How to Buy Cardano in India [2024]? Start Your Investment in ADA

The workings and the possibilities of a crypto have brought a lot of noise in the finance sector. While the mention of the word crypto brings up names of the most famous coins, like Bitcoin and Ethereum; the increase in the understanding of the crypto ecosystem is making sure there are few more assets up there with the natives. Cardano is one of them. 

What is Cardano?

Cardano was developed by the co-founder of Ethereum blockchain, Charles Hoskinson, who realized the challenges faced by Ethereum. This search led to the launch of the platform in 2015 and the native token ADA in 2017. The price of this asset at the time of writing is $0.74 with a market cap of $26.58 billion as of March 12, 2024. The maximum supply of this coin is capped at 45 billion while the current supply is 35.55 billion.

How does Cardano Work?

Cardano is a decentralized third-generation proof-of-stake (PoS) blockchain platform and home to the ADA crypto. It is often referred to as one of the most sought-after altcoins in the crypto space by various crypto enthusiasts. Cardano is the first blockchain platform to evolve from a scientific philosophy and an evidence-driven approach. It has a strong focus on sustainability,  scalability, and transparency; a fully open-source project that aims to deliver an inclusive, fair, and resilient infrastructure for financial and social applications on a global scale. One of its primary goals is to bring reliable, secure financial services to people who currently need access to such a privilege. 

Cardano offers numerous use cases of Ethereum blockchain and its smart contracts. The design of Cardano was such that it was energy efficient and supported fast transactions at nominal transaction fees since its inception. Investors who are interested in hard money are also inclined towards Cardano.

Should you Invest in Cardano?

Investing in Cardano (ADA) can be an appealing prospect for various reasons, as the crypto project boasts several positive features. Cardano is recognized for its commitment to scientific research and a rigorous development approach. Here are some key aspects that make Cardano an interesting investment option:

Scientific Approach: Cardano’s development is grounded in academic research and a peer-reviewed process, fostering credibility and innovation. The project prioritizes scientific principles, aiming to provide a secure and scalable blockchain infrastructure.

Ongoing Development: Cardano is continually evolving through a phased development strategy, focusing on scalability, sustainability, and interoperability. The implementation of smart contracts through the Alonzo upgrade has expanded Cardano’s functionality, opening up opportunities for decentralized applications (DApps).

Proof-of-Stake Consensus: Cardano utilizes a proof-of-stake consensus mechanism, known as Ouroboros, which is designed to be energy-efficient and secure. This approach enables ADA holders to participate in the network’s operation and governance.

Community Involvement: Cardano has a vibrant and engaged community that actively contributes to the project’s growth. Community involvement can be a positive indicator of long-term project viability and success.

Global Partnerships: Cardano has established strategic partnerships and collaborations with various organizations, enhancing its global reach and potential for adoption. Partnerships contribute to the project’s ecosystem and may drive future developments.

Decentralized Ecosystem: Cardano aims to create a decentralized ecosystem, providing users with more control over their assets and reducing reliance on central authorities. The decentralized nature of Cardano aligns with the principles of blockchain technology.

While these aspects make Cardano an intriguing project, it’s essential to remember that all investments involve risks. Investors should conduct thorough research, consider their risk tolerance, and stay informed about market trends before making any investment decisions.

What makes Cardano Different From Other cryptos?

Cardano distinguishes itself through a scientific foundation, utilizing peer-reviewed research for security and scalability. Its multi-layered architecture, including a separate settlement and computation layer, enhances flexibility and network efficiency. Employing a proof-of-stake consensus (Ouroboros) improves energy efficiency compared to traditional proof-of-work systems.

Unique features include a focus on interoperability for seamless blockchain connections, regulatory compliance, and collaboration with governments. Cardano’s commitment to financial inclusion aligns with its broader social impact goals. In summary, Cardano’s scientific approach, layered architecture, energy-efficient consensus, interoperability, and social impact initiatives set it apart in the crypto space.

How to Buy Cardano in India?

Buying Cardano in India is a straightforward process on CoinDCX, one of the largest crypto exchanges. Here is a step-by-step guide on how to buy Cardano on CoinDCX:

Step 1: Create an Account

Start by visiting the CoinDCX website and sign up for a new account. Provide the necessary details, including your email address and a secure password.

Step 2: Complete KYC Verification

Complete the Know Your Customer (KYC) verification process by submitting the required identification documents. This step is crucial for complying with regulatory standards.

Step 3: Deposit Funds

Deposit funds into your CoinDCX account. CoinDCX allows users to deposit INR (Indian Rupees) through various methods, including UPI and bank transfers. Follow the instructions provided on the platform to deposit funds.

Step 4: Navigate to the Trading Section

Once your account is funded, go to the trading section on the CoinDCX platform. Locate the ADA/INR trading pair to initiate the buying process.

Step 5: Place a Buy Order

Decide on the amount of Cardano (ADA) you wish to purchase and place a buy order. You can choose between a market order (executed immediately at the current market price) or a limit order (set a specific price at which you want the order to be executed).

Step 6: Confirm and Execute

Review your order details, including the amount of ADA and the total cost. If everything looks correct, confirm the order to execute the purchase.

Read More: How to Buy Bitcoin in India?

Cardano Price Prediction

ADA/USD | Source: TradingView

• Once again, amidst a renewed upswing in the overall crypto market, driven by the surging Bitcoin price reaching new highs, ADA price has experienced a strong bullish recovery and currently hovers just above the critical $0.7 level.
• Throughout November and December 2023, ADA price witnessed a substantial upsurge, climbing from below $0.3 to nearly $0.67. After stabilizing and experiencing a minor correction, it regained momentum in March 2024, breaking through the $0.7 level and trading above it.
• Adding to the optimistic outlook for the token, ADA price successfully crossed both the 50-day and 200-day EMAs, with both indicators exhibiting a bullish golden crossover.
• In the event of breaching either the $0.75 level or the R2 level of the Fibonacci pivot points for March 2024, the immediate target for ADA’s price is set at $0.85.
• Conversely, the $0.61 mark is anticipated to function as a crucial support level for ADA’s price, aligning with the P level on the Fibonacci pivot points.

Read in Detail: Cardano Price Prediction