The price of Cardano is up by 150% in 2020 alone, making ADA the hottest smart contract on the market. While in 2017 and 2018 we saw a lot of surges in smart contract tokens as Ethereum rallied from literal dollars to a peak of $1,400, it all came to end with the major correction happening on the markets a month afterwards.
ICOs promised evolutions in smart-contract tech as billions were raised. Additionally, plenty of the top 50 coins and smart contracts benefited from them. In 2020, however, the smart contract hype is not that big. Despite its promise, the field has not lived up to its full expectations by the community.
Only one coin differs from this now. We are talking about ADA and how Cardano is up by 150% in 2020 alone. Some analysts say that the smart contract craze is back and that crypto assets in this sector have strongly outperformed Bitcoin ever since the start of this year.
In fact, data from the crypto research firm Messari indicates that plenty of smart contract cryptocurrencies have seen strong performances in 2020. As you can see from the image above, the ADA news show that the coin managed to outperform many other coins including EOS, TRX, ETC, NEO, ALGO, and VET.
Cardano is on top, as it is up by 157% since the start of the year. Next up on the list is Ethereum (ETH) which is up by 85%, followed by VeChain (VET) which is up by 70% since the start of 2020.
In context, the Bitcoin news show that BTC is up by around 25% since the start of 2020, which makes it a far worse performer compared to Cardano (ADA). In this manner, one industry dat aanalyst shared an image where he showed that Bitcoin has underperformed ADA as well as the small-cap altcoin, mid-cap altcoin and large-cap altcoin indices by FTX.
By far, ADA is the best performing smart contract coin. It managed to outperform its contemporaries by dozens of percent and is related to one key trend/event: the launch of its Shelley mainnet. The Cardano Foundation describes Shelley as the following:
“Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption… Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks.”
For more information on the Shelley development phase, testnet and mainnet, visit our Cardano news section.
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