The crypto scene is dynamic again. Coins like Cardano (ADA) and Algorand (ALGO) are currently in focus because, while they are fulfilling their promises to make crypto technology more sustainable, they are struggling with weakening prices. At the same time, a wave of “green” coins is trying to buy the guts out of the known tokens.
How is Cardano doing?
Cardano is a popular cryptocurrency launched in 2018 and has been enthusiastically received not only by investors and technology enthusiasts on its way to the top. It was also seen that ADA was one of the first cryptocurrencies that wanted to place particular importance on the subject of sustainability.
So the project established itself as a platform that wanted to offer sustainable solutions, simple user interfaces and powerful scalable solutions. Thanks to advanced technology, they wanted to make fast transactions, cheap fees and smart contracts the standard.
However, the latest developments are slowly sobering us up. The high flight of early investors seems to be gone. The digital currency is still fighting for higher prices.
However, there is also reason for hope. According to the latest ADA News, the composition of Cardano’s holders has changed significantly, with most investors holding their assets for more than a year now. This shift towards long-term ownership reflects increased confidence in the project and its potential for future growth.
🚨 Hydra, a #Cardano Layer 2 scaling solution, is inching NEARER & NEARER to MAINET🚀 For those new, Let me explain; Hydra increases transaction speed through low latency & high throughput, offering lower cost & faster transaction speed🚀 Simply put, #Cardano the goat will be 🐐 pic.twitter.com/yynbuz0RqW
— Marcosantiago (@marcosantiagoNY) April 9, 2023
A long-term holding can be beneficial for a cryptocurrency like Cardano as it brings stability to the market and reduces the price volatility caused by short-term trading. Eventually, as more investors hold their ADA tokens for longer periods of time, the circulating supply will effectively decrease, potentially providing a favorable balance between supply demand and a higher token value on him.
In addition, the long-term holding can be seen as a public vote of confidence in the development of the project and in the future potential of ADA. The latest price development reflects this current trend. Priced around $0.38, the signal continues to move within an ascending price channel.
The upward movement of the signal within this channel indicates a positive sentiment in the market and emphasizes the continued development. So it might be an investment idea to buy Cardano right now.
What about Algorand?
Algorand is based on innovative open source blockchain technology. The cryptocurrency is specifically designed to enable the adoption of decentralization, efficiency and security for globally scalable applications and services. In the past, they were deliberately sustainable.
Are you already registered for the ‘Developer Greenhouse – Build an App in four days!’ @algorand boot camp tomorrow?!
Don’t waste any time, register now and see you there! ⬇️ https://t.co/GOyrmQsTd0
— Algorand Developers (@algodevs) April 5, 2023
Algorand has now introduced a new tool, AlgoKit. This is intended to speed up the process of developing Web3 applications. It’s a set of software tools that is especially trying to attract developers with traditional programming language skills.
Accordingly, new ALGO developers get a unified and easy-to-use package that includes all the necessary tools to develop, test and deploy Algorand. A new command interface has also been introduced intended to ease the transition to Web3.
Despite the update, Algorand is also struggling with relatively weak issues. Currently, the cryptocurrency is trading at a relatively low price of $0.2205, down 1.19% in one day.
Other Green Wave Tires are taking off: Ecoterra for example
Ecoterra could possibly develop into one of the green wave coins that are slowly but surely picking up speed under the shadow of Cardano and Algorand. With Ecoterra, users and companies will be rewarded by a blockchain ecosystem. With the “Recycle2Earn” app, users can be rewarded by collecting recycling tokens and environmental protection campaigns.
There are also markets for recycled materials and carbon offsets, which enable companies to operate more sustainably and reward consumers for their commitment.
The system is to be powered by a network of corporations and consumers who can trade the environmental issue in a simple, secure and cost-effective way on the blockchain. Should this be successful, Ecoterra’s forecast should pay off.
Unlike other coins, Ecocoin remains in control of the issuance and distribution of its coins firmly in the hands of the network. This allows the community to control the development of the coin by making decisions about the payment policies, control mechanisms and even the development of the coin, the blockchain technology and the underlying infrastructure.
Cryptocurrencies and sustainability are increasingly being linked. Cryptocurrencies like Cardano or Algorand have done their part to sensitize the industry to the matter. Therefore, both signaling teams have developed technology that allows them to achieve better energy efficiency than other tires, which could make them the best sustainable cryptocurrencies for a sustainable economy. Recently, however, the digital currencies have shown weaknesses in the course.
At the same time there are other people Green Wave Tires, like Ecoterra, came up in the market and allowing bold investors to participate in the pre-sale of the eco-friendly cryptocurrency.
In light of this, it is considered likely that the industry will make even greater progress in the areas of sustainability and energy efficiency in the coming years. Time will tell to what extent ADA, ALGO and ECOTERRA can still play a role in the market.