What is Cardano (ADA)? Why is ADA going up? How to buy ADA coin as it hits an all-time high

It has been a busy week for the cryptocurrency world.

First Shiba Inu coin has nearly doubled in price, Tesla has dropped Bitcoin as an option of payment, and now Cardano (ADA) has hit an all-time high, according to a report by Yahoo Finance.

One ADA coin is currently worth $1.92, a slight increase compared to Thursday when it went from $0.181 to $1.86, spiking 14.73% within the past seven days, according to real time data tracked by CoinMarketCap (Note: market capitalization is constantly changing). Its market capitalization is currently $60.5 billion.

What is Cardano (ADA)?

Cardano is a decentralized public blockchain and cryptocurrency project that is the first to evolve out of a scientific philosophy, and research-first driven approach, according to Crypto.com. ADA is the native token of Cardano.

Why is ADA going up?

The surge in ADA coin is thought to be due to its sustainability, consuming just 6 GWh of power. Sustainability concerns is why Tesla slashed Bitcoin from its payment lineup, with Elon Musk citing “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” as the issue in a note on Twitter.

How to buy ADA coin

ADA coin is available to purchase on Crypto.com, Coinbase and eToro, to name a few.

What is cryptocurrency?

Cryptocurrency is a digital asset designed to be used over the internet, according to Coinbase. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.

If you’re interested in investing in other cryptocurrencies such as Bitcoin, Ethereum, Tether and Litecoin, here are some options to get you started:

If you want to educate yourself more on cryptocurrency and how it works, you can always enroll in an online course, too. Courses are offered at online platforms Coursera, LinkedIn Learning and Udemy.

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Nicolette Accardi can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi. Find NJ.com on Facebook. Have a tip? Tell us. nj.com/tips



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