Cardano (ADA)’s Addition to Bloomberg Terminal Hints at Positive Gains
First, some background:
Cardano is a cryptocurrency network and opensource project that runs a public blockchain platform for smart contracts. It has become one of the fastest-growing assets in the cryptocurrency industry. The platform’s distinguishing feature is that is uses mathematical principles in its consensus mechanism with a multi-layer architecture. ADA is Cardano’s internal cryptocurrency.
The team on board contributed in creating Ethereum, leading many to believe Cardano is the ‘next generation of cryptosolutions’.
The Bloomberg Terminal is a computer software system provided by financial data provider Bloomberg LP. Membership for Terminal can cost anywhere from $20,000 to $40,000 a month.
Cardano was added to the Bloomberg Terminal’s list of support assets on March 16. However, the addition only includes the definition of the token and not the price data. The move has broadened ADA’s visibility and exposed the currency to thousands of investors.
With Bitcoin reaching all-time-highs ($61,781) on Saturday, the cryptocurrency has encountered strong selling pressure. BTC has currently retraced by more than 11%. But the coin fell drastically on Monday, trading at $54,626. Even though the altcoin market has been associated with Bitcoin, the up and down movements of altcoins are unsteady.
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