Cryptocurrencies continue to win more fame and popularity. The crypto community is expanding, with each of the many coins boasting a good following. There are currently more than 3,000 crypto projects in the market. Apart from Bitcoin, which is the pioneer cryptocurrency, the rest are collectively referred to as “Altcoins,” a short form for “alternative coins.” Cardano (ADA) is an Altcoin.
There have been many debates surrounding the authenticity of the market caps posted by some of the Altcoins. In one Twitter post, someone going by the handle Satoshi Flipper threw some shade on ADA’s market valuation.
In his opinion, “some of these altcoin valuations are still beyond laughable.” The poster sought to cast doubt on Cardano’s $1 billion market cap. Expectedly, he got the attention of various commenters with varying opinions on the matter.
“Market Caps Are Irrelevant For Now”
Many Cardano aficionados faulted the poster, claiming that he might have not taken his time to really get informed about the Cardano project and its efforts to take ADA mainstream. Granted, Cardano has been making waves and created in-roads in various sectors and even government institutions to improve ADA’s use cases. The Incentivized Testnet staking is also going live this month.
According to another user, crypto market caps shouldn’t really be that much of a fuss at the moment since what matters more is adoption.
Time Will Tell
For some time now, there has been a buzz about some of the weaker Altcoins going extinct soon. Some industry big wigs, who are notably heavily invested in the stronger crypto projects like Bitcoin and XRP, have been quoted as saying that in due time, about 90% of the crypto projects won’t survive the coming purge because they don’t offer actual utility.
Based on this line of thought, Cardano isn’t really in the extinction bracket, mainly because it’s been working on building a utility-oriented blockchain network.