So far, the first quarter of the year 2021 has been an exciting year for crypto enthusiasts, traders and investors. With different digital coins defying odds, breaking through resistance levels and reaching new all-time highs, which even optimistic analysts did not predict.
One of the coins that have made excellent headway during the first quarter of the year is ADA.
What is ADA
ADA is the native token of the cardano network, an open source blockchain that operates on the proof of stake platform. Cardano was developed in 2017 by ethereum co-founder Charles Hoskinsin, and the coin ADA is named after 19th century female mathematician Ada lovelace who is also regarded as a pioneer of computer programming.
The Cardano blockchain is a 3rd generation blockchain that solves the problems of Interoperability and scalability that the Bitcoin and Ethereum blockchain are currently facing. With a higher transaction speed, and a stronger security system, the Ouroboros proof of stake protocol.
ADA reached a new all-time high of $1.46 on the 18th of March. This is from a closing price of $0.17 on 31st December 2020, generating an interest of about 900% in ten weeks. It has not only seen an increase in its market price. Its market capitalization clocked $40 billion leaping past stable coin USDT and Binance BNB to take the 3rd spot on the Cryptocurrencies ranking.
This bullish trend comes as a result of increased institutional interest in Cardano with Dubai based cryptocurrency investment Firm, FD7 ventures announcing it is selling $750million worth of BTC to increase stake in Cardano. New York based crypto investment firm Gray scale investments, also recently filed a request for a Cardano(ADA) trust.
Currently ADA has taken a slight correction trading at $1.26 on Cryptocurrency exchange Bityard but, this correction is a slight retracement and the coin is still set to continue on its Bullish trend. With technical analysis (Fibonacci extension), showing: $1.75, $2 and $2.5 as possible next price targets.
Both fundamental and technical analysis indicates that ADA will be experiencing a very strong bullish run in the next quarter of 2021(Q2) and for the rest of the year 2021.
The best time to have gotten into the ADA trade was at its launch in 2017 when it was traded for $0.02, but that’s not possible anymore. When is the next best time to own ADA? NOW. The Cardano network is a relatively young network, poised for explosive growth and its token ADA, is at the top of the list of cryptocurrencies to look out for in the near future.
How to Trade ADA
Bityard is a world leading cryptocurrency/Derivatives platform that offers different trading options for different cryptocurrencies including ADA. A fully regulated platform with the lowest transaction fees on the market and Traders can buy or sell ADA through different methods which include: Contract trading, Spot trading, Copy trading.
In this option, traders can speculate on the rise and fall of price the price of the ADA/USDT pair and make profit. This allows traders make profit on the settled difference between price of an entry when it was opened and when the trader decides to close.
In Contract Trading ADA/USDT, traders can borrow capital up to 50× the trading margin to make a potentially higher profit. This market is open 24/7
To contract trade ADA click on this Link
This is a trading option that offers instant settlement. When a trader places a bid for to buy/sell ADA at a price of his choice, the trade closes immediately another trader matches the bid. In this option the ADA purchased can be left on the Bityard platform or withdrawn to a wallet.
This market is open 24/7. Bityard boasts more than 1 million transactions per minute and adequate trading volume capable of filling large orders.
To spot trade ADA click on this Link
This is the latest innovation on the Bityard exchange. This allows users to copy positions taken by verified traders and follow their trades. This option was developed factoring in beginners, who haven’t learnt how to trade and individuals who are interested in trading, bit do not have the time. It is an easy way to make money using an experienced traders knowledge.