Why are new investors selecting Cardano over other cryptocurrencies like as Bitcoin and Ethereum?

Alex Krüger, a cryptocurrency trader and analyst, recently discussed why Cardano may be the most sought-after cryptocurrency among novice investors. He credited ADA's success to "a podcast."

While there are many cryptocurrency podcasts, he was referring to the one hosted by Charles Hoskinson.

Hoskinson is the co-founder and CEO of IOHK, the company that created Cardano, and is a social media influencer. He discusses topics like as Cardano's update proposals and worldwide crypto challenges on his channel, in addition to hosting frequent AMA or 'ask me anything' sessions.

According to Krüger, this may imply that he can provide clarification to first-time investors about his business.


Upgrades

On October 8, the Cardano community published its near-term status update. It said that the team is now working on an October maintenance update and deploying more ERC20 tokens.

Additionally, it stated that in order to enhance decentralization, it modified Cardano node requirements and reimplemented the transaction confirmation modal.

Additionally, the Cardano team is evaluating a few testnets, such as Daedalus testnet v.4.3.2, and concentrating on debugging and other improvements.

Despite the development momentum, Cardano did not have a fantastic month at the conclusion of last month. Since then, the average number of big transactions on-chain has decreased significantly.

Cardano earned just $1.1 million in capital inflows for the week ending October 1, according to CoinShares' weekly fund flows report.


Outlook

However, this does not necessitate a pessimistic attitude. According to Grayscale Investments' most recent assessment, the network "exhibited strong underlying trends."

Additionally, the study said that in the short term, fresh Dapp, NFT, and token releases may cause ADA investors to reallocate their holdings to these assets. Meanwhile, the network faces competition.

According to the study, competition comes from "Layer 1 blockchains with smart contract capabilities," such as Ethereum, Solana, Internet Computer Protocol, and Avalanche.

While Cardano just introduced smart contract capabilities through Alonzo, the implementation of DAPPs is still in its infancy. However, it is worth noting that the Cardano Foundation recently announced numerous significant collaborations at the Cardano Summit 2021 with companies like as COTI, Chainlink, and Rival.

These collaborations are anticipated to accelerate Cardano's adoption and use cases in the coming days.

According to Frederik Gregaard, CEO of the Cardano Foundation,

"Our new ecosystem partners address a variety of contemporary global society's most pressing problems and possibilities, including climate change, NFTs, decentralized finance (DeFi), and digital identity, and they will be critical in assisting us in realizing our vision."

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