CNBC FastMoney’s Brian Kelly had a word on Cardano (ADA) this Monday saying that the coin might well be the next big thing in cryptocurrency world. The popular roundtable talk show is very popular in the US, with over a million viewers. This gives the ‘Chinese Ethereum’ a marketing stance that could well push it to higher ranks. Cardano has long been taunted as a threat to other cryptocurrencies and this may be the boost it needs to roar in the crypto-jungle.
However, ADA has had to deal with the recent topple off from being the fifth largest coin only a month ago to rank 7 at time of writing. EOS (EOS) and Litecoin have both surpassed the coin and it will only be left to see how far Cardano will slip or rise in the coming months.
EOS passed Cardano?
Wow. EOS (EOS) market capitalization is currently at one and a half size of Cardano. With the coin seeing a massive 60% rise in the last week, Cardano (ADA) and Litecoin were left to their wake on position 6 and 7 respectively. This was more than $1billion increase in the time stated at time of press. But how exactly did a coin with no current working product manage beating a development intensive coin such as Cardano? This comes only a month after the recent bombardment of the EOS by John Oliver on his popular show, Last Week Tonight.
Sections of the Cardano community on Reddit and Twitter were left surprised at the thought that EOS, which is presumably “less useful” to the user than Cardano, had such a spike in price. This even led to some checking Cardano’s recent development commits and drawing a conclusion that a drop in commits may well be the case.
How is Cardano performing?
ADA has seen a rapid growth of 18% in the last 24 hours, making it one of the fastest rising coins among the top 100 coins according to Coinmarketcap. This placed the coin at $0.18 giving much hope to the investors that the coin will soon regain the $0.5 mark before the end of the year. Cardano (ADA) was first introduced to the market in late September 2017 and has received quick integration across exchanges since Bittrex listed the coin on October 2nd 201The recent cryptocurrency market bloodbath was not to spare ADA as it saw its price fall from an all-time high of $1.22 in December to less than $0.15 last month. The coin has however managed to bounce back but will need a major announcement or partnership to recover its lost glory above the $1-mark.
What ADA should do to hit $1
Partnership is one of the major drivers of cryptocurrencies at the moment and we cannot continue ignoring the need of it. Cardano is one of the most developed blockchains to date. This will help the coin grow in the long term but what of the short term? What will the company need to do to ensure it regains its spot on the top 5 ranking list?
Given the embryonic stage of cryptocurrencies, marketing is key to new markets. Take a look at what NEO is doing with its globalization tours and you will see how important marketing can be to any cryptocurrency. ADA lacks a strong marketing team in my honest opinion given its large presence in China but lower adoption around the world. Expand your marketing abroad to other crypto-intensive continents such as South America and Africa. This may well be the start of a wonderful resurgence.
So far, not so bad. But not so good either. Cardano (ADA) has worked with various universities across the world in a bid to get the best minds on their network. Other partnerships include SIRIN labs, ZenSys and a couple of auditing firms as seen on their website. However, ADA team needs to make major partnerships that will push the coin in the short term. These partnership will allow the quick adoption of Cardano to most doubtful investors. Or just get a recommendation!