Prominent analyst Benjamin Cowen outlines why he believes the scalable blockchain platform Cardano (ADA) is doing well amid the correction in the crypto market.

In one Video New, Cowen says, the fifth largest asset by market cap is still doing well because its platform is easy to use and easy to authenticate. Cardano validators store a copy of the blockchain and are rewarded in ADA for their performance and contributions.

Cowen said he did validators for many projects and found Cardano’s procedures to be the easiest.

“Given the current market conditions, why isn’t it falling any more? … I’ve been researching how to run validators on multiple networks and I think Cardano is the easiest. This is definitely the easiest way for the authenticator and I think it is also relatively easy for the authorizer. “

Staking is easy on Cardano too, according to Cowen, and ADA users continue to wager their coins amid the ongoing correction in the crypto market.

“Bitcoin is down 50% and if you look at the active stakes in the ITC pool you can see that it is increasing….

If people don’t sell their ADA and instead just keep holding or adding them to the staking pool, it should ease the pressure to sell. Now the staking obviously won’t be enough to … mitigate the effects of bitcoin when it falls off [$ 64.000] Low [$ 29.000]… But the fact that ADA is still trading at $ 1.20 … it’s really impressive. “

Weekly ADA / USD Chart | Source: Benjamin Cowen

Cardano PoolTool Disclosure that more than 70% of ADA’s circulating supply, valued at more than $ 28 billion, is currently being staked.

Source: Cardano PoolTool

Cowen also said that Cardano has good marketers behind it, helping owners make residual income easily. These factors, coupled with a slow and systematic implementation, help ADA to hold out in turbulent times.

“Cardano, they are really good marketers … you have these validators, and of course if you have one you want people to authorize the pool you run …

It’s basically a project that can help people earn interest in a relatively seamless way. Setting up the validator is relatively easy. “

Cardano is trading at $ 1.18 at the time of writing, more than 50% below its all-time high of $ 2.45.

SN_Nour

According to Dailyhodl

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