The blockchain platform Cardano (ADA), which has recently attracted a lot of attention, recently won a significant award in one of the countries with the highest population with the cryptocurrency users: Indonesia.
A popular cryptocurrency analyst claims that Indonesia has classified Cardano as a commodity, which could significantly increase the platform’s popularity in the country. According to analyst Dan Gambardello, Indonesia’s move to recognize Cardano as COMMODITY is part of the plan to make the country the Asian capital of cryptocurrencies.
With almost 280 million tech-savvy citizens and a sizable unbanked population, the nation offers a fertile market for cryptocurrencies. He continued by saying that Indonesia’s classification of Cardano as a commodity is a significant move that may open the door for the platform to be widely used there.
Additionally, according to Gambardello, Cardano is valued at just over $10 billion, much less than Ethereum, which is presently valued at $226 billion. He asserted that the scientifically-based underpinning technology of Cardano is superior to that of Ethereum and that the platform has enormous development potential in the years to come.
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He did issue a warning, noting that the cryptocurrency market is still in its infancy and that there is a great deal of volatility. He views the time leading up to the following bull market, following the halving of Bitcoin in 2024, as an excellent opportunity to assess the cryptocurrency sector generally and to be patient.
While many in the cryptocurrency industry are watching for the next bull cycle, Gambardello noted that the Cardano ecosystem is already going through a mini-bull market, with its DeFi sector exhibiting signs of awakening. He claimed that the Cardano DeFi market is now modest but expanding quickly and that there are already several interesting initiatives in development.
Indonesia Applauded For Recognising Cardano, Gains More Local Acceptance
Cardano has stated that this development is an important step for the company. It says that Indonesia’s designation of Cardano as a commodity will create new chances for adoption and growth. The recognition of Cardano by Indonesia, a significant and expanding cryptocurrency market, may persuade other nations in the region to do the same.
While describing the workings of Cardano and its advantage over Indonesia’s economy, Gambardello explained that the network uses a proof-of-stake consensus algorithm, which uses less energy than Bitcoin and Ethereum’s proof-of-work algorithms.
Developers at Cardano are working on various cutting-edge technologies, including smart contracts and decentralized applications, with a heavy emphasis on security and scalability.
Gambardello added that Cardano has much potential for growth in the coming years, and its current valuation is likely to be significantly undervalued unfortunately. However, the crypto market is still in its early stages, and there is a lot of uncertainty and volatility.
Cardano Price Analysis: How The Market Reacted
ADA is currently holding a $0.29 price position as at the time of this report, with a 0.95% price jump in the last 24 hours. Though down by -2.08% in the past seven days, it has succeeded in closing with a market capitalization of $12,611,905,131.67 and a circulating supply of 34,873,324,271 ADA.
It closed the last 24 hours with a trading volume of $157,268,749.56. Data from the Changelly Blog platform placed the Fear-Greed Index at 64 (Greed). Analysis of AMB Crypto shows a little bearish movement in the market at the moment, but its long-term prospect remains bullish.
The price of ADA has Ben predicted to reach $0.46 in 2024. Duo Nine, a cryptocurrency analyst with CryptoPotatoe, said that Cardano’s daily Relative Strength Index (RSI) failed to reach 30 points and was almost oversold, perceived as a bearish phenomenon.
Meanwhile, Cardano was one of many cryptocurrencies approved by the Indonesian government. XRP, DOT, UNI, BTC, SOL, SAND, ETH, LTC, and 501 other digital assets. Further research found that most of the approved digital assets are the same as the ones the United States Security and Exchange Commission (SEC) had previously approved.