Top crypto analyst Benjamin Cowen outlines why he believes the scalable blockchain platform Cardano (ADA) performs well amid the broad correction experienced by the crypto market.
In a new YouTube video (Video Below), Cowen says the fifth-largest cryptocurrency by market cap is trending well because the ADA platform is easy to use and Validate. Cardano validators get paid for their time and effort in ADA.
Cowen Claim that he has tried running validator nodes for many projects but believes the Cardano Validating process is the simplest.
“Given the current market conditions, why hasn’t ADA dropped more. I have tried running validators on many networks, and I think Cardano is the most user-friendly. I believe it is arguably the easiest for validators and also relatively simple for delegators.”
Staking his ADA coins, Cowen notes that staking on Cardano is also very simple. According to Cowen, despite the ongoing crypto correction, ADA users continue to stake their coins.
“Bitcoin is down 50%, but when you look at the active stake in the ITC pool (Cardano Staking Pool), you can see that it’s just been going up.”
According to the analyst:
“Selling pressure will decrease if people do not unstake their ADA and instead continue to hold ADA or add ADA to their stack. Now the staking and unstaking are not going to be enough to mitigate the effects of Bitcoin when it drops from [$64,000] down to [$29,000]… But the fact that ADA is still trading at a $1.20 … it’s quite remarkable.”
The other main reason for Cardano’s holding firm in the Bear market is that Cardano is leading the stake-able digital assets, with more than 70 percent of total Cardano supply is now locked in the ADA network for staking.
The amount staked in Cardano (ADA) network has increased to more than $33 billion. Cardano staking addresses have crossed 670,000, with more than 60,000 staking addresses have joined Cardano in the last month.
Cowen also says that Cardano has good advertisers behind it, and ADA gives an easy way to earn passive income. Combined with its slow and methodical rollout, these factors are keeping ADA afloat in a turbulent time.
“Cardano, they are outstanding marketers… They have these validators, and if you have a validator, you want to get people to delegate to stake pools that you are running. You essentially have a project that has made it so that people can earn interest relatively seamlessly. It’s relatively easy to set up a validator.”