Cardano (ADA) Trading Down 17.2% This Week

Cardano (ADA) traded 4.3% lower against the dollar during the twenty-four hour period ending at 9:00 AM E.T. on February 1st. One Cardano coin can currently be bought for about $0.29 or 0.00000375 BTC on exchanges. In the last seven days, Cardano has traded down 17.2% against the dollar. Cardano has a market capitalization of $11.18 billion and approximately $1.31 billion worth of Cardano was traded on exchanges in the last day.

Here’s how related cryptocurrencies have performed in the last day:

• Ethereum (ETH) traded 8.8% lower against the dollar and now trades at $2,390.87 or 0.03046611 BTC.
• Cronos (CRO) traded down 1.2% against the dollar and now trades at $0.0808 or 0.00000103 BTC.
• Avalanche (AVAX) traded down 3.5% against the dollar and now trades at $10.09 or 0.00012856 BTC.
• Hedera (HBAR) traded 3% lower against the dollar and now trades at $0.0909 or 0.00000116 BTC.
• Uniswap (UNI) traded down 4.8% against the dollar and now trades at $3.89 or 0.00004955 BTC.
• Internet Computer (ICP) traded 4.9% lower against the dollar and now trades at $2.70 or 0.00003446 BTC.
• NEAR Protocol (NEAR) traded 5.3% lower against the dollar and now trades at $1.20 or 0.00001530 BTC.
• Cosmos (ATOM) traded 2.6% lower against the dollar and now trades at $1.97 or 0.00002514 BTC.
• Algorand (ALGO) traded 3.4% lower against the dollar and now trades at $0.10 or 0.00000132 BTC.
• Beldex (BDX) traded down 0.8% against the dollar and now trades at $0.0784 or 0.00000100 BTC.

Cardano Coin Profile

Cardano is a proof-of-stake (PoS) coin that uses the Ouroboros hashing algorithm. It launched on September 1st, 2017. Cardano’s total supply is 44,994,549,883 coins and its circulating supply is 37,997,904,336 coins. The Reddit community for Cardano is https://reddit.com/r/cardano and the currency’s Github account can be viewed here. Cardano’s official Twitter account is @cardano and its Facebook page is accessible here. Cardano’s official message board is cardano.org/news/atom.xml. The official website for Cardano is www.cardano.org.

According to CryptoCompare, “What is Cardano?Cardano (ADA) is a Proof-of-Stake (PoS) blockchain that’s designed to be flexible, sustainable, and scalable. It supports smart contracts, allowing for the creation of decentralized applications (dApps), tokens, and more on its network.The Cardano network aims to be the most environmentally sustainable blockchain platform through the use of its Proof-of-Stake consensus mechanism called Ouroboros, which allows ADA token holders to help validate transactions by “delegating” their tokens to staking pools run by validators.The blockchain is divided into the Cardano Settlement Layer (CSL), which contains the accounts and balances and is where the Ouruboros consensus mechanism validates transactions, and the Cardano Computing Layer (CCL), which is where the computations for decentralized applications built on top of Cardano are run.Who Created Cardano?The Cardano network was launched in September 2017 by Ethereum co-founder Charles Hoskinson and Jeremy Wood, without support for smart contracts. These were rolled out later on through the Alonzo hard fork.The network was launched using a consensus mechanism, Ouroboros, that’s based on peer-reviewed research by a team of cryptographers from several institutions, including the University of Edinburgh and Tokyo University.Cardano is now maintained by three separate organizations and by its community. The organizations behind Cardano include the Cardano Foundation, which is a non-profit organization supervising the network’s development, Input Output Global, and Emurgo, which encourages Cardano adoption.The network is developed through a series of eras named after notable figures. The network’s current era, Basho, focuses on scalability and network optimization, while its final era Voltaire will bring voting and treasury management to the blockchain.What is ADA?ADA is the native token of the Cardano blockchain, akin to ETH on the Ethereum network. It’s used to pay for transaction fees on the network and can be used for governance or to earn rewards by participating in the network’s Proof-of-Stake consensus.ADA is named after Augusta Ada King, Countess of Lovelace, who is often referred to as the first computer programmer.Cardano’s Voltaire era will bring voting and treasury management to the network, which will allow ADA token holders to vote on the project’s future direction, in a way similar to the one owners of decentralized autonomous organizations’ (DAOs) governance tokens vote on proposals.Blockchain data provided by:”

Buying and Selling Cardano

It is usually not possible to buy alternative cryptocurrencies such as Cardano directly using U.S. dollars. Investors seeking to acquire Cardano should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Cardano using one of the aforementioned exchanges.

ADA/USD price chart by TradingView