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Cardano is the Highest-Ranking Cryptocurrency Brand in the Latest ‘Top Brand Intimacy 2022’ Report

26-Aug-2022 By: Shikha Jha
Cardano is the Highe

As the market in general matures, many cryptocurrency initiatives are competing for market domination. In this line, projects with multiple use cases seem to resonate well with a diverse audience.

According to the MBLM Top Brand Intimacy 2022 report, decentralized blockchain Cardano (ADA) in particular has emerged as the leading cryptocurrency brand, with a quotient score of 52.6.

Cardano was ranked 26th position overall, surpassing other well-known companies like Ford and Nestle.

Elsewhere, Bitcoin (BTC) ranked second among digital asset brands and ranked 30 overall, followed by Polkadot (DOT), which ranked 111 overall. At the same time, Ethereum (ETH) ranked 120th and is the fourth most intimate crypto brand.

The MBLM's Brand Intimacy Study focuses on the largest brands based on emotions, and the ranking employs technical methods such as Artificial Intelligence to measure how customers bond with the brands they use and love.

The report evaluates intimacy by examining intensity, archetypes, and stages on a scale of 0 to 100. The higher the score, the stronger the emotional connection with a brand.

How Cardano outperformed Bitcoin

According to the report, several endeavors by Cardano developers have driven the asset to outperform Bitcoin, a widely owned and traded cryptocurrency.

Notably, Cardano's position has been attributed to its cheaper investment costs and capacity to mitigate risks, as well as the network's branding, which advertises the network as a platform that strives to assist all changemakers.

The findings are in line with the ongoing Cardano network development, which intends to improve the blockchain in order to take over platforms like Ethereum.

For example, the network is anticipating the Vasil hard fork, which promises to make the blockchain more scalable. Furthermore, as CoinGabbarearlier reported, Cardano was the most developed crypto project on GitHub in 2021.

Bitcoin more ingrained in consumers’ lives 

MBLM further stated that, while Bitcoin lags behind Cardano, the asset is more embedded in users' everyday lives, as well as standing out as an important aspect of customers' daily existence.

It's worth noting that cryptocurrencies were featured on the list for the first time, with the sector debuting in the 8th spot out of 19 industries.

“This reflects users' growing dissatisfaction with traditional financial services.” As per the report, “a decline in trust and a rise in scorn for these institutions may encourage disgruntled consumers to seek an alternative.”

In general, MBLM acknowledged that cryptocurrencies outperformed traditional financial services, which will have an influence on the future of both industries. However, the experts pointed out that sustainability will be dependent on regulation and protecting investors and consumers, particularly in light of the bankruptcy of crypto companies such as Celsius.

Read also: 75% of unlawful FX transactions, involve cryptocurrencies, acc to South Korea



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