Savvy Investors Bought the Cardano Dip (ADA-USD)

August 16, 2021

Savvy Investors Bought the Cardano Dip (ADA-USD)

Cardano (ADA-USD) is an open-source, proof-of-stake blockchain platform that allows for quick and cost-efficient transactions.

The price of ADA has surged +43% in the past week, nearing a new all-time high… So why is it outperforming it’s larger peers like Bitcoin ($BTC-USD) and Ethereum ($ETH-USD)?

In short, Smart contracts -- Cardano recently launched smart contracts on it’s public testnet, so developers can finally start to experiment with applications.

ADA had declined more than -50% from the ATH level reached in May. An upswing in underlying Mention volume suggests that savvy investors were buying the lows.

The implementation of a smart contract layer to the Cardano blockchain has led many to dub it an “Ethereum killer”, but it has a long way to go. ADA currently boasts the #4 spot in terms of crypto market cap with $68B invested… ETH still has a comfortable lead with a market cap of $378B.

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