- ADA has followed the same pattern as BTC in its early stages, dropping 85% from its all-time high after its launch.
- Some in the crypto community believe that ADA will continue to simulate the price pattern seen in Bitcoin in the early stages of its existence.
- Both Cardano and Bitcoin serve different purposes in the crypto space.
The oldest and largest crypto by market cap, Bitcoin (BTC), dropped around 85% from its all-time high five years after its launch. Its price dropped down to $150. Now, Cardano (ADA) has followed the same pattern – dropping by 85% from its all-time high after its launch. The price of ADA now sits between $0.4 and $0.5, according to the crypto market tracker, CoinMarketCap.
ADA is one of the most promising projects in the cryptocurrency ecosystem and is dubbed an “Ethereum Killer,” along with Solana (SOL) and Polkadot (DOT).
Given that ADA’s price has followed the same pattern as BTC’s, some in the crypto community believe that ADA will continue to simulate the price pattern seen in Bitcoin in the early stages of its existence. On the other hand, there are those that feel that the two cryptos, despite similar early-stage price patterns, are two completely different cryptos created for different reasons.
Bitcoin is the first mainstream implementation of a decentralized digital currency. However, much like all pioneers in their fields, Bitcoin has many limitations and drawbacks that need to be addressed. One of these limitations was the low level of utility as Bitcoin can only ever be used as a transactional blockchain and was limited to strictly financial use cases.
Cardano, on the other hand, is a platform that allows developers to create decentralized applications that are not strictly limited to financial use cases. Of course, Cardano is not the pioneering platform in this regard as Ethereum is, but it does address most of Ethereum’s limitations – making it a slightly better platform.
Indeed, with the above in mind, both Cardano and Bitcoin serve different purposes in the crypto space. Bitcoin is the current gold standard and benchmark of the entire crypto market, whereas Cardano is application-centric.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.