Cardano has already made big gains. This young and dynamic cryptocurrency has risen more than 700% this year. Investors are excited about the speed, energy efficiency, and current and potential uses of the blockchain network.
But Cardano's hikes may not be over. This is because Cardano has a lot more in store for investors and users. The platform is in the process of being built to achieve an ultimate goal: to become a self-sufficient system. It has also established a roadmap with five stages. They are underway right now. Cardano's value may rise as the network expands and works towards its goal. And if it gets there, Cardano could really skyrocket. Here's what you should do before that happens.
Reallocation of cash
I don't believe in putting all my eggs in one basket. Although I'm really confident in the strength of that basket. So, I wouldn't make Cardano my only cryptocurrency investment, or my only investment in general. But if you are an investor with a large cryptocurrency portfolio, you may want to consider selling a high-risk name and reallocating the money into Cardano. By high risk, I mean players who haven't shown much utility in the real world. So, for example, I would prefer Cardano and other more established players to the Shiba Inu and Floki Inu meme coins.
Now let's take a closer look at Cardano. The network is already proving its usefulness in the education and health sectors. For example, a blockchain-based solution allows for the secure storage of educational credentials. This way, students can access and share these documents when they need them. As for healthcare, a solution on the blockchain can trace the origins and supply chains of drugs. The idea is to put an end to the sale of counterfeit pharmaceuticals. If these and other applications take off, Cardano has a reasonable chance of increasing over the long term.
The speed of Cardano
And there are other things I like about Cardano. First, its speed. It can process 250 transactions per second compared to 30 for the largest Ethereum player. Of course, the upcoming Ethereum update will bring transactions to 100.000 per second. But Cardano's goal is to eventually reach one million per second. Hence, it is possible that Cardano can maintain its lead with this measure.
I also like the fact that Cardano updates happen after peer review. This limits potential flaws later in the game. And the fact that Cardano is methodically building his system through a series of stages is encouraging for the same reason.
Cardano looks like a very promising platform, as it is Bitcoin Pro to trade cryptocurrencies. But it's still important to remember that all cryptocurrencies carry a fair amount of risk. There is no guarantee that their current and proposed uses will be a big thing in the future. Hence, you should never invest in cryptocurrencies more than you can afford to lose. If that's what you're doing or planning to do, great. And if you prefer Cardano to riskier meme coins, you could make money in the long run.