Cryptocurrency

Bitcoin vs Cardano: Detailed Comparative Analysis of ADA vs BTC

Bitcoin (BTC) vs Cardano (ADA): Detailed Comparative Analysis

What is Bitcoin?

Introduced to the world back in 2009, by an anonymous person, Satoshi Nakamoto, Bitcoin has been the first crypto token that opened the door of the crypto ecosystem for the world. Built with the purpose of facilitating peer-to-peer transactions without any involvement of a third party has been the two most interesting factors that Bitcoin brought to the table. 

In a nutshell, Bitcoin is a peer-to-peer (P2P) online currency where transactions can take place directly between two equal and independent participants of the network without the intervention of any third party. In Nakamoto’s words, Bitcoin was created to facilitate online payments between two parties without going through a lengthy and gruesome process via a financial institution. 

Bitcoin price today is a little above $22,227 (September 13, 2022) and it is the world’s largest crypto by market capitalization today. 

Latest News on Bitcoin:

  • Bitcoin Price below $19000 is now at the lowest point of 2022. BTC is facing severe selling pressures and it would be very tough for the king coin to mount a recovery any time soon, unless a piece of major positive news comes along.
  • Bitcoin miners are in deep trouble as they continue to face heavy losses. Poolin, one of the largest Bitcoin mining pools by hash rate, froze withdrawals due to liquidity issues.

Unique Features of Bitcoin

  • It is the first-ever crypto to appear in the market
  • It has created a conceptual as well as technological shift leading to the development of thousands of similar projects.
  • Bitcoin pioneered the idea of money being sent and received across the globe without going through intermediaries such as banks and other financial institutions.

What is Cardano?

Cardano’s ecosystem has been developed by highly qualified engineers and academic experts experienced with cryptography and blockchain. Founded by the co-founder of Ethereum, Cardano is a multi-layer blockchain operating on the Proof-of-Stake to validate transactions. The core of the Cardano consensus is the Ouroboros algorithm that aims for a high level of security with efficiency. 

It is a third-generation blockchain after Bitcoin & Ethereum that focuses on scalability, interoperability & sustainability. Cardano also focuses on swelling costs, usage of energy and transaction time. 

Deep Dive into How Cardano works?

Latest News on Cardano:

  • Just a little over a month ago, IOHK developers had successfully hard forked the Cardano testnet with the Vasil upgrade. Cardano’s Vasil Hard Fork is the next step in its plan to improve upon the speed and scalability of the network. This essentially brings the project one more step closer to dethroning the largest smart contract and DeFi platform out there – Ethereum. With this latest upgrade, Cardano’s developers hope to improve the efficiency of smart contracts to make Cardano cheaper and faster to use.

  • With the highly anticipated Ethereum Merge going underway tentatively on the 15th of September, 2022 – and Cardano Vasil Hard Fork coming in exactly a week later on the 22nd, the month of September is going to be very eventful.

Unique Features of Cardano

  • Offers a higher degree of decentralization as anyone holding the ADA token can become a validator on Ouroboros.
  • CSL (Cardano Clearing Level) allows users to instantly trade ADA with low fees.
  • The blockchain offers the best of both worlds: PoW and PoS thanks to its architecture. Cardano is often cited as one of the best opponents for Ethereum. 

Additional Read: Cardano Whitepaper Summary

Did You Know? Bitcoin and Cardano energy consumption is an interesting thing. While Bitcoin works with PoW consensus, it consumes a lot of energy, while Cardano being a PoS consensus user, uses a lot less energy; as compared to Bitcoin.

Bitcoin vs Cardano: Comparative Analysis

Coin Name Bitcoin Cardano
Launch Date 2009 2017
Founder Satoshi Nakamoto Charles Hoskinson
Blockchain Protocol Bitcoin Blockchain Ouroborous Protocol
Native Token   BTC ADA
Market Cap $425,219,675,657 $17,036,200,578
Token Type Native Native
Circulating Supply 19,149,231.00 BTC 34.18B ADA
Max Supply 21,000,000 45,000,000,000
Consensus Method Proof of Work Proof of Stake

Pros and Cons – Bitcoin vs Cardano

Pros

Bitcoin Cardano
It has good accessibility and liquidity Peer to peer decentralized technology
Provides complete user anonymity and transparency Cardano has a great development team with a pre-reviewed platform to ensure the stability
Total independence from a central authority Cardano is open-sourced platform with code written in Haskell programming language
Has a high return potential It is a multichain layer that uses settlement layer & computational layer to ensure unlimited scalability & quick transactions

Cons

Bitcoin Cardano
It has extreme volatility Cardano has not accomplished with development phase with a lowered pace
No government regulations, thus under constant risk Limited transactions can be processed within a second
Irreversible – transactions are completely irreversible so hacks and illegal activities can’t be reversed 75% of ADA is not in circulation but staked
Limited use due to its high costs The platform is more prone to 51% attack as the algorithm that claims to sync the ledgers appear to be unrealistic

Bitcoin vs Cardano Price Prediction

Bitcoin vs Cardano or BTC vs ADA has an interesting journey ongoing, given the crypto staple Bitcoin is only limited to 21 million tokens, however, Cardano’s recent Vasil Hard Fork has shaken up the ADA network and new prices are anticipated by the crypto analysts. Below is an analysis of BTC vs ADA price. Let’s take a quick look!

Bitcoin Price Prediction

How high will Bitcoin price go in 2022?

Bitcoin price underwent a roller coaster ride throughout August and appears to have been extremely exhausted since the beginning of September. Therefore, after trying hard to hold the lower support at $20,000 for nearly a week, the asset broke down heavily. The BTC price is expected to remain consolidated for the next 7 to 10 days, post to which a trend reversal may be validated. 

However, the coming weekly close can be considered as pivotal to determining the upcoming trend for the token. A close beyond $21,000 may invalidate the bearish narrative but any levels below this may surely drag the price towards new lows. By the end of the monthly trade, the BTC price is expected to accumulate gains and trade within a narrow range. Therefore, the Bitcoin price prediction for September is between $18,500 to $22,000.

Cardano Price Prediction

How high will Cardano price go in 2022?

Bitcoin price vs Cardano price, btc price nosedived below $19,000, however, ever since the announcement by the IOHK regarding Cardano Vasil Hark Fork final date ADA price triggered a major rally in the coin. Over the last 24 hours, ADA rally dropped close to 1.6%, before encountering similar values as on 5 September. In one fell swoop, ADA price managed to breakout of its 50-day moving average during last week, but is still struggling to break free from its current resistance since yesterday, 12 September, 2022.

However, from a technical point of view, ADA price is still on the weaker side. It is still stuck inside a descending triangle pattern, which is a pretty bearish price pattern. However, Cardano price prediction indicates that it is trying to move towards the upper diagonal trendline, a breakout above which would bring about a major buying pressure from the bulls. The Relative Strength Index is also in the buying territory, currently above the 50 mark. It would still need to breakout over the $0.65-$0.7 level to reach any meaningful region where existing buyers can find some relief.

Bitcoin vs Cardano Technical Analysis

Bitcoin Technical Analysis

Bitcoin price was pretty incremental after it flipped from the June lows. However, no sooner than the BTC price above $23,000, the bearish action slashed the price heavily. Additionally, the asset which formed constant higher highs & lows is now trading within a descending channel. Therefore, in the upcoming days, one can expect an extended accumulation and with a huge influx of liquidity, BTC price may range high, testing the higher targets.

Source: TradingView

Cardano Technical Analysis

Cardano’s native token, ADA is very close to breaking out of this bearish descending triangle pattern and a modest recovery over the next couple of days would provide for that and bring it into a reasonable bullish zone. It is also trading slightly above its 50 day moving average (marked in cyan) which would also help out with any bullish price action we may see going forward. The Relative Strength Index which is currently slightly above 55, which also would provide the necessary positive sentiment to support buying action as Cardano Vasil Upgrade draws nearer.

Additional Read: Cardano Technical Analysis

Should you invest in Bitcoin or Cardano?

Bitcoin has been one of the most sorted after token by the crypto investor. Mainly because it has established its place within the top 10 crypto tokens for a solid amount of time. However, Cardano has also been pretty active crypto ever since its inception. The information about Cardano’s Vasil Hard Fork has also played its part in making it a token of interest for many crypto enthusiasts.

Saying that, when BTC vs ADA are compared, Bitcoin still remains within the skeleton it has been put into, since Nakamoto introduced it to us. On the other hand, Cardano have been making progress with improving itself too keep up with the evolving crypto world.

No matter the recent projects, before choosing a particular crypto token to invest into, any investor should do thorough research, reach a conclusion that is based solely on their investing interest and then invest any amount they want. 

TIPS FOR TRADING Cardano or Bitcoin

  • Before diving deep into any trade, first know about the asset you want to invest in and understand its use cases and the problems it claims to solve
  • Go through the project details commonly called the ‘WhitePaper’ to get acquainted with the technology used and the process of validating the transactions
  • Later find a suitable trading platform with enhanced security like CoinDCX and register yourself verifying your profile
  • Analyze the movements of ADA price & BTC price for some days and try to figure out the best time to enter the deal

How to invest in Bitcoin & Cardano

Investing in crypto is super simple, safe, and secured with the CoinDCX app. It doesn’t matter whether you want to invest in Bitcoin, Ethereum or Cardano ADA coin, we have got you covered. CoinDCX is India’s safest and simplest crypto investment app for your one-stop purchase of any crypto asset. 

Here are the 4 simple steps to buy your first token with CoinDCX. 

  1. Sign up on CoinDCX 
  2. Link your bank details
  3. Complete your KYC
  4. Buy Bitcoin (BTC) or Cardano (ADA)
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