Cardano (ADA) Rises to #6, Surprising Litecoin Creator Charlie Lee

Published on 18 December 2017 by Cryptovest Staff

Cardano’s price has more than doubled in the past week, which was enough for it to become the sixth largest cryptocurrency by market cap. This development took some crypto experts by surprise.

Cardano (ADA) is one the latest cryptocurrencies to surprise investors with bullish rallies and consolidate its position among the top 10. The cryptocurrency has gained over 260% since December 10, fluctuating at around $0.4905. The coin recorded its strongest jump on December 16, when it ended the day 91% higher.

The past few days have proved tumultuous for the crypto world. Cryptocurrencies like Monero, IOTA, Litecoin, Ripple, Stellar’s Lumen, and NEO are benefiting from the positive sentiment dominating the market. The trend is led by Bitcoin, whose futures are making their debut on CME Group’s exchange and which itself is shattering record after record. Even amid such flurry of activity, Cardano has managed to grab attention.

The coin has previously grown multiple times in value on news that it was listed on crypto exchanges Binance and Bittrex.

However, some crypto watchers do not think these events should push ADA’s price so high, even if we are speaking about some of the largest exchanges. Charlie Lee, Litecoin founder and former director of engineering at Coinbase, tweeted on Saturday:

"I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did it become a $10B coin when it's only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs?Either the market is crazy or Cardano will end world hunger." — Charlie Lee [LTC] (@SatoshiLite) December 17, 2017

I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did it become a $10B coin when it's only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs?Either the market is crazy or Cardano will end world hunger.

Replies came instantly, including one from Charles Hoskinson, Ethereum co-founder and one of the leaders in Cardano’s team. He wrote a poem implying that he and his team are simply doing their work.

Charlie Lee made sure he was not misinterpreted:

"Charles, I have nothing against you or Cardano. I'm sure it's a great project with a ton of potential. Just pointing out how crazy the valuation is today." — Charlie Lee [LTC] (@SatoshiLite) December 17, 2017

Charles, I have nothing against you or Cardano. I'm sure it's a great project with a ton of potential. Just pointing out how crazy the valuation is today.

Cardano is a blockchain-based system that operates as a smart contract platform and a cryptocoin, the same as Ethereum does. It began in 2015 as the “first blockchain project to be developed from a scientific philosophy.”

In fact, one of the main reasons behind Cardano’s price surge might be investors’ interest in cryptocoins under $1 that could generate massive returns. As Bitcoin becomes even more popular with Cboe and CME launching futures contracts on it, more investors are looking to benefit from the crypto market. Since Bitcoin might seem expensive for many, some crypto fans are trying to guess “the next big surprise,” and Cardano appears to be one of these targets.