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Charles Hoskinson says Cardano will beat competitors Bitcoin, Ethereum, become world’s largest cryptocurrency

FXStreet

Updated

Source: DepositPhotos

American entrepreneur and founder of Cardano (ADA), Charles Hoskinson, delivered a speech at the Rare Evo 2023 blockchain conference, sharing his views on Cardano's recent development.

During his speech, Charles Hoskinson explained that Cardano (ADA) could potentially become the largest cryptocurrency in the world.

To support his optimistic outlook for the project, Charles Hoskinson highlighted the sustainability, scalability, and interoperability of Cardano (ADA), contrasting it with the approaches adopted by blockchains like Bitcoin and Ethereum.

The recent Alonzo upgrade of Cardano provides support for smart contracts on the Cardano blockchain and enables the development of DApps and DeFi projects within the ADA ecosystem. The practicality and potential market coverage of Cardano are expected to drive its success and surpass Bitcoin, Ethereum, and other projects.

Furthermore, Charles Hoskinson believes that through its governance model, decentralization, and widespread adoption, ADA has the potential to surpass competitors Bitcoin (BTC) and Ethereum (ETH) in terms of market capitalization and become the largest cryptocurrency in the world.

However, Charles Hoskinson's statements have not contributed to the recovery of ADA. At the time of writing this article, ADA price is in a downward trend, trading at $0.2613.

Price Chart of ADA from August 2022 to August 2023, Source: TradingView.

Currently, ADA is below its 10-day, 50-day, and 200-day exponential moving averages (EMA) at $0.2665, $0.2890, and $0.3344, respectively. Whether ADA's price will recover from the downward trend remains to be seen.

ADA Price and Moving Averages Chart, Source: TradingView.

* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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