Cardano is a public blockchain platform named after the Italian mathematician Gerolamo Cardano.
At the time of writing this article (autumn 2022), Cardano has the 8th place among all cryptocurrencies by capitalization according to Coinmarketcap. At the same time, Cardano has ambitions to surpass both Bitcoin and Ethereum which have the first positions in the ranking.
In this article:
Features of the Cardano Blockchain
The decentralized Cardano platform has a fully open source. The Cardano Foundation, based in Zug, Switzerland, is responsible for the development of the platform.
The Cardano project was founded in 2015 (and launched in 2017) by the co-founder of Ethereum, mathematician Charles Hoskinson from Colorado, USA (Charles Hoskinson – Wikipedia).
Charles wanted Ethereum to develop as a commercial entity with venture capital. However, Vitalik Buterin was against it, so Charles left Ethereum and started working on the Cardano project.
The idea of Cardano is to become a third generation blockchain project – to take the best of the technologies first implemented in the Bitcoin (Generation I) and Ethereum (Generation II) networks. Cardano claims to outperform Bitcoin which is slow and energy-consuming, and Ethereum which is unsafe.
Cardano users can create decentralized applications and run smart contracts.
The Cardano network implements the Ouroboros consensus mechanism based on Proof-of-Stake. It has been validated by the research of computer scientists and cryptographers from the University of Edinburgh, the University of Tokyo and other reputable institutions.
The special feature of the Cardano blockchain is that it is divided into two levels:
- Cardano Settlement Layer (CSL). This is where the ledger of accounts and balances are settled. Transactions are verified by the Ouroboros consensus mechanism.
- Cardano Computation Layer (CCL). This is where the calculations are performed for applications running on the blockchain through smart contracts.
Splitting the blockchain into two layers allowed the Cardano network to process up to a million transactions per second. But this is far from the limit. It is likely that the power will increase significantly after an update called Vasil scheduled for September 2022.
As a result of the update, the platform should become even more productive, accessible and easy-to-use.
What is ADA
ADA is the internal cryptocurrency of the Cardano network.
ADA is named after Ada Lovelace, a 19th-century female mathematician who has been called “the world’s first computer programmer.”
ADA cryptocurrency can be used:
- to pay commissions;
- to support network operability on nodes (validators);
- as a governance token in voting on changes to the Cardano platform.
How to find out the price of Cardano ADA cryptocurrency
The fastest way to find out the price of ADA is to ask Google by typing ADA price into the search bar.
However, this method has a number of disadvantages. They are important when you want to not only find out the course, but also analyze the chart:
- Google presents the chart as a broken line that omits information about high and low values;
- the chart cannot be scaled;
- indicators cannot be added to the chart, in particular, an important indicator of volumes;
- you cannot add chart elements (trend lines, etc.) to the chart.
If you are looking for a powerful and free instrument to get quotes and analyze the cryptocurrency market without any delay, download the ATAS platform.
After installation, click on the Chart button in the main program window. Type ADA (or the name of any other cryptocurrency you are interested in) in the indicator manager, as shown in the picture:
The ATAS platform will offer many options for the price of ADA: in dollars, euros, pounds, rupees and other currencies. You can also choose the exchange on which you want to see the rate.
Having chosen ADAEUR@Binance, you will see a chart of the ADA exchange rate against the euro according to the Binance exchange:
The rate will be delivered in real time without any delay.
How to start trading Cardano: a guide for a beginner cryptocurrency trader
To buy and sell ADA, you need to open an account on a cryptocurrency exchange – Binance, Bybit or another.
If you want to actually buy ADA for investment hold, you’d better go to the Spot section.
If you want to actively speculate on volatile cryptocurrency markets, then you’d better go to the Futures section since cryptocurrency exchanges offer futures trading for active participants, which has its advantages:
- you can open long and short positions and earn both on the growth and decrease in the price of Cardano (ADA);
- relatively low commissions;
- you can trade with leverage;
- fast execution of trades.
Important information for analysis and decision-making is provided by futures charts in the cryptocurrency markets. Judge for yourself by looking on a 1-minute chart:
As the price rose to the important level of 0.438 (marked as 1 on the market profile), the delta indicator showed that market buys became more active (2). However, the price entered the range in the following minutes.
The fact that ADA did not rise in price as a result of buys was a bearish sign. Probably, the sellers’ stop-losses that were set at the 0.438 level got activated. An expanding bearish candle with a spike in market sells on the delta indicator (3) could serve as a signal to enter a short-term speculative position.
Similar trading ideas occur in the cryptocurrency markets every day. ATAS will help you find and implement them to be of benefit to your capital. Download the demo version of the platform now, there are at least four good reasons for this:
- The platform is free for the cryptocurrency market.
- It allows you to analyze the detailed trading history of ADA and other cryptocurrencies, which will make it possible to study the market and develop successful trading strategies.
- There is a demo account built into the ATAS platform, so you can practice trading without risking your real capital.
- The platform offers many benefits for traders who want to make money with easy-to-use cluster charts and useful indicators.
You can learn how to use ATAS to analyze markets and ADAUSD from our blog or YouTube channel.
Information in this article cannot be perceived as a call for investing or buying/selling of any asset on the exchange. All situations, discussed in the article, are provided with the purpose of getting acquainted with the functionality and advantages of the ATAS platform.
