017, moving up from post-ICO prices of $0.03 to a peak above $1. Since then, the price tanked along with the rest of coins, to $0.029 back in December 2018. The new recovery is still relatively weak in comparison to other assets. ADA trades most actively on the ZBG exchange, with less of its volume on leading exchanges like Binance and Huobi. So far, the asset depends heavily on USDT speculation but has not seen a significant pump in a while.