Posted on

Cardano Latest Technological Updates Unveiled, Analyst Maintains Bullish Outlook on ADA

Cardano (ADA), the proof-of-stake blockchain platform, has made notable progress in technological advancements, according to Input Output Hong Kong (IOHK), the engineering firm behind the Cardano blockchain.

IOHK’s recent announcement highlights crucial improvements across various aspects of the platform, signaling further growth and development for Cardano.

Cardano Smart Contract Optimization

One significant area of improvement lies within the ledger team, which has reportedly enhanced test frameworks and data quality in the Newconstraints phase3. They achieved this by introducing constraints and new types such as Size, SizeSpec, and Sized. 

The engineering company has also noted advancements in wallets and services. The Lace team is preparing to release Lace v.1.9, which promises new features and improvements for Cardano users.

In the realm of smart contracts, the Plutus team has included a guide in the documentation, elucidating how to use AsData functionality to optimize scripts. They have also implemented a UPLC optimization pass to minimize the number of forces and delays in the script.

Mithril Team Releases Major Update

Addressing scalability, the Hydra team has restored test compatibility with all networks and reviewed and merged streaming plugins. They have rectified tutorial instructions for downloading the latest Cardano-node and resolved the observed contesters bug. 

The Mithril team has released Mithril distribution 2412.0, encompassing critical updates and enhancements. These include support for the Prometheus metrics endpoint in signer, deprecation of the snapshot command in the client CLI, full Pallas-based implementation of the chain observer, and compatibility with Cardano node v.8.9.0. 

Moreover, the team has implemented community-requested features to verify the output folder structure created by the client. They continue to investigate and address any sources of “flakiness” in the CI end-to-end test.

Notable Surge In Token Trading Volume

According to DeFiLlama data, Cardano’s total value locked (TVL) currently stands at $422 million, signifying a slight dip of $80 million following the achievement of the $500 million milestone. Cardano boasts a significant figure of $23.3 million in terms of stablecoin market capitalization.

Analyzing Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, representing the maximum potential market value of all tokens in circulation, is estimated at $29.20 billion, reflecting a notable 4.9% increase over the past 30 days. 

Similarly, the circulating market cap, which considers only the tokens in active circulation, stands at $22.88 billion, with a 5.2% growth rate over the same period.

Long-Term Outlook Remains Bullish For ADA

Regarding price action, crypto analyst “Trend Rider” recently shared insights on ADA’s latest price action in a post on the social media platform X (formerly Twitter). 

According to the analyst, ADA’s price experienced a decline after reaching a yearly high of $0.811 on March 14. It is currently trading within the range of a parabolic red line and a rider band. 

Cardano

The parabolic red line represents a significant resistance level, while the rider band indicates a potential support region for ADA’s price. This range-bound movement suggests a period of consolidation for ADA, as the cryptocurrency takes a breather before its next significant move.

Furthermore, the analyst notes that the bullish strength of the trend has weakened over the past two weeks. This could indicate a temporary slowdown in ADA’s upward momentum, potentially leading to consolidation or sideways trading. 

However, despite this weakening bullish strength, the analyst stated that the overall trend direction remains bullish, suggesting that ADA’s long-term prospects remain positive.

Cardano

ADA is trading at $0.652, exhibiting a sideways price action in the last 24 hours. However, over the past seven days, the token has successfully recovered from previous losses and registered a gain of 5.4%.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH

Cardano (ADA), currently positioned as the 9th largest cryptocurrency by market capitalization, has encountered a downward trend following the prevailing bearish sentiment in the crypto market. Bitcoin (BTC), the market leader, has led the way in price corrections for top cryptocurrencies. 

Despite ADA’s recent retracement of nearly 20% in the past week after reaching a 22-month high of $0.810 on March 14, there are indications that a potential trend reversal is on the horizon. This shift in momentum could potentially drive ADA towards reclaiming the $1 mark, which it hasn’t reached since April 2022.

Bullish Momentum Building For ADA

Crypto analyst “Trend Rider,” who shares his insights on the social media platform X (formerly Twitter), has highlighted ADA’s market shift from bearish to bullish trends. Looking at the two-week chart, key moving averages are realigning, signaling a transition to a bullish framework as indicators move from red to green. 

According to the analyst, this pattern is similar to a previous occurrence observed just before ADA embarked on a significant bull run. 

Cardano

If history repeats itself and mirrors the April 2021 bull run, where ADA rose from $0.133 to its current all-time high (ATH) of $3.168 in less than a year, posting gains of over 2000%, a similar uptrend could easily take ADA past the $1 mark. 

If another 2000% price surge materializes, it could push Cardano’s native token to reach the $12.6 level, marking a significant quadrupling of its all-time high milestone.

While the market correction continues, Trend Rider has identified crucial support lines that must be held back to maintain the bullish structure. According to the analyst, the trend support for ADA is anticipated to range between $0.45 and $0.52. 

Key Cardano Metrics Soar

Cardano has shown significant progress in key metrics, as indicated by data from Token Terminal. The figures reflect a significant increase in market capitalization, trading volume, and fees, highlighting the adoption of the Cardano blockchain ecosystem. 

According to Token Terminal data, Cardano’s fully diluted market capitalization is approximately $29.80 billion, representing strong growth over the past 30 days. This figure indicates the total value of all ADA tokens, including those not yet in circulation. 

Furthermore, the circulating market capitalization, which factors in only the tokens currently available for trading, has also experienced a notable increase, reaching around $23.35 billion. 

Cardano

Moreover, Cardano has witnessed a significant surge in trading volume over the past 30 days. The trading volume has soared to approximately $27.96 billion, reflecting an increase of 117.5%. This surge indicates heightened market activity and a growing demand for ADA tokens.

Another noteworthy aspect revealed by Token Terminal data is the substantial growth in fees generated within the Cardano network. Over the past 30 days, fees have amounted to approximately $506.07k, demonstrating a significant increase of 36.5%. 

When annualized, the fees generated by the Cardano blockchain reach an estimated $6.16 million, reflecting a notable growth rate of 5.2%. This signifies the expanding usage of the Cardano network for various transactions and applications.

Cardano

ADA is trading at $0.603, down 2.6% in the last 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

Posted on

ADA Price Breakout: Analyst Predicts New All-Time High As Cardano Surges by 30%

Cardano (ADA), the ninth-largest cryptocurrency in the market, has experienced a significant price breakout, reaching $0.710 on Thursday for the first time since May 2022. 

This marks a pivotal moment for ADA as it emerges from a prolonged consolidation phase encompassing the latter part of 2023 and the initial month of 2024. With the price surge, ADA now sets its sights on the $1 mark, which it last achieved in April 2022.

ADA Primed For New All-Time Highs? 

The recent price breakout has sparked predictions of an imminent continuation of ADA’s uptrend, with notable potential to reach new all-time highs (ATH). Crypto analyst Trend Rider has conducted an in-depth analysis of ADA and issued an alert, signaling the possibility of a new all-time high.

According to Trend Rider, there has been a significant increase in the Trend Strength Indicator, which resembles the beginning of the legendary rally that took ADA to $3.6. In addition, with Bitcoin (BTC) nearing its peak, the analyst believes the stage is set for ADA to close the gap and rally to $3.6.

Furthermore, Trend Rider highlights the bullish nature of ADA’s Moving Average Ribbon and Money Flow Oscillator, which have turned positive after 200 weeks. These macro factors underscore the positive sentiment surrounding ADA’s potential for growth. 

Cardano

Additionally, the analyst emphasizes that ADA demonstrates bull run signals previously observed when the token traded at $0.10, just before it skyrocketed to $3. Trend Rider suggests that the shift in trend indicators from bearish or neutral to bullish further reinforces the positive outlook for ADA’s price trajectory. 

Cardano Market Cap And Trading Volume Soars

Coupled with ADA’s bullish indicators, Cardano has seen notable growth in various key metrics, according to data by Token Terminal. 

Over the last 30 days, ADA has shown significant progress in market capitalization, trading volume, and fee generation. At the same time, fees incurred by ADA holders have decreased, providing further insight into the token’s recent performance.

Cardano’s fully diluted market capitalization has surged to $28.09 billion, marking a 27.4% increase over the past month. This metric accounts for the potential total value of all ADA tokens if they were in circulation. 

Similarly, the circulating market capitalization, which reflects the value of ADA tokens currently available, has experienced a significant boost, reaching $21.94 billion, representing a 27.7% rise.

Cardano

Cardano has demonstrated its popularity in terms of trading activity, as the token’s 30-day trading volume stands at $14.69 billion. Although this figure reflects a minor decline of 4.0% compared to the previous month, it still showcases ADA’s robust liquidity and investor interest.

As for fees incurred within the Cardano ecosystem, the 30-day fee generation amounted to $396,78K, indicating a decrease of 9.7%. This fee decline suggests improved cost-efficiency for ADA holders during the given period. 

Cardano

Currently, ADA is trading at $0.682, experiencing a slight correction in the past few hours. However, when examining longer time frames, the token has demonstrated significant gains of 14%, 13%, and 30% over the past seven, fourteen, and thirty days, respectively. 

Featured image from Shutterstock, chart from TradingView.com

Posted on

Cardano Poised For Massive Rally As Key Indicators Signal Bullish Reversal, ADA Surges 14%

ADA, the native token of the Cardano ecosystem, has experienced a notable surge in price, taking advantage of Bitcoin’s (BTC) stagnation above the $52,000 level. With gains of 20% and 14% over the past thirty and fourteen days, respectively, ADA has reignited bullish sentiment among investors.

The token’s recent performance has not gone unnoticed, as crypto analyst “Trend Rider” makes a bold price prediction, highlighting key indicators that suggest a potential long-term bull run for ADA.

ADA’s Potential Bull Run Ahead

In a social media post on X (formerly Twitter), Trend Rider emphasized that ADA is striving to consolidate above the crucial $0.600 mark, which holds significant prospects for the token’s future. 

The analyst drew attention to an indicator called Impulse colors, which tracks the price distance from key moving averages. During the bear market, opposing trends were predominantly indicated by fuchsia and pink hues as seen in the chart below.

However, recent weeks have witnessed a return to dark blue, the most bullish color on this scale. Notably, this shift in momentum last occurred in 2020 when ADA’s price surged from $0.03 to $1.4 before the re-emergence of pink hues.

Cardano

Furthermore, Trend Rider highlighted another positive development— the Wave Oscillator has re-entered the positive zone after 20 months. According to the analyst, this shift indicates growing bullish momentum for ADA. 

The pivotal level identified in this context is the $0.60 mark. To solidify this shift, ADA’s price must hold and close above $0.60, which may catalyze a bullish long-term breakout. 

It is worth noting that this analysis is based on the 1-month timeframe, which significantly influences long-term market movements.

Cardano

These indicators suggest that ADA may be poised for a sustained uptrend, potentially paving the way for a long-term bull run. 

Cardano Sustained Bullish Trend

According to the one-day ADA/USD chart below, Cardano’s token reached a 21-month high of $0.679 on December 28, which marked the beginning of a period of volatility in ADA’s price. Following a price correction, ADA dropped to $0.449 on January 23. 

However, in line with the overall market trend, ADA has regained bullish momentum. Nonetheless, this upward movement may face resistance from bears as it encounters various obstacles.

Cardano

If the current uptrend continues in the coming weeks, ADA must overcome significant resistance levels that have hindered its growth above the $0.679 mark. 

Successful consolidation above the critical $0.600 level will be crucial. ADA will face the $0.637 obstacle soon before potentially surging above $0.670, the last hurdle before reaching $0.700. Reaching this milestone would position Cardano’s native token favorably to target the $1 mark, benefiting from the overall market growth expected in the coming months of 2024.

Adding to the bullish prospects for Cardano, ADA has been establishing higher lows and higher highs during its price surge, indicating a healthy price action and a sustained bullish trend. However, it remains to be seen whether this trend can be sustained or if bears will dictate ADA’s future price direction.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Cardano Q4 2023 Report: TVL Growth And ADA Price Surge Outshine Competitors

Cardano (ADA) showcased remarkable progress during the fourth quarter (Q4) of 2023, surpassing its competitors and demonstrating impressive growth in key metrics, according to a Messari report. 

Average Daily Transactions Soar In Q4

The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven not only by ADA’s price action but also by a 10.6% QoQ increase in revenue denominated in ADA. 

Furthermore, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA, in line with growth trends observed in previous quarters. Currently, 20% of transaction fees contribute to the treasury, which can be adjusted through governance.

Another key metric, transactions, shows that Cardano experienced 10.9% QoQ growth in average daily transactions, outpacing the 1.6% QoQ growth in daily active addresses. The ratio of transactions to active addresses has steadily increased over the past year, indicating increased power users. 

In Q4, the ratio of transactions to active addresses increased 9.2% sequentially and 45.0% year-over-year (YoY), reflecting higher average activity per user due to the introduction and development of various protocols throughout 2023.

In terms of stake, active stake declined by 0.5% QoQ for the second consecutive quarter, amounting to 22.8 billion ADA. Engaged stake also remained relatively flat in the second half of 2023. However, active and engaged stake witnessed a YoY decrease of 10.2% and 9.6%, respectively.

Cardano TVL Reaches New Milestone

With the thawing of the crypto winter, the Cardano ecosystem experienced a significant surge in Total Value Locked (TVL) in USD, skyrocketing 166% QoQ and 693% YoY. 

Indigo emerged as the largest protocol by TVL, surpassing Minswap. TVL of stablecoins on Cardano increased by 37% QoQ and 673% YoY, with the addition of Mehen’s USDM fiat-backed stablecoin scheduled to launch in March.

Notably, TVL in USD reached an all-time high of $449 million on December 14th, representing the Q4 growth of 166%. This surge contributed to Cardano’s rise in TVL rankings from 15th to 11th during Q4, following its initial position of 34th at the beginning of the year. TVL denominated in ADA also achieved an all-time high, peaking at just over 700 million ADA.

Cardano

According to the report, Cardano’s TVL growth was primarily driven by the introduction of new stablecoins, namely iUSD and DJED, early in 2023. Stablecoins remained a crucial indicator of decentralized finance (DeFi) health, as the total value locked in stable assets rose by 36.8% to $21.5 million. Cardano’s stablecoin market cap also improved from 54th to 32nd among other networks.

However, non-fungible token (NFT) activity declined during Q4. Transactions and trading volume in the NFT space decreased by 8.0% and 33.8% QoQ, respectively. Every year, NFT transactions and trading volume substantially declined by 58.3% and 68.3%, respectively. 

The only metric to show growth in 2023 was the number of unique sellers, which increased by 213.2% YoY, averaging 270 unique sellers daily.

Lastly, ADA’s price surged 127.2% QoQ, outperforming the overall crypto market’s 53.8% increase. This Q4 surge contributed to ADA’s YoY change of 145.2%.

Cardano

As of now, ADA continues to show significant gains with its current trading price of $0.5724. This reflects a significant increase of 5.5% over the past 24 hours and 8% over the past 30 days. These figures further solidify the bullish momentum of the token as the market enters the middle of the first quarter of 2024.

Featured image from Shutterstock, chart from TradingView.com

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

[toc]

The Cardano Network is a decentralized proof-of-stake blockchain platform with smart contract support and uses its own native token ADA, just like the Ethereum blockchain. Cardano is often described as the Ethereum killer. However, Cardano also considers itself the updated version of Ethereum, which is currently the king of all altcoins, including ADA.

Cardano (ADA) The Supposed Ethereum Killer

It has been said that Cardano has anointed itself as a third-generation crypto platform which it regards to Ethereum as the second generation. Cardano has deemed itself fit to be a threat or competitor to Ethereum as they are both similar in so many ways, including the fact that Cardano (ADA) was created by one of the co-founders of Ethereum, Charles Hoskinson.

As Ethereum is having a hard time with high gas fees issues and slow transaction times, Cardano is all set up to take their share and make a name for themselves in the NFT, DeFI, and Stablecoin market. Cardano aims to be scalable and low-cost for users compared to Ethereum, its major competitor. 

It enables owners of their native token ADA to help operate the network and vote on changes to the software roles. A lot of developers now use the Cardano Blockchain for Smart contracts and building decentralized applications (dApps).

Cardano Continues To Evolve: Hard Forked From Byron To Shelley 

Cardano has been releasing its blockchain in stages with the aim of releasing better, cleaner, and more secure codes. They continued to evolve as the Cardano blockchain hard forked from Byron, a federated and static model, to Shelley, a more dynamic and decentralized model

A hard fork means or is described as a radical change in the blockchain, but in the case of Cardano, The blockchain hard fork was unique because instead of the blockchain radical change, it ensured a smooth transition from the old protocol to a new protocol while saving the history of the previous blocks. This means the Cardano blockchain contains the Byron blocks and after a certain transaction period, it adds the Shelley blocks.

Shelley was upgraded, and the Shelley protocol upgrade added a new feature that enabled different kinds of Smart contract use cases, which included the creation and transactions with multi-asset tokens. It also established support for the Voltaire voting mechanism. The Shelley protocol hard fork upgrade of March 2021 called “Mary” introduced native token and multi-asset support on the Cardano Blockchain. 

Mary allows users to create their own tokens that run on the Cardano network natively, just like Cardano’s native token ADA. Similar to the ERC20 tokens that can be created and transacted on the Ethereum network, Native tokens will open up this same functionality to Cardano.

How Does Cardano (ADA) Work?

The Cardano (ADA) Blockchain is made up of two main components, which are the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL).

The Cardano Computational Layer (CCL):

The Cardano Computational Layer (CCL) consist of the Ouroboros consensus protocol and Proof of stake, which are the backbone of the Cardano blockchain. They help to run smart contracts, it also ensures compliance and security. Lastly, allow other key advanced features and functionalities such as identity recognition and blacklisting.

The Cardano Settlement Layer (CSL):

The Cardano Settlement Layer (CSL) serves as the accounting layer of the Cardano blockchain where its native token holders can send and receive their ADA immediately with minimal transaction fees.

Blockchain Industry Issues Cardano Aims To Solve

  • To create a secure voting mechanism for token holders. 
  • To Separate accounting and computation layers. 
  • To create an infinitely scalable consensus mechanism. 
  • To use mathematics to provide a provably secure blockchain that is less susceptible to attacks. 

Benefits And Advantages of Cardano (ADA) Blockchain

Decentralization: The Cardano network is designed to promote decentralization, and the founder of ADA Charles Hoskinson, is confident that the network would be 50 to 100 times more decentralized than Bitcoin.

High scalability: The recent Cardano Blockchain Vasil hard fork solves scalability issues as it introduced critical updates that streamline transaction processing, ultimately increasing the transactions per second (tps) Cardano’s blockchain can handle to significantly boost transaction processing speeds, unlike Ethereum.

Multilayer security measures: Cardano has a multilayer architecture that separates the computation layer from the accounting layer and also the Ouroboros proof of stake algorithm reduces the surface attack and ensures good security without falling short on decentralization.

Low gas fees: Unlike Ethereum, Cardano has low transaction or gas fees which makes it more appealing to users and developers.

Environmentally friendly ecosystem: Cardano is designed to be accessible to all persons, no matter their level of skill, from novices to advanced users.

Strong Community: A project is as strong as its community and Cardano has a strong community of active users, developers, researchers, and founders all work together to make the project a very good one.

How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network 

To see a full picture of the Cardano ecosystem, go to CardanoCube. CardanoCude has information on the applications on the Cardano Blockchain, ranging from DEXes to Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and Launchpads, in case you want to launch a project on the Cardano Blockchain. There are also Metaverse platforms, Gaming platforms, AI tools, Community & DAO, Developer Tools, Meme Coin, and so many more.

Cardano

To buy and sell tokens on the Cardano (ADA) network, you need to get a wallet. The official wallet created by the Cardano developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC secure wallet for the ADA cryptocurrency that downloads a full copy of the Cardano Blockchain, and it independently validates every transaction in its history, ensuring maximum security.

How To Install, Set Up, and Use DAEDALUS Wallet

Make sure you download the installation file from the DAEDALUS official website daedaluswallet.io. Once the website is open, click on “Download” and then choose your operating system: either macOS, Linux, or Windows. Start the downloading process by clicking on “Download DAEDALUS.”

Daedalus wallet

Install it, and once DAEDALUS is launched, you will need to configure the general settings and click on “Continue.” Read, and accept the terms and conditions. 

Download Daedalus

Please note that the blockchain must be completely synced before you can use your wallet.

Syncing crypto

To create a new wallet, click on the “Create” button, give your wallet a “Name,” and Create your “Spending password”. You will need your spending password later to make transactions. It will also Encrypt your wallet file in the dataless directory.

Cardano crypto wallet

After the setup, the “Recovery phase” page will pop up, and you will be given the 24-word secret phrase that you can use to recover your account in case your laptop is stolen or broken.

Recovery phrase

Ensure to write down your secret phrase and keep it in a safe place, after verifying your secret phrase your wallet is all set up.

Cardano Daedalus

Click on “Send” to send coins and Click on “Receive” to receive coins, select one of the automatic recipient addresses to receive your coins for other exchanges.

setup crypto

How To Use The Wallet Function On Minswap Instead Of Daedalus

Minswap is a multi-pool decentralized exchange (DEX) on Cardano (ADA) where you can swap tokens with minimal time, cost, and maximum ease.

Minswap

The Minswap website is user-friendly and easy to trade on. Go to the website, click on “Trade,” then click on “Connect wallet.” 

Connect wallet

You might not see the DAEDALUS wallet there, so just create a “MinWallet” by clicking on it, then click on “New Wallet.” Copy your 24-word secret phrase down, write it down in a safe place, verify your secret phrase, create your MinWallet password, Now your MinWallet is ready to be used.

Minswap Cardano wallet

How To Buy ADA On Centralized Exchanges And Send To Your MinWallet

You need some ADA tokens in your wallet to make your transactions. You can buy your ADA from centralized exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this case, we will use Binance.

Once the ADA is purchased, copy your MinWallet address, go to Binance, buy your ADA, and then go to “Withdraw.” Paste the MinWallet address you copied in the box to input your address, and Cardano will be automatically filled as your transfer network. Input the amount of ADA you want to transfer, then click on the “Withdraw” button.

fund wallet

How To Trade Crypto Tokens On MinSwap

To buy tokens, go to Coingecko and search for the token on the Cardano Blockchain Network you want to buy. Alternatively, you can go to the social media pages of the token you want to make sure you have the correct coin. Go back to MinSwap, click on the denominator token button, input the name of the token you want to buy, and select it.

Crypto wallet Cardano

Input the amount of ADA you want to swap for that token and swap it. If you want to sell, just switch their positions and swap.

Checking Prices Of Cardano-Based Tokens

Knowing how to check the price action of tokens when trading on blockchains such as Cardano is important for investors to make the best decisions. For the Cardano network, data trackers such as TapTools is the one-stop-shop for all things Cardano charts.

Just go to TapTools, click the Search bar, and input the name of the token you want to check. In this case, we’re using SUNDAE.

TapTools

Choose the correct token and click on it, and TapTools will show you the price chart for that token. By using TapTools, you will be able to keep track of the price and follow how your token is doing, as shown below:

TapTools Sundae

Interestingly, TapTools also has its own inbuilt decentralized exchange (DEX) for those who want to do everything in the same place. All you have to do is connect your wallet similarly to connecting to MinSwap as illustrated above, pick the token you want to swap to, enter the amount of ADA you want to swap, and click “Swap”. The DEX is visible on the right-hand side when you open the chart of a token.

Swap crypto Cardano

TapTools Swap

Conclusion 

Trading on the Cardano (ADA) network is quick and seamless due to its fast transaction speeds and low fees. However, like with any crypto trading, it does carry its own risk, which could be a partial or total loss of capital.

Posted on

Dogecoin And XRP Beat Out Cardano And Solana To Secure New Milestone

Kaiko, a blockchain analytics platform, conducted an investigation that revealed the complexities of liquidity across the biggest crypto assets, with some lower market cap assets beating higher ones. According to its Q3 liquidity rankings, XRP and Dogecoin (DOGE) managed to beat out Solana and Cardano in liquidity rankings, coming in behind only Bitcoin and Ethereum. There were also some surprise numbers on the rankings, like BNB coming in 8th in terms of liquidity, and Litecoin also outperforming.  

Kaiko Analysis Highlights Liquidity For Crypto Assets

The vast number of crypto assets has always brought out the idea among investors to rank their valuation on a scale of some sort, with the most adopted being the market cap. However, according to Kaiko, liquidity, along with other metrics like volume and market depth is a better way to measure a token’s real value apart from its market cap. This was best demonstrated by FTX’s token FTT, whose market was bloated to reach a peak of nearly $10 billion without having enough liquidity on exchanges to back this up.

According to its latest rankings, Bitcoin took up the first spot in liquidity. This wasn’t surprising, as Bitcoin has always held a tight reign over the crypto industry since its inception. Ethereum followed in second place in terms of liquidity to reiterate its position as the king of altcoins. However, Kaiko’s liquidity rankings started to digress from the market cap at the third position, with BNB underperforming massively to come in at 8th place. 

Instead, XRP came in at 4th place, beating out the likes of Solana and Cardano (the Ethereum killers) on exchanges among traders. XRP’s liquidity boost in the quarter was thanks to the asset receiving regulatory clarity in the US. Dogecoin came in at 5th place, despite being 10th on market cap rankings, to solidify its position as the leader among meme coins. Litecoin came in at 5th place to complete the top five, despite being 18th in market cap rankings.

On the other hand, AVAX’s liquidity ranking dropped 11 places when compared to its market cap, while TON came in at 37th place despite being 9th by market cap during the quarter. Also, ATOM, UNI, APT, TON, SHIB, OKB, LEO, and CRO all fell more than five spots.

What Does Liquidity Say About Dogecoin And Crypto Assets?

Kaiko’s measure of liquidity included the spread and the average daily trading volume on different exchanges. The analytics platform also included two different market depth levels; 0.1% for higher frequency traders and 1% for longer-term holders.

In terms of trading volume, BTC came in first place while ETH and XRP followed suit. However, SOL beat DOGE in this metric with around $2 billion in the quarter.

The bottom line is that greater liquidity often precedes greater success over the longer term for cryptocurrencies. Q4 2023 should tell a strong tale in terms of crypto liquidity, as most cryptocurrencies registered new yearly highs in terms of market cap.

Featured image from Shutterstock

Posted on

Crypto Market Experts Predict When Cardano (ADA) Price Will Cross $7

Cardano (ADA) has had one of the best price gains this year, up by 137% from its price point of $0.2464 at the beginning of the year. Various predictions have come in on ADA’s future price trajectory as investors begin to wonder if the altcoin can continue to lead market gains. Changelly’s long-term forecasts indicate that the value of ADA may continue to rise steadily, finally surpassing its all-time high in the years to come and reaching over $7 by the end of the decade.

Cardano Price Predictions From Top Crypto Analysts

Cardano has had 17 green days in the past 30 days. At the time of writing, the altcoin is trading at $0.5845, down 81.19% from its all-time high of $3.09 in September 2021. However, crypto exchange Changelly’s prediction indicates this is poised to change soon, with technical indicators now indicating an 82% bullish market sentiment. According to the prediction, the bullish sentiment could as well push ADA to $0.628404 by the end of the year.

The bullish outlook of the crypto exchange extends well beyond the scope of the current year’s forecast, approaching a slow but steady prediction basis. Changelly predicted that ADA could break the $1 mark again by December 2025, and break above its current all-time high of $3.09 by October 2028.

Assuming the trend of price appreciation continues, ADA might end the decade around the $7 price point. This represents a staggering 1100% increase from its current price. If this happens, this would mean Cardano’s total market cap would grow well over $300 billion. Additionally, Changelly projects ADA reaching an average price of $13.23 by December 2032.

How Feasible Is This Price Point?

$7 may look like a lofty price point for ADA in this decade, but several factors point to this happening, especially if development and adoption continue at the current pace of the last quarter in 2023. CoinMarketCap’s Fear and Greed Index now points to an extreme greed of 80, indicating that the entire market is set for a strong bullish run in 2024. 

According to a crypto analyst, Cardano (ADA) is on the verge of a bullish weekly cross for the first time since June 2020. The last time this happened, the crypto went on a 6000% run over the next 66 weeks. A repeat would see Cardano (ADA) reach $35 from its current price.

On the other hand, crypto analyst Ali Martinez warns of a potential short-term pullback before the restart of an uptrend. 

Featured image from Shutterstock

Posted on

Cardano Rises $56% To Dominate Weekend’s Top 10 Roster – Details

Altcoins such as Cardano (ADA) had a widespread increase in value, similar to the altcoin cycle observed in early November. This cycle occurred when the momentum of Bitcoin slowed down, prompting traders to secure profits and allocate their investments towards smaller cryptocurrencies.

Because of the consistent price of Bitcoin (BTC), which encouraged capital rotation to alternative coins, native tokens associated with layer 1 (L1) blockchains saw the greatest gains on Saturday. Cardano (ADA) was the top performer in the weekend’s top 10 rankings.

According to Coingecko data, ADA price increased by 27% to 64 cents in the last day, for a strong 56.3% growth over the previous seven days. It is the largest increase since August 2022.

With the removal of the three major obstacles—the $0.40, $0.45, and $0.50—investors may begin to experience FOMO, or “fear of missing out,” as they discover ADA to be a compelling investment.

Cardano Bullish Momentum Sparks Optimism

No doubt, Cardano has emerged as one of the most appealing assets available on the cryptocurrency scene, attracting interest as traders fervently hope that the current bullish trend holds or if they are in for a startling letdown.

The money flow index’s (MFI) steady rise indicates that Cardano is firmly in the hands of bulls. For traders, there are currently several prospects for scalping, but in order to maintain investor optimism for a recovery to $1.00, ADA price needs to confirm higher support above $0.64.

An indicator that keeps track of money coming into and going out of Cardano is the MFI. Prices usually increase when the inflow volume far exceeds the outflow volume. This could account for the breakout from $0.65, and ADA might try to close the difference to $1 before the end of December if the trend holds steady.

The ADA price has been recognized for its gradual but consistent increase, which has kept the token from seeing a strong surge despite the favorable market sentiment.

Cardano Daily Active Addresses Climb

The forthcoming trade’s outline, however, seems to have altered as traders have been more engaged on the network, which might perhaps support a healthy upsurge. The on-chain statistics shows that the daily active address has increased significantly and reached quarterly highs.

Based on data from IntoTheBlock, around 80% of Cardano wallet addresses are sitting on unrealized profits at the current $0.56 price level.

If the wallet addresses stated above realize their gains, the asset’s price could correct since more people would be inclined to sell.

Meanwhile, ADA and a few other popular cryptocurrencies have exploded in social dominance, albeit Bitcoin’s influence is also growing.

According to the Santiment data above, market participants are now more positive about altcoins, particularly Cardano. In tandem with a sharp increase in their costs, social media conversations reached a two-month high, suggesting the onset of FOMO.

Therefore, the next few days might be seen as extremely important, since the fear of FOMO also carries a high risk of rejection once it reaches the critical points.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Cardano Profitability On The Rise: 1.7 Million Addresses Hit 2-Year High

Several on-chain metrtics demonstrate the growing optimism about Cardano (ADA). Concurrently, the cryptocurrency has managed to break through a significant resistance level against the backdrop of a bullish market attitude.

Not only is Cardano seeing a boost in momentum, but top altcoins are also feeling the effects. Strong positions held by Bitcoin and Ethereum above $40,000 and $2,200, respectively, add to the overall favorable market dynamics.

Cardano Network Transactions Rise

Cardano has been steadily rising, and expert cryptocurrency trader Ali Martinez pointed out that the cryptocurrency’s consolidation in the middle of November resembled that of the 2018–2022 phase. This suggests that Cardano may overcome the $0.45 resistance and reach $0.75 by the end of December.

Cardano has had a pivotal three months, and what’s to come could be even more so. This is due to the fact that the network has seen numerous transactions totaling more over $100,000. Martinez claims that the spike in transactions indicates a rise in institutional interest in ADA.

Meanwhile, there’s another interesting development happening of late. According to the most recent data, once Bitcoin broke above the $41,000 mark, there was a bullish rebound that saw the percentage of lucrative Cardano addresses rise to a two-year high of 42%, or roughly 1.76 million addresses.

Based on IntoTheBlock’s examination, this increase in profitability not only represents a transient spike but also highlights ADA’s long-term potential. This encouraging development contributes to the general sentiment among investors by fostering a sense of assurance and faith in cryptocurrencies.

Whales’ Influence On ADA’s Price And Sentiment

And speaking of sentiment, Martinez emphasized the possible influence on the price of ADA while pointing out that whales have also been participating in the recent large-scale transactions on the Cardano network. The expert noted that actions such as these might be essential to a significant rise in the price of ADA.

The recent announcement of 150 initiatives and the ongoing development of 1,304 projects demonstrate a thriving ecosystem. Another explanation for Cardano’s high transaction growth could be this.

The remarkable production of 9.1 million native tokens demonstrates the wide range of customization possibilities on Cardano. A further demonstration of the versatile utility of Cardano’s asset generation capabilities is the establishment of 81,447 token policies.

At the time of writing, ADA was trading at $0.399, up 2.3% in the last 24 hours, and down 7.1% in the last seven weeks, data by Coingecko shows.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Top 5 Cryptos Set For A Price Explosion This December – ADA, TIA, RUNE, LUNC, BTC

As the year draws to a close, cryptocurrency enthusiasts are eagerly anticipating a potential boom in the market, especially for the top 5 cryptos we have examined below, with December poised to be a pivotal month for digital assets.

Among the myriad of cryptocurrencies, five stand out as prime candidates for a major price explosion. Cardano (ADA), Celestia (TIA), THORchain (RUNE), Terra Classic (LUNC), and the perennial giant Bitcoin (BTC) have captured the attention of investors and analysts alike.

With unique features, strong fundamentals, and a buzz of anticipation surrounding them, these top-tier cryptos are positioned to make significant moves in the coming weeks, potentially reshaping the landscape of the crypto market.

Top 5 Cryptos Set To Rally This December

Bitcoin (BTC)

Bitcoin is moving rapidly in the direction of the $40,000 mark. The potential approval of a Bitcoin ETF by the Securities and Exchange Commission is one of the many variables driving the price of bitcoin.

In the 24 hours leading up to early Friday morning, the price of bitcoin increased 3.2%, reaching approximately $38,856, according to statistics provided by price tracker Coingecko. Coincodex has a more bullish prediction for Bitcoin, seeing the crypto hitting $58K in the coming month.


Source: Coincodex

Analysts such as CryptosRUs anticipate that Bitcoin will soon reach $40,000 and even more, pointing to the impending halving event and possible approvals for ETFs as major catalysts.

Cardano (ADA)

As November came to an end, Cardano (ADA) saw a 30% increase in price, marking its second consecutive month-over-month gain. Around the present rates, bullish traders have actively placed orders to buy an additional 41.7 million units of the coin, greatly outnumbering sell orders.

According to cryptocurrency expert Crypto, ADA can surpass the $0.90 threshold in less than six months. The primary cause is the explosive growth of decentralized banking apps on Cardano, with a $250 million increase in total locked value over the previous year from $50 million.

Analyst Ali Martinez projected in November 2023 that ADA would reach annual highs, which would be advantageous for the coin’s prospects in 2024.

Celestia (TIA)

Because Celestia (TIA) is the industry’s first modular blockchain network and has huge future potential, market experts believe it will be a worthwhile investment in 2023.

The price behavior of Celestia (TIA) shows a bullish pattern, with local support at $6.20 and resistance at $7.27. Following the breakdown of the resistance, experts predict a possible rally toward $8.

Bulls claim that TIA may rise as high as $9.70 by the end of 2023, despite the fact that the Celestia mainnet went live on October 31.

Crypto Year-End Rally

THORChain (RUNE)

The value of THORChain (RUNE) increased from $3.76 last week to $6.35 by the end of November, a 70% increase driven by the rise of THORChain as the second-largest decentralized exchange.

Overall, the coin’s mood is still positive. Forecasts for the end of 2023 indicate that there may be a peak at $10.2, with crucial support levels between $3.4 and $4 being essential to maintaining this development trajectory.

The price of THORChain (RUNE), a decentralized liquidity protocol token, is continuing to rise, exhibiting a bullish bias in its trade.

Terra Classic (LUNC)

Completing our list of the top 5 cryptos for the weekend is the Terra Classic (LUNC). The past month has seen tremendous price action for LUNC; in just one day, the token has increased by over 22%, and over the course of the previous month, it has increased by almost 130%.

Following a significant price increase, traders are talking favorably about LUNC. After its recent collapse, sentiment analysts predict that the tokens will see a resurgence in value.

The cryptocurrency will most likely reach $0.001 by 2024 if the bullish trend for LUNC continues and additional ecosystem growth takes place, even though short-term price behavior is unpredictable.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Posted on

Analyst Calls ADA Amazon Of The Crypto World, Forecasts Bright Future Ahead

Amid increased price fluctuations in the crypto market, Crypto Capital Venture founder Dan Gambardello is bullish about Cardano’s (ADA) future. In his latest YouTube video, Gambardello compared Amazon’s stock price trajectory to Cardano’s, highlighting striking similarities between both companies.

While he acknowledged ADA’s two-year-long bearish market conditions, the analyst believes that, like Amazon, Cardano has the potential for long-term growth. Since both entities’ technology differs with varying achievements, he compared the underlying principles and price action.

Cardano’s (ADA) Current Market Condition Is Similar To Amazon’s Early Years

Gambardello highlighted Amazon’s historical price performance between 1999 and 2001. According to him, Amazon stock nosedived from a $5.25 all-time high price to 30 cents between this timeframe. 

Similarly, ADA’s value, which rose above $3 during the bull market in September 2021, has now plummeted to 25 cents. Therefore, the analyst likened buying ADA in 2023 and acquiring Amazon stocks in 2001. 

This is particularly true given Cardano’s growth potential in the financial market. Moreover, Gambardello forecasted that Cardano (ADA) could become the world’s number one financial operating system. 

In addition, he mentioned that currently, ADA’s market cap is approximately $8.9 billion. That is even 90% higher than Amazon’s market cap of $2.2 billion after a similar crash in 2001.

The crypto analyst cited a letter from Jeff Bezos to Amazon shareholders during the downturn. In the letter, Bezos stressed that Amazon stood stronger despite the massive stock price drop. 

In his comparison, Gambardello drew similarities between ADA’s current position and Amazon’s during the downturn. He noted that Cardano Blockchain is more robust and better than before, citing improved smart contracts, scalability, and staking utility. 

ADAUSD price chart

Cardano Has Potential For Long-term Success Like Amazon

Gambardello also likened ADA to the stock market, quoting a prominent crypto investor, Benjamin Graham. He said: “The stock market is a voting machine in the short run and a weighing machine in the long term.” Also, he noted that, like Amazon, Cardano’s fundamentals are strong enough to sustain it even in harsh economic conditions.

The crypto analyst emphasized that Cardano is in the initial stages of user adoption, with several developers building on its network. It is similar to Amazon’s commitment to enhancing customer experience, which fueled its long-term growth. 

Again, Gambardello shifted focus to Cardano’s security and decentralization. He explained that Cardano’s robust security and decentralization give it an edge over other blockchain networks like Solana.

He further mentioned that several startups have adopted Cardano as of September 2023. For instance, World Mobile utilized Cardano’s infrastructure to connect the unbanked and financially underserved people. According to Gambardello, this real-world use case is a game changer and starting point for Cardano’s success.  

In conclusion, the analyst said Cardano has numerous unexplored potentials with striking similarities to Amazon’s early days. Therefore, he is confident that Cardano has a high potential for long-term success and could offer massive returns to investors bullish enough to see it.

Posted on

Cardano (ADA) Leads Gains Among Top Coins, Is It Set To $0.50?

Cardano (ADA) is currently trading at $0.2752, with an increase of over 65% in its trading volume at $304.79 million. Its price change in 24 hours is +$0.006083 representing a 2.17% increase. Also, the 24-hour low of ADA is $0.2681, while its high is $0.27562. The market capitalization has risen by 2.25% to $9.51 billion. It is currently ranked among the top ten cryptocurrencies, according to CoinmarketCap, at number 9. 

The circulating supply is 34.52 billion ADA, with its maximum token supply pegged at 45 billion ADA tokens. ADA has performed well recently since the turn of the year, prompting optimism among holders.

With the prolonged crypto winter in 2022, investors are hoping for more favorable market conditions moving forward. Cardano’s recovery has rekindled interest in the project and questions on how long it can sustain the rally.

What Is Behind ADA’s Price Upsurge?

ADA is enjoying increased adoption since its trading volume has increased. Investors and holders of the coin are more likely to buy into the project due to its utility. Cardano is one of the largest blockchains to use the energy-efficient proof-of-stake network.

This proof-of-stake helps in energy saving and environmental protection. Cardano network also supports the creation of smart contracts. These smart contracts facilitate the creation of decentralized applications (DApps) on the Cardano network.

It is also gaining more attention in Web3 and for gaming applications. With faster transaction times and regular upgrades, it is ideal for technological innovation. Cardano upgrades also undergo thorough research and scrutiny before being released to the public.

ADAUSD
ADA Price Prediction

ADA is trading below its 50-day and 200-day Simple Moving Average (SMA). However, the candlestick formation on the chart shows a possible bullish run in the coming days. A thick green candle on the daily chart indicates sustained bullish pressure and will likely continue in the coming days.

ADA’s closest resistance level is $0.329. Other resistance levels are $0.44, 0.595, and $0.777. If the bulls sustain the pressure, it will test the nearest resistance level of $0.329 in the coming days. The support levels of $0.260, $0.262, and $0.265 held and acted as a pivot for the price upsurge. 

The Relative Strength Index (RSI) stands at 49.19, in the neutral zone above the oversold region of 40. However, the RSI will probably rise above 49 in the coming days. The Moving Average Convergence, Divergence (MACD) shows neutrality but indicates a possible uptrend. The MACD line falls under the signal line but is positioned upward.

The price of ADA will record a slight increase in the coming days. However, from the candlestick patterns, many red candles are present. It means that the trend can reverse at any time to a bearish pattern. Expect ADA to increase to $0.329, its nearest resistance level.

Please note that this is not investment advice. The above price predictions are the analysis of the author. Always do proper research and technical analysis.  Invest the amount you can afford to lose.

Featured image from Pixabay and chart from TradingView.com

Posted on

Cardano (ADA) Gains Over 13% In Value Over The Week

ADA, the native token of the Cardano blockchain, is on a bullish run. The token has gained over 13% in terms of price movements as it tries to recover its October losses. ADA also boasted significant gains earlier today; however, it is down 1.46% at $0.4046.

Cardano’s weekly gains are not the only thing community members are celebrating. The blockchain’s NFT sector has also experienced substantial gains. Cardano community members also hope that some big changes will come to the blockchain this November. 

Cardano Gains Over 13% As European Parliament Member Calls It A “Rocket”

Cardano has bagged impressive gains in the last 7 days, leaving traders with an overall gain of more than 13%. The blockchain network’s activity in the last 24 hours also shows a substantial increase in trading volume and number of transactions. Specifically, ADA outpaced the market with a 150% increase in trading volume in the last day alone.

The token’s weekly chart also showed impressive gains. ADA increased by over 13%, making it one of the top performers among all cryptocurrencies. The ADA/USD pair broke above the resistance level of $0.36, which could be considered a positive sign for investors.

The recent surge in ADA prices comes after a European parliament member called the cryptocurrency “a rocket in the crypto space.” MEP Stefan Berger commented on Twitter after his encounter with Frederik Gregaard, CEO of the Cardano Foundation. 

ADAUSD

ADA’s price is currently trading above $0.40. | ADAUSD price chart from TradingView.com

ADA listing On FTX Might Be Disastrous, Cardano Founder And BitBoy Argue

Ben “BitBoy” Armstrong, a crypto influencer, voiced his reservations over ADA listing on FTX on Tuesday, Oct. 24. BitBoy tweeted that FTX might compel bankrupt crypto broker Voyager to liquidate all ADA holdings with the spot pair listing. In response, Cardano co-founder Charles Hoskinson said that Voyager ADA accounts should not be liquidated if FTX begins trading ADA. FTX’s CEO, Sam Bankman-Fried, has been silent thus far.

ADA Experiencing A Mini Bull-Run, Cardano Educator

A popular Cardano influencer has remarked that the crypto is in the midst of a bull run. The influencer, known pseudonymously as ADA Whale, made the statement on Twitter yesterday (October 25th) while referring to the network’s recent activities. The influencer wrote:

We’re in the midst of a mini bull run in network activity with daily txn tending to 100k at a blockchain load of 50%.

The educator noted two factors were responsible for the bull run. “The uptick is mostly thanks to the NFTs bull run, but trading on dexes has also notably picked up in recent weeks,” ADA Whale added.

Prior to this, the Cardano educator made bullish predictions about the token. He noted that Cardano would “explode” in the next bull cycle once “DeFi, NFTs, and community engagement” start taking off. The educators mentioned that institutional investors appear to be losing interest in layer one (“L1”) blockchains. Therefore, it should provide space for Cardano (with its highly devoted and passionate community) to “thrive.”

Featured image from Pixabay and chart from TradingView.com

Posted on

TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

The price of Cardano (ADA) has shown bullish signs and could be set for a major run against Tether (USDT) after bouncing from key support.

Ethereum price rallied with so much strength from a region of $1,670 to $2,000 ahead of Ethereum merge. This has brought relief bounces for many altcoins, including the price of Cardano (ADA).

Ethereum merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) so as to increase its network efficiency in transactions. (Data feeds from Binance)

Price Of Cardano (ADA) Weekly Chart Analysis
Weekly ADA Price Chart | Source: ADAUSDT On Tradingview.com

From the chart, the price of ADA saw a weekly low of around $0.4, which bounced from that area and rallied to a price of $0.55.

The price has built more momentum as it faces resistance at $0.66.

If the price of ADA on the weekly chart continues with this bullish structure, it could quickly revisit  $0.66 and trend higher to $0.75.

Weekly resistance for the price of ADA – $0.66.

Weekly support for the price of ADA – $0.45.

Price Analysis Of ADA On The Daily (1D) Chart
Daily Price Chart For ADA | Source: ADAUSDT On Tradingview.com

The price of ADA found strong support at around $0.45, with what seems to be an area of interest on the daily chart.

ADA bounced from its support and has rallied as it faces resistance at $0.63. The price of ADA has continued to range in a channel; breaking out of this channel could send the price of ADA to the resistance at $0.63.

At the point of writing, the price of ADA is at $0.55, above the 50 Exponential Moving Average (EMA) with a price of $0.5.

If the price of ADA holds the support of $0.5 successfully, we could see the price trending higher. If the price of ADA gets rejected, $0.5, which corresponds with 50 EMA, will be good support for buys.

The Relative Strength Index (RSI) for the price of ADA on the daily chart is above 65, indicating healthy buy bids for ADA.

The volume for ADA indicates buy bids, this shows bulls would want to push the price higher.

Daily (1D) resistance for ADA price – $0.66.

Daily (1D) support for ADA price – $0.5.

Price Analysis OF ADA On The Four-Hourly (4H) Chart
Four-Hourly ADA Price Chart | Source: ADAUSDT On Tradingview.com

The price of ADA has continued to maintain its bullish structure after a successful break above the ranging channel. 

ADA is trading above the 50 and 200 EMA with prices of $0.52 and $0.5 acting as its support on the 4H chart, should the price of ADA gets rejected due to the weekend sell-off.

If the price of ADA holds above the support of 0.52 with the good volume, we could see prices trending to $0.66. In case ADA experiences a sell-off, 50 and 200 EMA prices would act as support for ADA prices.

Four-Hourly (4H) resistance for ADA price – $0.66.

Four-Hourly (4H) support for ADA price – $0.52, $0.50.

Featured image from NewsBTC, Charts from TradingView.com

Posted on

Can Cardano (ADA) Reach $4 To Surpass Ethereum Market Cap?

The eighth-largest cryptocurrency, Cardano (ADA), has shown some indications of life during the last two weeks. The network’s minor improvements were what actually encouraged investors’ hope. After that, Cardano must work even harder to surpass $4 and catch up to Ethereum in terms of market capitalization.

According to CoinGecko’s data, ADA is now trading at about $0.48 with a 7-day gain of almost 5%. So, without a doubt, the network requires a lot of support if it wants to move the token beyond the $4 threshold successfully.

Related Readings | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?

In recent years, Ethereum has ranked second to Bitcoin in value. Despite a significant increase in value since its inception, Cardano is certainly one of the most significant blockchain networks in the market, and its native coin ADA ranks in the top 10 currencies.

Per the Nomics statistics, the market cap of ADA is currently approximately $16.21 billion, while the market cap of ETH is roughly $147.93 billion. ADA accounts for just 10.93% of Ethereum’s market capitalization.

Well, to match the market valuation of Ethereum, Cardano will have to surge by 9.25x. ADA would then trade at a price of $4, representing a gain of 823.39%.

Furthermore, ETH has gained nearly 13% over the past week and is presently trading at $1,215.41. According to CoinGecKo statistical data, the daily trading volume for ETH is over $13,928,520,299, while the daily trading volume for ADA is almost $799,420,941. In addition, ADA is down 84% from its peak of $3.09 on September 2, 2021, or almost 10 months ago.

ADA is currently trading at $0.480 on the daily chart | Source: ADA/USDT chart from Tradingview.com
Ethereum Vs. Cardano

Anyone interested in cryptocurrency must be aware of the Cardano vs. Ethereum debate. Because both networks offer comparable services, Cardano (ADA) and Ethereum (ETH) are frequently compared.

This is due to the features that both Cardano and Ethereum’s blockchain technologies offer. As a comparison, the infrastructure of Ethereum is more constrained, which results in higher operating costs, higher energy consumption, and slow transaction speeds.

ADA, which positions itself as an alternative blockchain, essentially seeks to offer a solution to Ethereum’s issues. But unfortunately, its progress has been sluggish.

The method used to build blocks and validate transactions, though, is what distinguishes them from each other. The main distinction at this time is that Cardano’s proof-of-stake Ouroboros consensus algorithm is proven to be more adaptable. The method is more efficient than Ethereum’s proof-of-work blockchain.

Development Of Cardano To Compete With Ethereum

Following the Alonzo upgrade, the Cardano network was compatible with smart contracts. The so-called Ethereum killer is aiming to introduce the most anticipated Vasil hard fork.

Technology’s inherent traits that keep it current and make it susceptible to aging are development and upgrades. Network changes termed “hard forks” are also necessary for blockchains.

Related Readings | Bitcoin Signals Short Term Bullishness, Move Towards $24K Next?

Analysts anticipate that Cardano will keep its worth in the future. Moreover, they believe rebuilding will be favorable to the project, given that its forthcoming Vasil hard fork may present a chance for a price hike.

Nevertheless, the good news is this Vasil, a much-anticipated upgrade from Cardano (ADA) that seeks to boost the network’s scalability and performance, has “successfully” completed its testnet run and is scheduled to go live on the mainnet (public blockchain) within 30 days.

 

Featured image from Flickr, chart from Tradingview.com

Posted on

Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried.

In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual.

This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters.

As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days.

Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

ADA Heading For A Nosedive Below $0.40

Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon.

ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38.

On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915.

ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com

Even though Cardano suffered a massive drop during the past week, it managed to recover and reach $0.613 on May 16. Meanwhile, Cardano is currently shaking it off after its gains of 4%.

Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

It went through a three-day bounce right there as shown over the weekend. The whale activity was seen for Cardano which signaled a deviation in price direction.

Cardano TVL is at around $174.74 million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28.

The difference between cardano and the other alts. They pay to do stuff like this. The Cardano Community just does it themselves out of love for the ecosystem and philosophy. We got marketing. It's three million strong and growing. https://t.co/cRdnmGZPZz

— Charles Hoskinson (@IOHK_Charles) May 16, 2022

Cardano Flag On Mount Everest Summit

Charles Hoskinson, Cardano Founder, is loud and proud to have reached the Mount Everest summit. He was ecstatic about the raving support of the community. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days.

The Cardano CEO is proud to have a strong and dedicated community comprised of 3 million members and still growing. The native tokens of Cardano also went up to 4.7 million.

Moreover, Cardano has also managed to get $20 million more in funding since Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours.

Featured image from Coinbase, chart from TradingView.com

Posted on

Cardano (ADA) Breaks $3, Here’s Why Price Will Break $4 In Coming Week

Cardano (ADA) has been on fire recently. At this point, it is no longer a surprise to see the asset posts massive returns in just a short period of time. With so many big things lined up for the project, the price has continued to rally. Now, ADA has broken a critical resistance point in its race to the top. The coin had suffered dips following the knockdown from its first $3 resistance point test. But has successfully broken through this barrier.

ADA carries out a successful retest of $3 | Source: ADAUSD on TradingView.com

The early hours of the morning saw the price of the digital asset hit a new all-time high of $3.10. Before hitting what appears to be a roadblock and correcting back down. Although this downward correction does not look negative on ADA.

Correcting downwards is typical for assets that have rallied in a short amount of time. Basically giving the market time to catch up with the valuation of the asset. ADA’s correction saw it hit back down towards $3. But this point acted more as a bounce point for Cardano, which sent the price back up to a more comfortable resting point for the time being.

Related Reading | Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Nevertheless, the asset looks poised for another rally. With the current momentum and general market sentiment surrounding ADA, it will be no surprise to see it hit $4 next week. Growing interest has led to an accumulation of the asset. Future use cases put Cardano on track to become one of the most widely used blockchains in the space. Hence giving its native asset ADA the needed push to grow fast enough to break through $4.

Factors Pushing Cardano (ADA) Towards $4

Most of the momentum ADA has seen has come from the expected upgrades occurring this month. The team behind the Cardano project announced in August that the final upgrade, which is the Alonzo Purple Hard Fork, that will bring smart contracts capability to the network will be released on September 12th. This will put the blockchain on a level where it can compete with Ethereum, the leading smart contracts platform.

As users anticipate being able to carry out decentralized finance services and mint NFTs on the network, investors have poured money into ADA. Expecting the price to blow up leading up to and after the announcement of this final upgrade.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Cardano founder Charles Hoskinson has said that the project is on track. And Cardano has received the go-ahead from its shareholders to release Alonzo Purple as scheduled. With less than two weeks left to the launch, the price is expected to continue to rally, with the current trajectory putting ADA on a sure path to $4 before the release of smart contracts capability. After which adoption of the network due to its new use cases will drive the price even further up.

Featured image from 123RF, chart from TradingView.com