When you work remotely from home, it is easier to do extra activities during the working day than when you sit in the office observed by your boss and co-workers. Emboldened by this freedom, many people try to earn a second income while working from home. When working remotely in Canada, you may become an online tutor on Cambly, do some freelance writing, or do Search Engine Optimization for some extra money.
But statistics reveal that the most popular source of extra earnings for Canadians is the cryptocurrency market. Most digital coins have increased so much that even their critics have flocked to the crypto market to capitalize on this new high. The price of Ethereum reached over the $4,100 mark in October. Bitcoin hit an all-time high price of $66,974.77 and is predicted to soar to $100,000 at the beginning of 2022. Cardano is still new to the game but is becoming a strong rival of BTC and Ether. It is up more than 1,600% from the start of this year. The robust rally in the cryptocurrency market that we witnessed this autumn suggests that cryptocurrencies may now pave the road to financial success for many Canadians.
If you work outside of the office and are considering a career in trading, start investing in cryptocurrencies rather than in fiat money or commodities. Although commodities have been rising this year, cryptocurrencies have staged a more spectacular comeback from the lows hit during the pandemic. Cryptocurrencies are predicted to continue growing more steadily than gold or natural gas, for example.
Analysts’ predictions for cryptocurrencies’ prices are indeed optimistic in the long run. They foresee that Ethereum will jump to the $5,000 level by the beginning of 2022. Some economists even think that ETH will soon outpace Bitcoin and replace it as a leader of cryptocurrencies. Their forecast for Ethereum is that it will rocket to over $50,000 by 2030. But regardless of this battle for dominance among digital coins, it is clear that you should turn their surge to your advantage while you have some spare time to study the cryptocurrency market. The pandemic is still here and we don’t know if the winter means more time at home yet. It is, therefore, prudent to search for a source of extra income and think about trading crypto in case the global economy deteriorates again.
If you cannot afford Bitcoin or Ether, invest in Cardano (ADA). It is trading at $2.02 right now and isn’t a huge investment should you decide to purchase several tokens. Although a newcomer, ADA has already gained a well-merited reputation among Canadian investors. It has a fast network and a blockchain architecture that offers adaptability and scalability. Unlike its more expensive peers, Cardano requires less energy to mine and charges lower transaction fees. There are other reasons to recommend ADA: it was peer-reviewed, data-driven, and developed by a knowledgeable team of engineers and academics who are planning now to scale the network. The scaling will be accomplished by introducing the so-called sidechains. As branches of the main network, the sidechains will reduce the load and allow for larger capacity. Such a methodological approach to Cardano’s development aims to lessen its volatility and minimize investment risks.
Analysts are optimistic about Cardano’s future. With a pedigree, combined with its carefully designed strategic plan, the token is predicted to make a hit with Canadian traders. Whatever happens to our economy in the future, ADA is a digital coin predicted to be around for years to come. If you work remotely and have some time on your hands to make more money, give some thought to cryptocurrency trading. The money of the future might easily turn into a stable source of income for you, bringing you profits you have never expected to earn by doing a side project.