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Cardano (ADA) Approaches Bitcoin in Terms of Circulating Coins: Insights Provided

Cardano's circulation currently stands at 78%, resembling Bitcoin's restrictive, scarcity-driven supply model.

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Cardano exhibit comparable scarcity to Bitcoin, as 78% of its total supply is already in...
Cardano exhibit comparable scarcity to Bitcoin, as 78% of its total supply is already in circulation, adopting a similar fixed-supply approach.

Cardano (ADA) Approaches Bitcoin in Terms of Circulating Coins: Insights Provided

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The digital coin landscape is always abuzz with innovation, with Cardano staying in the limelight this week.

Latest stats from TapTools via X reveal that over 78% of Cardano's total supply is out in the market. Consequently, it stands as one of the most extensively distributed cryptocurrencies available today.

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Cardano's Path in the Shadows of Bitcoin's Scarcity Scheme

With this development, Cardano (ADA) takes the second spot among the top ten cryptocurrencies in terms of circulating supply, only surpassed by Bitcoin. The high distribution suggests that the majority of ADA tokens are in public hands, fostering transparency and market stability.

Most other digital assets, however, have a significant percentage of their supply stored away, potentially opening the door for future inflation. Yet, Cardano shares Bitcoin's philosophy of ultrascarcity since it has a fixed supply.

Like gold, which retains its value through time, cryptocurrencies with a capped supply seek to emulate this durability.

Market Force to Propel Cardano's Worth

Now that Cardano is close to market saturation with a distribution level of 78%, genuine demand will steer the course of ADA prices and reduce inflationary pressure in the near future.

Compared to BTC, which is famed for its 'digital gold' status partly because of its scarcity and high degree of distribution, ADA's current trading price is $0.7341 following a 10.97% surge in the past 24 hours.

Referred to as one of the top nine cryptocurrencies based on market cap, ADA boasts a trading volume of $1.1 billion, up an impressive 70.7% during the same period. To illustrate its trading activity's vigor relative to its size, ADA's volume/market cap ratio is at 4.27%.

Key Factors Guiding ADA's Trajectory

  • Market Mood and Altcoin Mania: The overall cryptocurrency market mood, especially during an "alt season," can significantly impact ADA's value. A strong alt season can stir interest in ADA as investors opt for alternative assets[1][4].
  • Technological Advancements: Upgrades to the blockchain and strategic partnerships can bolster the Cardano ecosystem, potentially boosting demand and ADA's price[1][4].
  • Regulatory Environment: Favorable regulations can inspire confidence in investors, driving growth, while grim regulations may trigger price drops[5].
  • Market Supply and Demand: With a fixed supply and limited available coins, if demand surpasses the supply, ADA's price could escalate. However, the high circulation supply can hamper price growth unless intense demand emerges[5].
  • Staking Engagement and Wallet Activity: Heightened staking engagement and wallet usage point to active participation in the network, which may positively impact the ADA price[4].
  • Competitive Landscape: The success of other cryptocurrencies and DeFi projects could divert attention away from ADA, shaping its price trend[5].

Sources:1. Cardano Daily (2022, October 07). Retrieved from https://cardanodaily.com/2. DataDictated (2022, October 07). Retrieved from https://www.b10dc.com/3. CoinMarketCap (2022, October 07). Retrieved from https://coinmarketcap.com/4. TapTools (2022, October 07). Retrieved from https://tap.tools/5. Messari (2022, October 07). Retrieved from https://messari.io/

  1. In the similar vein of Bitcoin, Cardano (ADA) operates under a fixed supply, aiming to mirror gold's enduring value.
  2. With over 78% of its total supply in circulation, Cardano's tokens are predominantly held by the public, bolstering transparency and market stability.
  3. As the second most extensively distributed cryptocurrency, Cardano trades as a token on various platforms, with its current trading volume reaching $1.1 billion.
  4. The high market cap of Cardano places it among the top nine cryptocurrencies, while its volume/market cap ratio of 4.27% speaks to its active trading activity.
  5. Influential factors driving ADA's trajectory include market sentiment, technological advancements, regulatory environment, market supply and demand, staking engagement, wallet activity, and the competitive landscape.
  6. The cryptocurrency market mood, upgrades to the Cardano blockchain, strategic partnerships, and investor sentiment can surge interest in ADA during an "alt season" and potentially boost its price.
  7. Ultimately, Cardano traders and investors keep a keen eye on market indicators and technology updates for insights into the digital coin's future performance and stability within the crypto market.

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