Bitcoin

Here’s Why Cardano (ADA) Leads The The Third Generation Blockchain Pack

Published

6 years ago

January 3, 2018

Back on December 18, we published this piece on Cardano (ADA). At the time, the coin had run from around $0.10 a share to just shy of $0.50 a piece in a week or so and we asked the question – can this action continue near term?

We took a deep dive into the coin, it’s platform and what was going on behind the scenes and came to the following conclusion: that we may see a near-term dip-type correction as shorter-term operators took profits off the table but that this dpi might be a nice opportunity to pick up some cheap coins ahead of a long-term return to the overarching upside momentum.

ADA Daily Chart

Fast forward to January 3 and ADA just ran more than 100% to break the one-dollar mark. The coin’s current market capitalization currently sits at more than $25 billion and volume over the last twenty-four hours alone hit $500 million. Keep in mind here that we’re talking about a coin that barely did $5 million in daily volume as recently as early to mid-November. That’s a 100X volume increase in less than eight weeks.

So what’s going on? And more importantly, what’s next?

Cardano is one of those platforms and technologies that the industry is billing as the third generation of this space (despite the fact that it’s not really that new – it’s been around since 2015. Basically, it’s an attempt to build on the technology that underpins the Ethereum platform to create a smarter, more robust smart contracts platform.

Well, that’s a bit misleading. The Cardano team aren’t building on the Ethereum platform – it’s an entirely new technology – but there are similarities between the way Cardano and Ethereum afford applications functionality.

Both rely on smart contracts, for example, and both can be used to develop functional, secure, decentralized applications.

In fact, some are calling Cardano the Ethereum of Japan, given that more than 95% of the platform’s investors at the early stages were Japanese.

Anyway, let’s get back to the present – what’s driving the action?

Well, this is a sort of chicken and egg scenario.

The sharp upside appreciation is translating to an increased visibility for the company and its offerings and this increased visibility is resulting in a wave of exposure from some of the more well known global media outlets.

Take a look here for an example. In that piece we just linked to, Forbes featured Cardano and, specifically, ADA, as a major runner in the cryptocurrency space and quoted an analyst as saying that ADA could double near term. The assumption that ADA could double wasn’t based on anything overly substantial but the suggestion was planted and that’s enough for people to pull the trigger on a buy position.

So what’s next?

We think this really could just be the start of a long-term bull run in ADA. These so-called third generation platforms and applications of blockchain technology are tussling to become what’s going to be the next Ethereum (and this isn’t just a sound bite, Ethereum is almost certainly going to be superseded by something more advanced and more secure) and, of those companies in the race as things stand, Cardano leads the pack.

As such, our conclusion as to where we expect this one to go next pretty much reiterates where we stood as we concluded our previous coverage of this coin and the platform that underpins it – that we expect Cardano to grow as a platform and that, concurrently, we expect that ADA will appreciate in value in line with this growth.

Let’s see how things play out.

We will be updating our subscribers as soon as we know more. For the latest on ADA, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Cardano

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

4 months ago

December 18, 2023

Crispus

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

4 months ago

December 14, 2023

Crispus

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

5 months ago

December 6, 2023

Crispus

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…