Back in 2009, when Satoshi Nakamoto introduced the Whitepaper for Bitcoin, the world was introduced to the new asset class that we all see all over the internet today. Soon after Bitcoin, the blockchain technology surged to become one of the most talked about technologies in the last decade.
With the rise in the technology, came newer projects in crypto with varied use cases providing alternatives to the real world problems. One of the other crypto networks discussed in this article today is Cardano, which is one of the networks that has been fundamentally strong since its inception!
What is Bitcoin?
Introduced to the world back in 2009, by an anonymous person, Satoshi Nakamoto, Bitcoin has been the first crypto token that opened the door of the crypto ecosystem for the world. Built with the purpose of facilitating peer-to-peer transactions without any involvement of a third party has been the two most interesting factors that Bitcoin brought to the table.
In a nutshell, Bitcoin is a peer-to-peer (P2P) online currency where transactions can take place directly between two equal and independent participants of the network without the intervention of any third party. In Nakamoto’s words, Bitcoin was created to facilitate online payments between two parties without going through a lengthy and gruesome process via a financial institution.
Latest News on Bitcoin:
- Following the recent events where the US markets got shaken up with the SVB incident, the largest crypto asset by market cap saw a surge in its value and landed itself to $28,000 since last week!
#Bitcoin passe la barre des 28000$ 🚀 pic.twitter.com/yUmh0DfQrI
— Journal du Coin (@LeJournalDuCoin) March 21, 2023
Read More: USDC Stablecoin Depeg after SVB Collapse
Unique Features of Bitcoin
- It is the first-ever crypto to appear in the market
- It has created a conceptual as well as technological shift leading to the development of thousands of similar projects.
- Bitcoin pioneered the idea of sending and receiving money across the globe without going through intermediaries such as banks and other financial institutions.
Read more on: Bitcoin Halving 2024
What is Cardano?
Cardano’s ecosystem has been developed by highly qualified engineers and academic experts experienced with cryptography and blockchain. Founded by the co-founder of Ethereum, Cardano is a multi-layer blockchain operating on the Proof-of-Stake to validate transactions. The core of the Cardano consensus is the Ouroboros algorithm that aims for a high level of security with efficiency.
It is a third-generation blockchain after Bitcoin & Ethereum that focuses on scalability, interoperability & sustainability. Cardano also focuses on swelling costs, usage of energy and transaction time.
Deep Dive into How Cardano works?
Latest News on Cardano:
Djed, the new overcollateralized stablecoin, from DeFi service provider COTI, has been deployed on the Cardano mainnet earlier this year; after successful auditing. This news has gotten the community pumped for further developments!
2023 is the Year of #Cardano sidechains
– Midnight privacy sidechain
– Sidechains Toolkit EVM compatible
– Milkomeda, first Cardano sidechain
– …more to comeDo you remember what happened when people started to build sidechains/tokens on Ethereum?
Take that and make it x10. https://t.co/n8KWCX2SVh— Cardano Hieronymus (@CardanoHumpback) January 12, 2023
CEO of Coti, Shahaf Bar-Geffen said, “Not only do we need a stablecoin, but we need one that is decentralized, and has on-chain proof of reserves.”
Unique Features of Cardano
- Offers a higher degree of decentralization as anyone holding the ADA token can become a validator on Ouroboros.
- CSL (Cardano Clearing Level) allows users to instantly trade ADA with low fees.
- The blockchain offers the best of both worlds: PoW and PoS thanks to its architecture. Cardano is often cited as one of the best opponents for Ethereum.
Did You Know? Bitcoin and Cardano energy consumption is an interesting thing. While Bitcoin works with PoW consensus, it consumes a lot of energy, while Cardano being a PoS consensus user, uses a lot less energy; as compared to Bitcoin.
Bitcoin vs Cardano: Comparative Analysis
| Coin Name | Bitcoin | Cardano |
| Launch Date | 2009 | 2017 |
| Founder | Satoshi Nakamoto | Charles Hoskinson |
| Blockchain Protocol | Bitcoin Blockchain | Ouroborous Protocol |
| Native Token | BTC | ADA |
| Market Cap | $425,219,675,657 | $17,036,200,578 |
| Token Type | Native | Native |
| Circulating Supply | 19,149,231.00 BTC | 34.18B ADA |
| Max Supply | 21,000,000 | 45,000,000,000 |
| Consensus Method | Proof of Work | Proof of Stake |
Pros and Cons – Bitcoin vs Cardano
Pros
| Bitcoin | Cardano |
| It has good accessibility and liquidity | Peer to peer decentralized technology |
| Provides complete user anonymity and transparency | Cardano has a great development team with a pre-reviewed platform to ensure the stability |
| Total independence from a central authority | Cardano is open-sourced platform with code written in Haskell programming language |
| Has a high return potential | It is a multichain layer that uses settlement layer & computational layer to ensure unlimited scalability & quick transactions |
Cons
| Bitcoin | Cardano |
| It has extreme volatility | Cardano has not accomplished with development phase with a lowered pace |
| No government regulations, thus under constant risk | Limited transactions can be processed within a second |
| Irreversible – transactions are completely irreversible so hacks and illegal activities can’t be reversed | 75% of ADA is not in circulation but staked |
| Limited use due to its high costs | The platform is more prone to 51% attack as the algorithm that claims to sync the ledgers appear to be unrealistic |
Bitcoin vs Cardano Price Prediction
Bitcoin vs Cardano or BTC vs ADA has an interesting ongoing journey, given the crypto staple Bitcoin is only limited to 21 million tokens, however, Cardano’s recent Vasil Hard Fork has shaken up the ADA network and new prices are anticipated by the crypto analysts. Below is an analysis of BTC vs ADA price. Let’s take a quick look!
Bitcoin Price Prediction
Source: TradingView
How high will Bitcoin price go in 2023?
- The BTC price is currently running slightly above $28,000, at the time of writing, with a 1.18% rise in value over the last 24 hours and a market cap of $542,745,645,308.
- With the recent developments in the BTC price, the end of Q2 has a chance to try and reach the $30,000 levels.
- The price movement of BTC since January 2023 has been on a bullish trend. Experts believe that the beginning of H2 could see the BTC price to be slightly bearish but by the end of it, the price may manage to secure levels above $32,000.
Cardano Price Prediction
Source: TradingView
How high will Cardano price go in 2023?
- The ADA price has been running at $0.35, with an upward trajectory of 5.36% today, March 21,2023, with a market cap of $12,300,104,000.
- The ADA network has been on the recovering curve since yesterday, and functioning fundamentally strong, even with the value faltering since Q1, 2023.
- However, after the Vasil Hard Fork in September 2023, the ADA price has been in a recovery stage. Experts believe that 2023 might just be so for the network as the network is expected to form new lows and that might ignite a rebound to rise towards the middle bands.
Additional Read: Cardano vs Dogecoin
Bitcoin vs Cardano Technical Analysis
Bitcoin Technical Analysis
Bitcoin price was pretty incremental after it flipped from the June lows. However, no sooner than the BTC price above $23,000, the bearish action slashed the price heavily. Additionally, the asset which formed constant higher highs & lows is now trading within a descending channel. Therefore, in the upcoming days, one can expect an extended accumulation and with a huge influx of liquidity, BTC price may range high, testing the higher targets.
Source: TradingView
Cardano Technical Analysis
Cardano’s native token, ADA is very close to breaking out of this bearish descending triangle pattern and a modest recovery over the next couple of days would provide for that and bring it into a reasonable bullish zone. It is also trading slightly above its 50 day moving average (marked in cyan) which would also help out with any bullish price action we may see going forward. The Relative Strength Index which is currently slightly above 55, which also would provide the necessary positive sentiment to support buying action as Cardano Vasil Upgrade draws nearer.
Source: TradingView
Should you invest in Bitcoin or Cardano?
Bitcoin has been one of the most sorted after token by the crypto investor. Mainly because it has established its place within the top 10 crypto tokens for a solid amount of time. However, Cardano has also been pretty active crypto ever since its inception. The information about Cardano’s Vasil Hard Fork has also made it a token of interest for many crypto enthusiasts.
Saying that, when BTC vs ADA are compared, Bitcoin still remains within the skeleton it has been put into, since Nakamoto introduced it to us. On the other hand, Cardano have been making progress with improving itself too keep up with the evolving crypto world.
No matter the recent projects, before choosing a particular crypto token to invest into, any investor should do thorough research, reach a conclusion that is based solely on their investing interest and then invest any amount they want.
TIPS FOR TRADING Cardano or Bitcoin
- Before diving deep into any trade, first know about the asset you want to invest in and understand its use cases and the problems it claims to solve
- Go through the project details commonly called the ‘WhitePaper’ to get acquainted with the technology used and the process of validating the transactions
- Later find a suitable trading platform with enhanced security like CoinDCX and register yourself verifying your profile
- Analyze the movements of ADA price & BTC price for some days and try to figure out the best time to enter the deal
How to invest in Bitcoin & Cardano
Investing in crypto is super simple, safe, and secured with the CoinDCX app. It doesn’t matter whether you want to invest in Bitcoin, Ethereum or Cardano ADA coin, we have got you covered. CoinDCX is India’s safest and simplest crypto investment app for your one-stop purchase of any crypto asset.
Here are the 4 simple steps to buy your first token with CoinDCX.
- Sign up on CoinDCX
- Link your bank details
- Complete your KYC
- Buy Bitcoin (BTC) or Cardano (ADA)
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