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Tag: Cardano (ADA) Price

  • Massive Increase in this Cardano Metric: Bullish for ADA Price?

    Massive Increase in this Cardano Metric: Bullish for ADA Price?

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    The latest Q4 report from Messari has shed light on Cardano’s growth and developments throughout the fourth quarter of 2023, experiencing considerable progress across various metrics.

    According to Messari’s State of Cardano Q4 2023 report, Cardano’s TVL has risen by 166% quarter-over-quarter (QoQ) and 693% year-over-year (YoY), pushing Cardano’s ranking from 34th to 14th on DefiLlama.

    Overall, the DeFi ecosystem in Cardano has grown steadily, with 33 protocols in total amassing over $330M in TVL.

    The report also highlights Cardano’s recent developments in ensuring network stability while offering scalability and high throughput, especially after the introduction of Hydra, a family of scaling protocols. Hydra operates as an off-chain mini-ledger facilitating transactions between a select group of participants, similar to popular state channels like Lightning Network.

    Additionally, core infrastructure projects such as SanchoNet and Mithril underwent further development and testing, laying the groundwork for future innovation and scalability within the network.

    ADA Among the Fastest-Growing Cryptocurrencies

    ADA has demonstrated notable growth, surging by 127.2% in Q4, according to Messari data, turning ADA into the fastest-growing asset by the end of 2023.

    Moreover, Cardano’s average daily transactions and daily addresses experienced a steady uptick, reflecting increased user activity within the ecosystem, and the ratio of transactions to active addresses has been on a continuous rise over the past year.

    At the time of writing, ADA is switching hands at $0.60, with trading volume surging notably to $740M, a 33.25% increase in 24 hours. Likewise, most ADA token owners currently hold the asset at a profit.

    The uptick in price and the addition of over 5000 smart contracts in the Cardano network have sparked discussions among analysts regarding ADA’s potential trajectory, especially if the asset could break to $1 before or after the Bitcoin halving.

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    Jose Oramas

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  • Is Cardano (ADA) Price on the Verge of a Massive Rally in February? Analysts Put Bullish Targets

    Is Cardano (ADA) Price on the Verge of a Massive Rally in February? Analysts Put Bullish Targets

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    Cardano (ADA) has seen an uptick in trading activity, surging over 7% on Thursday and exchanging hands at $0.53. The blue-chip coin crossed the $0.53 mark twice in February after January was filled with tumultuous price action.

    Following this week’s surge, analysts on social media are discussing and speculating on the factors that could decide ADA’s trajectory moving forward, such as the Bitcoin halving, new protocol changes, demand, and more.

    First, technical analyst Ali (@Ali_Charts on X) pointed out a descending triangle formation on ADA’s daily chart, suggesting that a sustained daily close above $0.53 could trigger a 32% rally, potentially driving ADA’s price up to $0.68.

    Several factors are contributing to ADA’s price dynamics at press time. Despite the bearish tests across January, ADA has held above $0.50 following a significant rally in early December, and the majority of ADA token owners are currently holding the asset at a profit.

    As CryptoPotato reported, Coinglass data shows a rise in ADA’s Open Interest and trading volume by 12% and 62% across major exchanges like Binance, Bybit, and Bitmex. However, some users noted that the descending triangle pattern is traditionally bearish, while others interpreted it as potentially bullish for ADA due to current market conditions.

    Can the BTC Halving Boost ADA?

    Meanwhile, Dan Gambardello, a popular technical analyst at Crypto Capital Venture, examined historical trends in his recent YouTube video, comparing BTC and ADA’s price dynamics.

    The analyst says that in the previous cycle, Bitcoin entered a bull market phase around November 2020, experiencing a surge in price while ADA was trading at around 15 cents. By comparing the timing of this event to the current cycle, the analyst speculates that ADA’s price movement could coincide with Bitcoin’s next halving event, potentially reaching $0.60 – $0.70. 

    However, some analysts have warned of market volatility and potential price swings as specific indicators like the Bollinger bands are at historically low levels. Meanwhile, other market observers believe Bitcoin could drop to $31,300 based on specific parameters.

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    Jose Oramas

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  • Bitcoin Shoots Up to $44K, Solana and Cardano Lead the Altcoin Revival (Market Watch)

    Bitcoin Shoots Up to $44K, Solana and Cardano Lead the Altcoin Revival (Market Watch)

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    Bitcoin’s consolidation at around $42,000 has finally ended, with the asset’s price jumping to almost $44,000. 

    Most alternative coins, such as Solana and Cardano, have followed suit, charting even more impressive gains than the primary cryptocurrency.

    BTC Eyes the $44K Mark

    The past weekend and the first day of the new week have been relatively quiet for Bitcoin, the price of which was hovering between $41,000 and $42,500. 

    However, the consolidation ended several hours ago when BTC pushed as high as $43,600 (per CoinGecko’s data). Shortly after, the asset’s value dropped a bit, standing at around $43,400 as of the moment of writing these lines.

    BTC Price, Source: CoinGecko

    As CryptoPotato reported, the latest push resulted in over $110 million in liquidations, with BTC trades comprising almost 40% of the total share.

    Bitcoin’s market capitalization briefly surged to almost $860 billion before retracing to its current level of $850 billion. Its dominance over the altcoins is 52.6% (a 3% increase on a weekly scale). 

    SOL and ADA Take the Main Stage

    Most leading alternative coins have also impressed today (January 30). Solana (SOL) is up 6%, reclaiming the $100 target, while Cardano’s ADA eyes $0.53 with an 8% price spike.

    Meanwhile, Sui (SUI) reached an all-time high of $1.64 following a partnership between Banxa and SUI Wallet. Its market cap soared to $1.8 billion, making it the 48th largest digital asset.

    Other major alts, including Ethereum (ETH), Ripple (XRP), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), and Polygon (MATIC) are also in the green, albeit in a more modest fashion.

    The total cryptocurrency market capitalization has added approximately $50 billion in the past 24 hours, currently equaling $1.75 trillion.

    Cryptocurrency Market Overview
    Cryptocurrency Market Overview, Source: Quantify Crypto
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Dimitar Dzhondzhorov

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  • Bullish for Cardano (ADA)? Latest Development Report Shows Promising Network Data

    Bullish for Cardano (ADA)? Latest Development Report Shows Promising Network Data

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    The latest development report from IOG (Input Output Global) for Cardano reveals a thriving blockchain ecosystem and significant advancements in technology and community engagement.

    The report outlines key achievements across various facets of Cardano’s development, with the Site Reliability Engineering (SRE) team playing a pivotal role in improving Cardano’s network and keeping up to date with its latest maintenance.

    These improvements include updating the Cardano node to enhance peer-to-peer (P2P) connectivity and working on a patch to boost network efficiency, which is expected to be rolled out in the next Cardano node update.

    Cardano Network Statistics:

    The report provided some insightful statistics on Cardano’s recent network activity:

    • 150 projects launched, with 1,304 ongoing projects showcasing a vibrant development scene.
    • 9.1 million native tokens created and the establishment of 81,447 token policies demonstrate the customizable and diverse use of Cardano’s asset creation capabilities.
    • 79.2 million transactions were processed, reflecting an increase in reliability and adoption.

    Besides the increase in network activity and the expansion of its ecosystem, Cardano developers have been working on scaling solutions, enhancing node efficiency, and improving the backend infrastructure overall.

    The completion of recent Cardano proposals underscores Cardano’s commitment to innovation and community-led project funding. As expected, the report was received by the Cardano community as a reaffirmation of the network’s dedication to fostering a collaborative and thriving blockchain ecosystem.

    What’s Next for Cardano?

    Cardano’s ADA has been gaining traction in the market alongside other major altcoins.

    Cardano (ADA) has experienced significant monthly gains, surpassing 25%. However, the bullish momentum has not been sustained, with over half of ADA holders facing unrealized losses. The current struggle for the eighth-largest cryptocurrency, trading near $0.38, has led to only 35.71% of ADA holders being in profit, a figure notably lower than other leading protocols

    Just recently, however, its founder got into a controversial fight against the XRP community, as they accuse Hoskinson of embarrassing and humiliating the XRP army multiple times in his public appearances.

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    Jose Oramas

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  • Very Bullish Cardano (ADA) Price Prediction

    Very Bullish Cardano (ADA) Price Prediction

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    Cardano’s ADA has been on the watchlist of investors and analysts, many of whom believe the coin is set for a massive bullish rally even despite recent market corrections.

    Despite the price decline over the weekend, ADA has recorded roughly 50% gains in the last 30 days. Analysts are now closely watching key resistance levels that ADA has unsuccessfully failed to break this year.

    ADA Poised for Price Breakout Despite Recent Struggle

    Analyst and crypto Youtuber LuckSide Crypto acknowledged that ADA has lagged behind other major cryptocurrencies in price performance amid recent volatility. Still, he reassured investors that significant gains for ADA are on the horizon.

    The analyst highlighted ADA’s persistent attempts to breach the 40-to-41 cent range, a formidable obstacle it has grappled with throughout the year, facing rejection and downward pressure.

    As we can see in the 1-month chart, ADA tried to break above 40 cents two times this November — far more than any other month in 2023, suggesting bulls are trying to take over the narrative as the overall market sees a healthy recovery. That said, ADA managed to float above 40 cents in April, which lasted only about a week.

    The analyst drew parallels between BTC and ADA, stating that if BTC manages to break above $38k, ADA will also try to break its crucial resistance levels. He attributed the potential surge to Bitcoin’s recent ability to maintain a position above its 20-month moving average, marking a new monthly green close.

    Can ADA Break These Key Resistance Levels?

    LuckSide is not the only investor with bullish hopes for ADA. Many analysts are convinced the coin is in its “pre-bull” phase, and we might see the coin recording gains of over 100% in the upcoming months.

    Dan Gambardello, the Founder of Crypto Capital Venture, foresees ADA achieving an all-time high of approximately $11. Like LuckSide’s analysis, Gambardello also draws attention to historical trends, noting that ADA experienced substantial price growth one year after the previous BTC halving.

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    Jose Oramas

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  • The List of Cryptocurrencies the SEC Called a Security in the Latest Kraken Lawsuit

    The List of Cryptocurrencies the SEC Called a Security in the Latest Kraken Lawsuit

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    TL;DR

    • SEC Sues Kraken: The SEC filed a lawsuit against Kraken, accusing it of operating without proper securities registration.
    • Unregistered Crypto Allegations: The lawsuit targets Kraken for offering trades in multiple cryptocurrencies, including ADA, SOL, and others, without SEC registration.
    • Ripple’s XRP Omitted: XRP, Ripple’s token, is not part of this lawsuit, though Ripple faces a separate legal battle with the SEC, with a major trial set for next April.

    ADA, SOL, and Many More

    The US Securities and Exchange Commission is famous for its predominantly hostile stance towards the cryptocurrency industry, using every opportunity to undermine the sector or some of the companies involved in it. Most recently, it filed a lawsuit against the trading venue Kraken, accusing it of operating as an unregistered securities exchange, broker, dealer, and clearing agency.

    The regulator also alleged that the platform had offered trading services with certain cryptocurrencies without registering them first with the Commission. 

    Those assets include Cardano (ADA), Solana (SOL), The Sandbox (SAND), Near Protocol (NEAR), Polygon (MATIC), Avalanche (AXS), Algorand (ALGO), Cosmos (ATOM), Chiliz (CHZ), COTI (COTI), The Sandbox (SAND), Decentraland (MANA), Dash (DASH), Filecoin (FIL), Flow (FLOW), Internet Computer (ICP), and OMG Network (OMG).

    Ripple (XRP) is Not Included

    One crypto asset that has not found a spot in the lengthy list is Ripple’s native token – XRP. It is worth mentioning, though, that the SEC touched upon the coin when suing the blockchain enterprise in December 2020.

    Back then, the agency accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

    However, the US magistrates determined in July that the company’s programmatic sales from years ago did not include an offer of investment contract and later dismissed the SEC’s wish to appeal the ruling. A grand trial scheduled for April next year should put an end to the legal saga between the entities.

     

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    Dimitar Dzhondzhorov

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