Cardano Founder Charles Hoskinson Envisions ADA as Leader

• Cardano founder Charles Hoskinson has asserted that he thinks ADA will be the biggest cryptocurrency in the world.
• Ranked 7th based on its market cap, the altcoin has a long way to go before topping market leaders Bitcoin and Ethereum.

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In a recent conference, Cardano founder Charles Hoskinson asserted that he believes the project’s native currency ADA will become the biggest cryptocurrency in the world. This means that the 7th-ranked ADA will eventually overtake its direct competitor Ethereum (ETH) which sits in second place and Bitcoin (BTC) which is the oldest and biggest cryptocurrency in the world.

Speaking at the Rare Evo blockchain and cryptocurrency convention, the founder went on to discuss the unique role that he envisions Cardano (ADA) to play in the world. He noted;

I think that it’s going to become more than just a cryptocurrency. I think it’s going to become the backbone of a new digital nation, a new society—a place where we can finally begin to trust each other again, where we move from ‘don’t be evil’ to ‘can’t be evil,

Despite this optimistic view, the U.S. Securities Exchange Commission (SEC) recently cast a shadow on the project after it classified ADA as a security in recently issued lawsuits against Binance and Coinbase. The team has since responded. “Under no circumstances is ADA a security under U.S. securities laws,” stated the team.

It is likely that the Ripple (XRP) case will define the status of Cardano (ADA). Fortunately, this ongoing case has seemingly been going better for Ripple than the SEC.

Read More: Ripple’s Future Hangs in the Balance: SEC Appeal Decision Looms Amid Coinbase Developments

Experts believe that the Ripple case will set a precedent for the rest of the cryptocurrencies, that is, how the SEC and the U.S. courts view them.

Cardano (ADA) by the Numbers

At the time of press, Cardano’s market cap stands at $9.2 billion. Bitcoin which is the world’s largest cryptocurrency has a market cap of $531 billion at the time of press. Ethereum on the other hand has a market cap of a little over $200 billion. The numbers show that the mission Cardano is on remains a tall order but one that could be achieved with some luck.

After a prolonged period of low volatility, a breakout looks like it is underway. The last couple of hours have been bullish with the altcoin adding nearly 4 percent in the last 24 hours. In the weekly chart, ADA has added nearly 7 percent in the last 7 days. Exchanging for $0.275, analysts expect resistance around $0.30 with a breakout likely to catapult prices to new heights. Trading volume has surged by more than 60 percent in the last 24 hours, an indication of positive momentum based on demand and buying pressure around the token.

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