Is Cardano ADA a Profitable Investment

I have invested in Cardano because I believed ADA will rise in 2022 just like Solana rose in 2021. In January 2021 Solana was less than $2 but in November it was $230. Even during this bearish run, Sol is still $100, which is way too high than what it was in January 2021. I thought ADA will emulate the same thing, therefore, I bought a lot of ADA for the price of $2.50. Currently, the price has dropped below 90 cents, you can imagine how many losses I have incurred. However, I am still hopeful that ADA will improve in the future. There are a couple of reasons for this. I believe ADA will grow because Charles Hoskinson designed the ICO for Ethereum and he was also CEO of Ethereum Foundation before he left Ethereum in 2014. He left Ethereum because he wanted to make Ethereum commercial, whereas Buterin, co-creator of Ethereum wanted it to become non-profit. Therefore, I am very hopeful about ADA future even though currently, I have lost a lot of money on ADA. Nevertheless, I am also earning some rewards by staking ADA on Binance. I believe ADA is a good investment. I will continue to build my assets.

One of the reasons why ADA is a profitable investment is because of its max cap. When Charles Hoskinson created ADA he limited ADA to 45 billion, currently there 33 billion ADA in supply (circulating supply) and there will be only 45 billion ADA (total supply). I have invested heavily in ADA, and if I sell my ADA, I might encounter a huge loss, but my plan for ADA is to hold for a couple of years.

Where to Stake Cardano ADA?

Cardano (ADA) can be a long-term profit because Cardano’s creator Charles Hoskinson is also a co-creator of Ethereum, the most profitable Altcoin. Charles Hoskinson left the position of CEO in the Ethereum Foundation to build the Cardano ecosystem.

Currently, Cardano's price has drastically fallen and if you are holding Cardano, you might start panic selling. However, I suggest you stop selling your ADA and start staking your ADA to earn passive profits.

Where to Stake Cardano

You can stake Cardano on numerous platforms, however, here are the best three platforms (based on the reward offered)

Binance: You can earn up to 11.23 percent APY if you stake for 90 days.

Coinbase: This is a recent addition to Coinbase. If you use Coinbase and if you have ADA you can earn a 3.75 percent annual reward. You will receive rewards in 5-7 days.

Exodus: You don’t have to lock your assets for staking, you can earn up to 7.18 percent APY.

ADA Vs. Other Cryptocurrencies

Cryptocurrency is a volatile market therefore, it is considered very risky. However, crypto is also a highly profitable investment. You can make a lot of money when the market is favorable. For instance, BTC is priced at around $38,400 at the moment. you can buy $1000 worth of BTC. If BTC gains value and becomes $40,000 in 1-2 days, you might be able to easily make $50-$100 by actually doing the hard work. If you can hold for longer, you might even double your investment. However, I don't suggest you invest in BTC. In my opinion, the best coin to invest in at the moment is AXS tokens. It is priced at around $43 at the moment, you can buy 23 AXS tokens. You can just wait for the tokens to increase the value because this is a metaverse token and the metaverse is going to explode soon. However, AXS also comes with a high staking reward. On Binance, you can earn 120 percent APY by staking AXS for a period of 90 days. This is the best way to earn from crypto. You can also try Matic which offers 21 percent APY.

Will Cardano Grow LIke Solana

It is true that Solana grew massively in 2021, from less than $2 to its all-time high of $260; however, in 2022, it may not repeat the same history, yet it can still be beneficial. It is really difficult to predict anything correctly when it comes to the crypto market. Until last November, last year, everything was going fine in the crypto market, and then the price began to drop. The investors and experts said rising cases of Coronavirus in the US were to blame for the drop in the price. Another cause of the market drop was the rising concern over the energy consumption in mining. At the beginning of 2022, the market improved slightly but it failed again because of the Russian central bank's proposal of banning cryptocurrency. Then Russian attacked Ukraine and the cryptocurrency market fell even further down. The crypto market goes in tandem with the politics, if everything is alright the market starts to appreciate. Currently, Sol is in the 9th position according to the market cap rank, until a few days it was ahead of ADA and ranked 5th, now it is behind ADA. I can see Sol going strong in the coming days but it all depends on how the market grows.