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Tag: ADA

  • Body of Mt. Baldy hiker, 22, is found

    Body of Mt. Baldy hiker, 22, is found

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    The body of an El Monte woman who disappeared while hiking alone on Mt. Baldy was recovered Sunday morning, ending a treacherous, weeklong search, officials said.

    Lifei “Ada” Huang, 22, disappeared about two hours into a solo trek Feb. 4, just as the worst of last week’s historic storms hit Southern California, according to the San Bernardino County Sheriff-Coroner Department.

    Lifei “Ada” Huang, 22, disappeared about two hours into a solo trek Feb. 4 on Mt. Baldy.

    (Lifei Huang)

    Huang was reported missing just before midnight; rescue crews went out to search for her around 2:30 a.m. on Feb. 5. But “extreme” snowfall and avalanche risks stymied their efforts, officials said.

    Three other hikers were rescued Feb. 7 after getting pinned down by the storms the day before on the Bear Canyon Trail.

    “Resources are stretched to their limits, and hikers who get lost may have to wait long periods of time before help is available,” the Sheriff’s Department had warned.

    Mt. Baldy has become one of the country’s deadliest destinations for hikers, racking up scores of rescues and almost a dozen deaths in recent years. The Sheriff’s Department has pushed to limit access to the peak.

    But Huang was an experienced adventurer, her Instagram page shows.

    She had recently hiked the Wave, a difficult and sometimes dangerous rock formation in the Arizona desert. She enjoyed beach camping in Santa Cruz, stargazing in Joshua Tree and snowboarding in the San Gabriel Mountains.

    Friends posted notes to her page praying she would be home to celebrate the Lunar New Year.

    On Saturday, the Sheriff’s Department got a tip that someone flying a drone may have spotted Huang’s body near the San Antonia Creek Falls.

    High winds kept the air rescue team from searching the area until early Sunday, when medics located Huang’s remains.

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    Sonja Sharp

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  • Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally

    Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally

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    An analyst has explained that based on a pattern forming in the Cardano price, a 32% rally could take place, if a close above this level can happen.

    Cardano Has Been Forming A Descending Triangle Pattern Recently

    In a new post on X, analyst Ali has talked about a Descending Triangle forming in the daily price of Cardano. The “Descending Triangle” refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle with a downward slope.

    The pattern is made up of two lines, the first of which is a slopped line connecting lower highs in the price, while the second one is horizontal (that is, parallel to the time-axis) and joins together a series of lows.

    The upper line of the pattern provides resistance to the price, so it can be a likely point of reversal for it. Similarly, the lower line may provide support, so bottoms can be probable at it.

    A break out of either of these lines implies the continuation of the trend in that direction. This means that a breakout above the triangle can be bullish for the asset, while a drop under it can prove to be a bearish signal.

    Like this pattern, there is also another pattern in TA called the Ascending Triangle. This pattern works similarly, except for the fact that the two lines are switched around (that is, the slopped line is the bottom line and connects together higher lows).

    Now, here is the chart shared by Ali that shows the Descending Triangle pattern that has recently been forming for Cardano on its 1-day price:

    Looks like the price is currently making a retest of the upper line of the pattern | Source: @ali_charts on X

    From the graph, it’s visible that Cardano’s latest sharp upward surge means that cryptocurrency is now retesting the upper line of this Descending Triangle.

    If the historical pattern is anything to go by, a break above could be a positive sign for the price. “A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68!” notes the analyst. Ali has chosen a target 32% higher as the height of the Descending Triangle was equal to a price swing of 32% as well.

    Naturally, this bullish outlook would only be if a break can truly take place for the cryptocurrency. A rejection here is still a possibility, as it has already happened a few times over the course of this pattern’s duration.

    ADA Price

    The past 24 hours have been bullish for the cryptocurrency sector as a whole, but Cardano has clearly pulled ahead of the crowd as it has registered returns of almost 10%.

    Following this surge, the coin has managed to break above the $0.53 level. The asset now has to hold above this mark if the Descending Triangle break has to register.

    Cardano Price Chart

    The price of the coin has observed some sharp bullish momentum over the past day | Source: ADAUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Keshav Verma

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  • Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

    Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets

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    Cardano (ADA) has been stuck in a price rut recently, but behind the scenes, activity on the Cardano blockchain is exploding. Transaction volumes and wallet addresses are all growing, showing that interest and adoption of the network are growing rapidly. All this activity has prompted analysis of how far the crypto can spike in the near future.

    Cardano On-Chain Activity Points To Future Price Growth

    Cardano’s growth in development activity in recent months has rivaled other cryptocurrencies, putting it on the map among developers. Metrics show that there are currently 1,322 projects under development. Similarly, Plutus V2 scripts recently reached 18,821, and Plutus V1 scripts also stand at 6,536 to make a total of 25,357, indicating the growth of smart contracts.

    Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

    These scripts are essential for deploying smart contracts on the Cardano chain and have seen a 76% growth from 14,379 scripts recorded on January 1.

    At the same time, Cardano’s transaction count in the past two months has been something to boast about. The Cardano ADA network recently successfully completed 255,000 payments in 24 hours. Particularly, December and January saw Cardano process over 4 million transactions each month, showing the increasing network usage. 

    Active daily addresses have steadied above 30,000 since the beginning of the year, recently reaching 57,304 active addresses on February 4th. The total transaction count is now at 83.58 million. These metrics reflect the network’s ability to process a high number of transactions and its appeal to developers looking to build innovative crypto projects. 

    Price Targets Suggest ADA Could Reach $4 To $6 Long Term

    Despite the gloomy price action in the past month, these metrics point to Cardano price sentiment changing to a more favorable one. As a result, analysts predict a bullish turnaround, with one even putting a $4 to $6 price target by 2026. This represents a 730% and 1140% growth from the current price level.

    In a similar vein, crypto analyst Ali Martinez predicted a more bullish surge to $8 by January 2025, representing a 1558% surge from the current price level. Nevertheless, ADA has a lot of room to grow if Cardano can continue to attract developer and investor interest.

    At the time of writing, Cardano is trading at $0.4825, with 44% of addresses still making a profit and 51% of addresses currently at a loss. While short-term volatility is likely and the road ahead still has obstacles, the long-term price outlook for ADA looks bright, and Cardano appears well positioned for future success in a wider crypto market bull run. 

    Cardano price chart from Tradingview.com (ADA crypto analyst)

    ADA price falls to $0.48 | Source: ADAUSD on Tradingview.com

    Featured image from Crypto Daily, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano Price Stagnant at $0.48, But Charts Point to Potential Upswing

    Cardano Price Stagnant at $0.48, But Charts Point to Potential Upswing

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    Cardano (ADA), the eighth-largest cryptocurrency, finds itself in a perplexing situation as it grapples with a battle between bullish and bearish forces, leaving investors deciphering mixed signals in a turbulent market.

    The optimism that briefly emerged on January 29th, as ADA’s market structure turned bullish, proved short-lived, unable to overcome the critical $0.50 support level, and remaining stuck in the $0.48 territory.

    Social media sentiment, often a precursor to price movements, has not provided solace either. Santiment’s “weighted social sentiment” metric has steadily declined over the past ten days, reflecting tepid investor confidence.

    Source: Coingecko

    ADA’s Metrics: Confusion Amidst Bullish Signals

    The confusion deepens when examining on-chain metrics. While the negative MVRV ratio suggests ADA might be undervalued, the sustained presence in negative territory raises concerns. Conversely, the increasing number of active addresses, signaling heightened network activity, offers a glimmer of hope for bullish investors.

    Complicating the outlook is the liquidation heatmap from Hyblock. Two prominent zones add complexity: the $0.45-$0.48 region, hosting an estimated $300 million in liquidation levels, and the $0.52-$0.54 zone, carrying similar selling pressure. A drop to the former could trigger buying activity as long positions close, while the latter’s fate hinges on Bitcoin’s (BTC) movement, given ADA’s tendency to follow its lead.

    ADA currently trading at $0.4809 on the daily chart: TradingView.com

    Industry experts remain divided on Cardano’s future. Santiment suggests that the increased bearish sentiment might hint at an impending price bounce, while others exercise caution, citing the lack of definitive follow-through after the initial bullish market structure shift.

    Source: Santiment

    Cardano Dips Amidst Stability: Mixed Signals

    Cardano (ADA) is currently navigating a bearish trend, experiencing a 2.93% decrease in the past 24 hours and declines of 1.13% and 10.33% over the past week and month respectively. Despite this dip, it maintains its position as the 8th largest cryptocurrency by market cap, suggesting some underlying stability.

    While the short-term technical picture appears bleak, longer-term indicators offer potential for cautious optimism. The increasing number of active addresses hints at growing network activity, a potential bullish sign.

    Additionally, the negative MVRV ratio, although concerning in its extended presence, could indicate undervaluation. However, this needs to be balanced against the crucial resistance zones identified around $0.54-$0.56, which could hinder upward momentum.

    Overall, ADA’s future trajectory remains uncertain. Further analysis would benefit from exploring the reasons behind the recent price decline, potential catalysts for recovery, and a deeper dive into long-term fundamentals like development progress and adoption rate.

    Featured image from Freepik, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Christian Encila

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  • Cardano Heats Up: Transactions Break Past 4 Million

    Cardano Heats Up: Transactions Break Past 4 Million

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    Cardano, a blockchain platform known for its research-oriented strategy and eco-friendly Proof-of-Stake consensus, is experiencing substantial growth. Increased transaction volumes, a variety of project launches, and active development within its ecosystem underline this expansion.

    Cardano Transaction Boom

    December and January saw Cardano process over 4 million transactions, showcasing a significant increase in on-chain activity. This growth aligns with the platform’s ambition to become a scalable and sustainable blockchain for real-world applications.

    The blockchain platform isn’t just processing transactions; it’s attracting developers and projects. Eight new projects launched on Cardano in the past two months, and an additional 17 are currently under development. This brings the total to 157 already launched and 1,320 in progress, indicating a thriving and diverse ecosystem.

    Technology On The Move

    Cardano’s technological advancements are fueling its growth. The number of token policies on the platform surged, leading to the minting of 480,000 new native tokens. Additionally, Plutus scripts, enabling smart contracts on Cardano, saw substantial growth, with both V1 and V2 scripts experiencing significant increases.

    Project Catalyst, Cardano’s community-driven funding initiative, is fostering engagement and innovation. In its second week of voting for Fund11, nearly 5,000 wallets cast over 150,000 votes across 920 proposals seeking community funding. This active participation highlights the strong community backing for Cardano’s development.

    Cardano currently trading at $0.50 on the daily chart: TradingView.com

    ADA Price On The Rise

    Reflecting the overall positive sentiment, Cardano’s native token, ADA, experienced a price increase of 1.3% in the last 24 hours and 7.4% in the past week.

    While the report paints a positive picture, it’s crucial to acknowledge the broader context. Cardano faces competition from established players like Ethereum and emerging blockchains. Regulatory uncertainty surrounding cryptocurrencies remains a factor, and while touted as energy-efficient, Cardano’s environmental impact compared to other blockchains is still under debate.

    Cardano’s Eco-Friendly Footprint

    Charles Hoskinson created Cardano as a peer-reviewed blockchain, but what sets it apart is the Ouroboros proof-of-stake system. Compared to Bitcoin, Cardano can perform transactions with a far smaller environmental impact thanks to its energy-efficient methodology.

    According to CExplorer, Cardano’s annual energy consumption is a meager 2.602 GWh. It is therefore around 214,672 times more energy-efficient than Bitcoin.

    Cardano’s PoS system is scalable, flexible, and adaptable, making it a viable option for investors who are worried about how their cryptocurrency holdings may affect the environment.

    Overall, Cardano’s recent growth momentum suggests a promising future for the platform. However, navigating the competitive landscape, evolving regulations, and sustainability concerns will be key to securing its long-term success.

    Featured image from VistaCreate, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Christian Encila

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

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

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    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.

    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.

    Featured image from Bitcoinsensus

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

    Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion

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    The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality. 

    Cardano Sees Significant Increase In Smart Contract Usage

    Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.

    This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718. 

    As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong. 

    A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.

    ADA price at $0.47 | Source: ADAUSD on Tradingview.com

    Cardano’s Utility Good For ADA’s Price

    Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to $11 in the next bull run.  

    These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.

    Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price. 

    Featured image from FXStreet, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Hill Hiker Inclined Elevators at Impressive Project in Dubai Win Top Industry Award

    Hill Hiker Inclined Elevators at Impressive Project in Dubai Win Top Industry Award

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    Elevator World, the premier elevator industry publication, announced the winners of its Project of the Year industry recognition awards. Hill Hiker, Inc. is proud to win the Inclined Lifts Award. Celebrating innovation and persistence.


    ORONO, Minn., January 23, 2024 (Newswire.com)
    –
    In a monumental achievement, Hill Hiker, Inc. proudly announces its consecutive win of the prestigious Elevator World’s Project of the Year Award for the second year running, solidifying its pioneering status in the industry. The award-winning project, “KSA Expo 2020 Pavilion,” is a testament to innovation, resilience, and unparalleled engineering prowess.

    Crafting Excellence Amidst Unconventionality
    The Kingdom of Saudi Arabia’s visionary pavilion at Expo 2020 defied architectural norms with a cantilevered marvel rising six stories at a daring 24-degree angle. Traditional elevators proved impractical, requiring a groundbreaking solution. Hill Hiker, Inc. answered the challenge, designing and installing two custom-inclined elevators that transformed this architectural marvel into an unparalleled opportunity.

    Confronting Challenges with Creativity
    Space limitations posed formidable hurdles, demanding inventive solutions. Hill Hiker, Inc. engineered end-loading inclined elevator cars, integrating architectural glass and minimal framing to seamlessly merge with the pavilion’s exhibit, ensuring an uninterrupted experience for visitors.

    Navigating strict safety codes and regulations was another frontier. Hill Hiker, Inc. innovated with a reel system interfacing with custom-built rollers — solving the friction dilemma and ensuring compliance, despite the challenges posed by hardwired power requirements.

    Amidst the unparalleled challenges, the global pandemic disrupted operations. The team showed remarkable adaptability, maneuvering installations via remote communications and navigating travel restrictions with unwavering determination.

    The Climax of Innovation: Recognition and Triumph
    The completion of the KSA Pavilion project in August 2021 marked a triumph. Thorough inspection under the stringent ASME Code validated the elevators’ safety and functionality. Facilitating over 4.6 million guests, the inclined elevators earned acclaim, bagging the UAE Innovation Award for “Best Innovation that Drives Mobility.”

    This recognition celebrates collaborative effort. The synergy between Hill Hiker, VAA, TK Elevator, and others surmounted challenges, paving the way for an exceptional feat in inclined elevators.

    Conclusion: Elevating Standards, Defying Limits
    Hill Hiker, Inc.’s consecutive win of Elevator World’s Project of the Year Award for “KSA Expo 2020 Pavilion” signifies an unwavering commitment to innovation, resilience, and excellence. This remarkable journey sets a new benchmark in elevator engineering, showcasing the transformative power of determination and innovation. The legacy of this project extends beyond recognition; it’s a tribute to human ingenuity, perseverance, and the spirit that defies limitations.

    Founded in 1997 by Bill and Laurel MacLachlan, Hill Hiker, Inc. is a leading provider of innovative inclined elevators, specializing in pushing the boundaries of elevator engineering to redefine possibilities in architectural design. 

    Find out more about Hill Hiker, Inc. by visiting our website at hillhiker.com. 

    #HillHikerInc #InclinedfortheFuture #ElevatorEngineeringExcellence

    Source: Hill Hiker, Inc.

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  • Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

    Crypto Analyst Predicts Cardano Price Will Climb 2,000% To Reach $11

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    Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made. 

    Armstrong’s Bull Case For Cardano Is $11

    In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7. 

    In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level. 

    Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief. 

    He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run. 

    ADA Getting Ready For The Next Bull Run

    Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside. 

    In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level. 

    At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

    ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com

    Featured image from The Cryptonomist, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano Drops 18% Despite 250% Surge In Development Activity

    Cardano Drops 18% Despite 250% Surge In Development Activity

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    Cardano (ADA) closed out 2023 with a rollercoaster ride, soaring towards $0.70 before plummeting back to $0.52 by the new year. While this sharp correction was anticipated, concerns linger about an ongoing bearish sentiment despite room for growth.

    Recovery won’t be a walk in the park. Currently trading at $0.52, Cardano faces an uphill battle. However, glimmers of hope remain.

    Cardano (ADA): Resilient Support Amid Development

    Notably, ADA hasn’t breached the crucial support level of the 200-day EMA, suggesting an underlying bullish bias for the long-term trend that began in mid-October.

    This technical indicator points towards potential for a rebound, although sustained upward momentum will require additional catalysts.

    Cardano’s 2024 started with a development bang, not a price boom. Development activity surged 250% in 30 days, showcasing a vibrant ecosystem buzzing with innovation.

    Unfortunately, this internal optimism hasn’t translated to external cheer. The bears remain firmly in control, driving ADA’s price down 18% in a week and 10% in 24 hours.

    At $0.52, ADA currently ranks 8th by market cap, but its chart is decidedly red. This disconnect between bustling development and bearish price action highlights the complex cocktail of factors influencing cryptocurrency markets.

    While a thriving ecosystem bodes well for the future, short-term sentiment reigns supreme, swayed by news, speculation, and overall market trends.

    ADA market cap currently at $18.47 billion. Chart: TradingView.com

    On the fundamental side, Cardano’s ecosystem continues to flourish. The recent Vasil hard fork and growing DeFi activity inject optimism, but external factors like broader market sentiment and regulatory uncertainties could throw wrenches in the recovery gears.

    Cardano’s Outlook: Navigating Uncertainty For Growth

    Cardano’s near-term outlook remains somewhat cloudy. While the recent dip was expected, complete bearish dominance seems unlikely.

    Technical indicators hint at a potential uptrend, but navigating choppy waters will require a confluence of positive catalysts and a watchful eye on the broader market.

    So, what’s next for Cardano? The recent development surge suggests a project on the move, but overcoming bear dominance requires more than just internal progress.

    Catalysts like positive news events or broader market recovery could be the wind beneath ADA’s wings. For now, investors face a classic crypto conundrum: weigh long-term potential against the immediate sting of a bearish market.

    Cardano finds itself at a crossroads in the early days of 2024, with the clash between internal development strides and external market dynamics shaping its narrative.

    Despite a remarkable surge in development activity, ADA’s price has faced a significant downturn, reflecting the intricate dance between optimism and market sentiment.

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

    Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here’s The Target

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    Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens. 

    Cardano To Rise To $1

    In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag. 

    A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

    He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

    Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals. 

    ADA price at $0.51 | Source: ADAUSD on Tradingview.com

    Will ADA Hit New All-Time Highs This Year?

    Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

    Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year. 

    Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date. 

    The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins. 

    Featured image from FX Empire, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano Surges 245% In Development Activity, Whale Buying Appetite – Details

    Cardano Surges 245% In Development Activity, Whale Buying Appetite – Details

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    According to the latest findings from CryptoDiffer, Cardano (ADA) has significantly outpaced Ethereum (ETH) in terms of average daily developer activity on GitHub over the past month.

    The data indicates that Cardano has surged ahead with a remarkable 245% lead over Ethereum in this crucial metric. The average daily GitHub commit size for Cardano stands at nearly 450, showcasing a robust and active development environment that is setting a new standard in the blockchain space.

    Cardano Surges, Dominates GitHub Developer Activity

    This notable lead by Cardano in developer activity underscores the project’s commitment to ongoing enhancements and innovation within its ecosystem. GitHub, as a collaborative platform for developers, is a crucial indicator of a blockchain project’s vitality and progress.

    Cardano’s substantial lead in this aspect not only signifies the current momentum in its development efforts but also reflects a dedicated community and a forward-looking approach to blockchain technology.

    In contrast, Ethereum, while maintaining a solid presence on GitHub with a daily average commit size of 183, now faces the challenge of catching up with the accelerated pace set by Cardano.

    Source: Santiment

    The data suggests that Cardano has positioned itself as a frontrunner in the development race, indicating a heightened focus on refining and expanding its blockchain capabilities.

    Analysts believe that Cardano’s ongoing spike in development is a favorable indication of an expanding ecosystem. The project’s emphasis on enhancing interoperability and promoting collaboration through international workshops has played a significant role in establishing its prominent position in the blockchain-oriented field.

    If current trends persist as anticipated, there is a likelihood that the price of Cardano will experience an upward trajectory in the upcoming days. This optimistic outlook is substantiated by the observed accumulation of the token by significant market participants, commonly referred to as whales, over the past two weeks.

    ADA market cap currently at $18.446 billion. Chart: TradingView.com

    Meanwhile, analyzing data from Santiment, NewsBTC conducted an assessment of the ADA holder addresses and observed a noteworthy increase in the holdings of the 1 million to 10 million ADA cohort.

    Specifically, on December 20th, the supply held by this cohort stood at 16%. However, as of the latest available data, that percentage has seen a discernible rise, reaching 16.36%.

    Source: Santiment

    Whale Accumulation: ADA’s Rising Investor Confidence

    The augmentation in ADA holdings within this particular cohort suggests a strategic accumulation of the cryptocurrency by influential market players.

    Whales, who typically control substantial amounts of a given asset, are often considered key indicators of market sentiment and can influence price movements. The observed increase in ADA holdings by this cohort implies a growing interest and confidence in Cardano among larger investors.

    The performance of Cardano in 2024 is characterized by a combination of hope and prudence. The ADA coin has shown significant increases in trading volume, reflecting robust investor enthusiasm and market participation. The increase in trade volume indicates a rising belief in the long-term prospects of Cardano, fueled by ongoing development and support from the community.

    Featured image from Freepik

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

    Machine Learning Algorithm Predicts When Cardano Price Will Hit New $6.5 ATH

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    The machine learning algorithm at CoinCodex has predicted when the Cardano price will reach a new all-time high. The coin which has been performing quite well in the last few weeks is still miles away from its current all-time high of $3.1. However, the machine learning algorithm has revealed when it will cross this level once more.

    Cardano Price Will Hit $6.5

    According to the CoinCodex machine learning algorithm, the Cardano price may be locked into years of performing below its 2021 all-time high prices before finally revisiting It around five years from now. Apparently, while the next few years will see the price jump another 200% from its current price, breaking above $3.1 will remain elusive.

    The year 2024 which is expected to be the start of another crypto bull market will reportedly see ADA only rise as high as $2.98, falling just short of its previous all-time high. Then in the years 2025 and 2026, its max performance is pegged even lower with $2.42 in 2025 and $0.8 in 2026.

    The year 2027 is expected to follow the same trend as 2026 with a min value of $0.5 and a maximum value of $0.86. However, in 2028, this is expected to completely change to the point where the ADA price will reach a brand-new all-time high.

    Cardano’s max price for the year 2028 is said to be $6.52 by the machine learning algorithm with a minimum price of $0.73. Then in the following year of 2029, it expects a minimum value of $1.1 and a max value of $4.99. Finally, the year 2030 is placed at a minimum of $0.65 and a maximum of $1.36.

    ADA price recovers from dip | Source: ADAUSD on Tradingview.com

    ADA Sees Bullishness Across The Board

    Contrary to the CoinCodex machine learning algorithm saying that the Cardano price will not reach a new all-time high until the year 2028, crypto analysts have come forward with their own bullish predictions. One analyst Psyclops expects the price to climb to $10 amid the rapid growth that is being recorded in the Cardano ecosystem.

    Another crypto analyst known as Crypto Crow says that they expect the price to reach $32. The time frame from this analyst is that they expect this to happen in the next bull market and since the next bull market is expected to take place between 2024 and 2025, it gives it a two-year timeframe.

    Finally, crypto analyst Dan Gambardello has predicted that the Cardano price will reach $11. His reasoning lies with the past performance of the digital asset which has performed very well in each bull market. Gambardello expects that if ADA sticks to historical performance, then the market cap of the altcoin will climb to $400 billion by the year 2025.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Best Owie

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  • Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

    Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why

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    Popular crypto analyst Dan Gambardello recently dropped a very bullish prediction for the Cardano (ADA) price. This analyst claims ADA is poised to surge to $11 in the next extended bull cycle, an incredible 1700% gain from its current price level.

    Unlike many, the analyst didn’t just pull that prediction out of thin air. According to him, the prediction was solely based on ADA’s historical data and past actions.

    Prediction Based on Historical Price Analysis

    Cardano has had one of the best price gains among major altcoins this year. This price spike has brought in predictions from various analysts, with some predicting very bullish price points than others. According to a video shared by Gambardello, if history repeats itself, ADA could spike to a market cap of $400 billion by 2025.

    How did he come by this number? Well, data has shown that the price of Cardano (ADA) has always correlated with Ethereum’s (ETH) past actions. A weekly timeframe chart shared by the analyst in a video on social media platform X showed that the last bull run in 2021 which saw ADA reach its current all-time high of $3.10 was a mirror of ETH’s performance in 2017. During the bull run in 2021, ADA spiked to a total market cap of $93 billion, a 75% correlation with ETH’s $123 billion at the 2017 peak.

    It’s important to note that at this first stage, both Ethereum and Cardano weren’t well known for their DeFi capability. Now, it looks like ADA is getting ready to enter the 2021 Ethereum first DeFi bull cycle phase where it peaked at a market cap of $546 billion.

    Cardano’s blockchain has grown since the first stage, with the network now one of the fastest-growing in terms of DeFi and smart contracts. If this cycle is consistent with the previous one, a 75% performance of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this point, ADA could speculatively be at a 4% total crypto market dominance and peak over $11.

    ADA price at $0.65 | Source: ADAUSD On Tradingview.com

    Gambardello correctly predicted ADA’s all-time high of over $3 in June 2020, one year before the crypto reached this price point. The analyst also noted another scenario where the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. According to him, a lesser market cap of $350 billion would put ADA at $10, way higher than its current all-time high.

    Current State Of Cardano

    ADA is currently on a 13.81% gain in the past 24 hours, boosted by a $1.5 billion increase in whale transactions. The crypto shot through to $0.6776, registering a new yearly high. At the time of writing, ADA is trading at $0.6527, a 73% increase from its December open of $0.376.

    According to another social media post by Dan Gambardello, Cardano is now at a decision point between a continued increase to $0.75 and a retrace to $0.41.

    Featured image from Medium, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

    Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline

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    Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

    Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

    Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020. 

    Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks. 

    A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025. 

    The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year. 

    ADA price continues to show strength | Source: ADAUSD on Tradingview.com

    Current Bullish Performance Of ADA

    Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts. 

    Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

    On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

    Featured image from Crypto News, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

    Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

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    On-chain data shows Cardano is currently retesting a major resistance wall, breaking through which might pave the way to higher price levels.

    Cardano Is Facing On-Chain Resistance At Current Price Levels

    According to data from the market intelligence platform IntoTheBlock, there appears to be key on-chain resistance around the $0.38 mark. In on-chain analysis, levels are judged to be “resistance” or “support” based on whether they host the cost basis of a significant number of investors or not.

    The cost basis here naturally refers to the price at which a Cardano investor bought their tokens. This price is obviously an important level for any holder, as the asset’s spot value retesting this level could mean a potential swing in their profit-loss situation.

    Because of this reason, holders are particularly sensitive when such a retest happens and as such, they may be more likely to show some kind of move. What kind of move this would be, though, depends on the prior profit-loss situation of the investor.

    Investor psychologically works so that if the trader had been holding a profit before this retest, they might want to take a further gamble at it, as they could believe this same price level would be profitable again in the future.

    Similarly, the holder might lean towards selling instead if the retest is happening from below since they would fear a scenario where the price declines again and they dip back into losses.

    Now, here is what the various Cardano price ranges are looking like right now in terms of the concentration of investors or addresses who acquired their coins at them:

    Looks like the current price range is offering a significant amount of impedance to the price | Source: IntoTheBlock on X

    In the above graph, the size of the dot represents the amount of investors who bought inside the range. As mentioned before, investors are likely to show some reaction when the price retests their cost basis, so if a large number of them share their cost basis inside the same range, the effect that the market would feel from the retest would also be equally sizeable.

    From the chart, it’s visible that the ADA price range between about $0.37 and $0.39 has a cost basis of over 319,000 addresses, which acquired a total of 7.19 billion ADA at these levels.

    This is the same range that Cardano has been retesting recently and has been struggling to break out of. It would appear that the reason behind this might be the resistance being offered by the sellers who are attempting to exit at their break-even prices.

    Given the large scale of this resistance wall, it would be tough for the cryptocurrency to mow through it and gain some distance. If the asset can achieve this, though, then the zone might turn into support instead and provide some solid ground for a move towards higher levels.

    ADA Price

    Cardano is trading around the $0.38 level right now, which is right in the middle of the resistance wall.

    Cardano Price Chart

    The value of the asset appears to have been moving sideways in the last few days | Source: ADAUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com

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    Keshav Verma

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  • Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked

    Blast Surpasses Cardano And Base – Here’s How Much DeFi Investors Have Locked

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    Blast is the latest Layer 2 network to burst into the scene in the last week and has taken the decentralized finance (DeFi) world by storm already. This network which seemingly came out of nowhere has backing from Paradigm, and as its popularity has risen, it has surpassed Base and Cardano’s Total Value Locked (TVL) in less than a week after launch.

    Blast TVL Crosses $565 Million

    The Blast network was officially announced on November 21 and it quickly garnered support from crypto investors. In the first day, the network saw over $81 million in crypto locked. And in two days, the figure had quickly grown above $123 million.

    Despite some of the FUD (Fear, Uncertainty, and Doubt) that has followed the launch of the network, investors have continued to bridge their assorted into it. By Sunday, November 26, the total value locked on the Blast network had officially crossed $544 million, according to data from DeFi tracker DeFiLlama.

    Source: DeFiLlama

    This figure puts the network’s TVL ahead of older competitors such as Coinbase’s Base. While Blast’s TVL sits at $544 million, the Base TVL is at $338.26 million. This means that Blast’s TVL is currently 60% higher than that of Base.

    In the same vein, the Blast TVL is also way ahead of that of Cardano. Presently, the Cardano TVL sits at around $330.07 million, just a little lower than Base, and around 61% lower than that of Blast.

    New L2 Draws Criticism From DeFi Investors

    Amid the rapid growth that Blast has enjoyed, it has also drawn criticism from DeFi investors. The concerns have ranged from security to how the network is being run. One of the most pertinent criticisms has stemmed from the fact that all of the crypto being bridged to the network will be locked until next year.

    The network revealed that investors will not be able to access their locked funds until February 2024. In addition, Blast promises users yield on their Ethereum (ETH) and stablecoins being bridged to the network, but with no readily discernible way of how this yield will be earned.

    Some members of the crypto community have, however, figured out that the funds were being deposited into the Lido DAO protocol. Apparently, Blast is currently earning around $1.5 million a month by depositing the bridged funds into Lido. This has further raised concerns about the growing dominance of Lido, which is headed toward 33.3% and could pose a risk for the Ethereum network.

    Nevertheless, Blast continues to dominate conversations around DeFi on social media. There is now a total of 266,130 ETH locked on the network, with the expectations of an airdrop happening in 2024.

    DeFi total market cap chart from Tradingview.com (Blast Cardano Base)

    Total DeFi market cap at $57.26 billion | Source: Crypto Total DeFi Market Cap on Tradingview.com

    Featured image from The News Crypto, chart from Tradingview.com

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    Scott Matherson

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  • Cardano: AI Chatbot Starts Beta, ADA Price Eyes 22% Uptick

    Cardano: AI Chatbot Starts Beta, ADA Price Eyes 22% Uptick

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    CardanoGPT has officially announced the beta launch of its AI-powered chatbot, Girolamo. This initiative marks a substantial advancement in the integration of artificial intelligence (AI) technologies with the Cardano blockchain ecosystem. Named after the influential Italian mathematician Girolamo Cardano, the chatbot intends to symbolize the fusion of historical intellectual legacy with contemporary technological innovation.

    Girolamo is engineered to provide a range of functionalities, including content generation, image generation, and image interpretation, which are tailored to accommodate diverse user inquiries. This suite of capabilities enables the chatbot to offer real-time, contextually aware responses, extending its utility beyond standard blockchain applications. The inclusion of image-related functionalities represents a significant technological stride, enhancing the interactive experience and broadening the scope of its applicability.

    To participate in the beta testing phase of Girolamo, users are required to hold a minimum of 5000 CGI tokens, as outlined by CardanoGPT. Access to the chatbot is facilitated through the CardanoGPT Discord server, where users undergo a wallet verification process. Upon successful verification, users are granted the @cyborg role, enabling them to interact directly with Girolamo in the designated chat channel.

    CardanoGPT’s announcement emphasizes that Girolamo is still in its beta phase, suggesting ongoing development and potential enhancements. This phase is critical for assessing the chatbot’s performance, user experience, and overall functionality within the Cardano ecosystem. The company has highlighted its commitment to continuous innovation and development, aiming to maintain a leading position in the convergence of AI and blockchain technology.

    Cardano Price Poised For 22% Surge?

    ADA has seen a strong upward trend since breaking out of the downward trend (black line) on October 21, which has caused the price to rise by over 60%. For the past two weeks, however, the rally has come to a standstill. The price is in a consolidation after the ADA was rejected at the 0.786 Fibonacci retracement level at $0.411.

    However, the AI narrative and potential hype in this market segment could be significantly bullish for the Cardano price once the launch of Girolamo is on the horizon. AI tokens have seen some sharp price movements over the past few months, driven by news around the progress of OpenAI and other companies.

    In the short term, the ADA price may need a retest of support at the 0.618 Fibonacci retracement level at $0.37 to herald the next upward move. Remarkably, the price level is of double importance as the 20-day exponential moving average is also at this price level.

    If this price level is defended in the next few days, it could be the precursor to the next move higher. The obvious target would be the yearly high at $0.463. Reaching this price would mean a 22% rally from the current price.

    ADA price consolidates below the 0.786 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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  • Proposal To Reduce Cardano Treasury Tax Floated, How Will ADA Prices React?

    Proposal To Reduce Cardano Treasury Tax Floated, How Will ADA Prices React?

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    There is a proposal to reduce the Cardano treasury tax from the current 20% to the initial 5%. Taking to X, a user @SmaugPool, who claims to be a builder and developer on Cardano, said. However, the proposal must first be passed through the community for voting, the effective treasury tax currently stands at nearly 33%.

    Accordingly, based on the developer’s estimation, every month, approximately 30 million ADA is added to the treasury, pushing the total to around 1.39 billion as of November 7. 

    ADA in Cardano Treasury | Source: Smaug Pool on X

    Proposal To Reduce The Cardano Treasury Rate Floated

    The Cardano treasury is a source of funding for the development and maintenance of the broader ecosystem. Additionally, funds accrued can support community-led projects via initiatives like Project Catalyst. The Cardano Foundation, a non-profit organization, manages the treasury.

    The Protocol Change Proposal (PCP) to drop the treasury rate by 25% to 5% was laid out by Earn Coin Pool, a stake pool operator (SPO) on Cardano, in late October. Usually, the PCP can be floated to change one of the many parameters underpinning the Cardano network, including the treasury rate. Even so, since the blockchain is public, the PCP must be approved before implementation.

    The PCP aims to change the treasury tax rate to 5% or lower the rate. At the same time, the proposal seeks to understand factors used to determine the “tau” parameter and the frequency at which it can be changed. 

    This proposal might encourage more SPOs to deploy. Cardano is a proof-of-stake blockchain that depends on SPOs to verify and secure the network. 

    More SPOs Expected, But Will ADA Prices Rally?

    These entities run specialized software that verifies transactions and adds them to the longest blockchain. They are rewarded for their work with ADA either through the fixed fee set by the pool at 340 ADA or an additional variable fee, which is a percentage of the block rewards that the pool earns. 

    There are over 3,100 SPOs who can be randomly assigned to validate a block of transactions and receive block rewards. Notably, in Cardano, anyone can become an SPO since there is no minimum stake requirement.

    Presently, the Cardano treasury tax is at 20%, meaning that 20% of all transaction fees are deposited into the treasury. The remainder, 80%, is distributed to SPOs who validated transactions in a given epoch. 

    So far, in Epoch 446, there are over 1.39 billion ADA in the Cardano treasury, which continues to rise as the network processes more transactions. From Epoch 443 to 431, the treasury added 5 million ADA every epoch.

    Cardano price trending upwards on the daily chart | Source: ADAUSDT on Binance, TradingView
    Cardano price trending upwards on the daily chart | Source: ADAUSDT on Binance, TradingView

    ADA is firm when writing, trading around July 2023 highs but below $0.40. Even though the uptrend remains, only time will tell if ADA’s demand will increase if the community votes to reduce the treasury rate, encouraging more users to transact on-chain.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Cardano and Polkadot Become Partner Chains: Key Insights

    Cardano and Polkadot Become Partner Chains: Key Insights

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    Cardano and Polkadot have announced a strategic partnership, marking a significant milestone in the evolution of blockchain interoperability and scalability. This collaboration between two of the leading blockchain platforms is set to have far-reaching implications for the Web3 space.

    Polkadot, in a recent tweet, emphasized the scope of this partnership: “Cardano will use Substrate, the foundation of the Polkadot SDK, to build out its ‘partner chain’ project — showcasing Substrate’s potential to expand across Web3, and its ease of use for other chains and ecosystems.”

    Input Output Global (IOG), the driving force behind ADA, expressed high regard for Substrate. In a statement, they referred to it as a “proven open-source modular framework,” and announced their intention to contribute a set of composable pallets to extend its reach. This move not only highlights IOG’s strategy but also underlines the shared ethos and technological admiration between the two entities.

    The Cardano Vision Of A Connected Blockchain World

    In an in-depth blog post, IOG articulated the vision behind the integration of partner chains within the ecosystem: “At this week’s Cardano Summit 2023, IOG founder & CEO Charles Hoskinson outlined a new framework that will offer new ways for developers and validators to utilize Cardano’s core strengths – and some exciting new technologies – to build their own optimized partner chains.”

    Explaining the rationale behind this initiative, Hoskinson said, “Partner chains will revolutionize how new blockchains are launched and operated by combining modular blockchain technology with Cardano’s proven security, liquidity, and reliability. Partner chains will gain these benefits without the lock-in of any network or technology stack.”

    Cardano’s design, which bifurcates the Cardano Settlement Layer (CSL) from the Cardano Computation Layer (CCL), has been a cornerstone of its architecture. “The CSL has proven to be robust and scalable, forming the ultimate cross-chain settlement layer. With partner chains, networks will have the power to build their own computation layer leveraging a modular framework and existing components, yet still leveraging the CSL for settlement across chains,” Hoskinson elaborated.

    Highlighting the synergy between the two platforms, Hoskinson further noted, “Taking this modular approach with Substrate will enable partner chains to implement any consensus protocol, satisfying Minotaur’s requirements to enable partner chains to leverage specific combinations of resources for their consensus. Hence, Substrate’s open-source code is highly complementary to Cardano’s stack and aligned with our common vision for a world of interoperable blockchains.”

    The first blockchain to implement this framework will be Midnight, an IOG data protection-focused blockchain. This approach allows for any consensus protocol’s implementation, in line with the Minotaur project’s requirements, enabling partner chains to customize resource combinations for their consensus protocols.

    The partnership is a strategic alignment of visions between Cardano and Polkadot for an interconnected blockchain world. It addresses key challenges in the blockchain space, including interoperability, security, tokenomics, and vendor lock-in.

    Security will be ensured by the Stake Pool Operators (SPOs), and the Minotaur multi-resource consensus protocol will enable participation from validators across various blockchain ecosystems. Babel fees are expected to resolve tokenomics challenges for new networks, facilitating compensation for SPOs in ADA. Additionally, trustless bridges are anticipated to connect partner chains to Cardano, enabling seamless interoperability.

    At press time, ADA traded at $0.354.

    ADA climbs above the 0.5 Fib, 1-day chart | Source: ADAUSD on TradingView.com

    Featured image from Shutterstock / Zipmex, chart from TradingView.com

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    Jake Simmons

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