Cardano is holding up properly for these causes, in response to crypto analyst Benjamin Cowen – The Each day Hodl
Leading crypto analyst Benjamin Cowen outlines why he believes the scalable blockchain platform Cardano (ADA) is doing well amid a broader period of correction in crypto markets.
In a new video, Cowen argues that the fifth largest asset by market cap is trending because its platform is easy to use and validate. Cardano’s validators store a copy of the blockchain and are paid for their energy and services in ADA.
Cowen, who says he’s tried running validation nodes for many projects, finds Cardano’s process the easiest.
“Given the current market conditions, why hasn’t it gone down? … I’ve tried running validators on many networks and I think Cardano is the easiest. It is certainly the easiest for validators, and I think it is relatively easy for delegators as well. “
Staking is also easy on Cardano, notes Cowen, who stakes out his own ADA. According to Cowen, ADA users continue to bet their coins amid the ongoing crypto correction.
“Bitcoin is down 50% and if you look at the active portion of the ITC pool you can see that it has just increased….
If people don’t override their ADA and instead just either keep it or add it to their stack, it will ease the pressure to sell. Now, clearly staking and taking down won’t be enough to … mitigate the effects of bitcoin when it drops [$64,000] up to [$29,000]… But the fact that it’s still trading at $ 1.20 … it’s actually quite remarkable. “
Cardano Insights’ PoolTool platform reveals that over 70% of ADA’s circulating supply is currently staked out, valued at over $ 28 billion.
Cowen also says that Cardano has good marketers behind it and offers owners an easy way to generate passive income. These factors, coupled with the slow and methodical introduction, keep ADA afloat in turbulent times.
“Cardano, you are really good marketers … you have these validators, and of course when you have a validator you want to get people to delegate to the stake pools you run …
You essentially have a project that has made people earn interest relatively seamlessly. It is relatively easy to set up a validator. “
Cardano is trading at $ 1.21 at the time of writing, down over 50% from its all-time high of $ 2.45.
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Featured image: Shutterstock / Sergey Nivens