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Wednesday, April 21, 2021

Cardano’s Current Rank Hasn’t Improved Its Price Gains

Cardano has tried to increase its support for custom assets which has definitely put it as the third-largest cryptocurrency, and yet the price gains remain limited. According to reports, most of the investors are pretty reluctant to buy the tokens of this cryptocurrency at this price. 

Cardano Introduces Custom Tokens

Pretty recently, Cardano brought out a new protocol update which has been referred to as Mary. This will be pretty useful in boosting the utility of this blockchain- all the while allowing most developers to bring out newer cryptocurrencies that will catapult it to the blockchain peak.

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Charles Hoskinson, the CEO, and creator of Cardano has stated that this is a pretty historic move- for this will be the very first time when the protocol would be aptly supporting digital assets which are customized. The creator believes that they would be able to see a lot of assets- divided between them being worthless and prominent. And this would all be displayed on the network of Cardano. 

This upgrade is nothing but a major part of the Goguen roadmap introduced by this cryptocurrency. The roadmap will be introducing newer smart contract features, all the while allowing the blockchain to compete more effortlessly with Ethereum. 

Waiting on the Sidelines

Unfortunately, Cardano’s impressive token development hasn’t replicated in its price gains. The ADA token has improved by 9.5%, at which the cryptocurrency reached a market cap of around $38 billion. Nonetheless, the cryptocurrency has seen its market participants exercising caution about a market-wide correction that would be taking place in the crypto business. 

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Most of the data present on-chain has revealed that the social sentiment regarding Cardano has dropped quite a bit following the market crash of Bitcoin. Its effects on this cryptocurrency need to be seen.

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