Cardano (ADA) Review : May 2021 - July 2021

 Cardano


From Coin Market Cap.com:

What Is Cardano (ADA)?

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.


The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.


Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.


The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.


Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.


Cardano's Price:





























 The correlation matrix shows that Cardano (ADA) is not highly correlated with Bitcoin.  This is surprising considering that Ethereum and Dogecoin are highly correlated with Bitcoin. This may be due to the fact that investors are waiting for Cardano's projects to be launched.  Many investors who may invest in Bitcoin and Ethereum may be waiting for Cardano's testing to be completed over the summer/fall before they invest in ADA.  







Cardano's Dominance








Cardano and Google Trends

Interest in Cardano(ADA) has fallen since mid-May.  This suggests that investors have lost interest in Cardano(ADA) now that we have entered a crypto bear market.























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