Bitcoin
Here’s Why Ardor (ARDR) Is Gaining So Much Strength Right Now
Back at the start of November, Ardor (ARDR) was trading for a less than $0.20 a piece. This week, the coin is riding high at $1.70 and looks set to run further into the end of the year. Exactly how far the current run can take it remains to be seen but – if we look at the more traditional metrics – it could be substantially so. Volume over the last twenty-four hours came in at more than $33 million ARDR changing hands, against a market cap of $1.6 billion. This is more than 25 times the average daily volume seen throughout September and November this year.
ARDR Daily Chart
We think this influx of interest is a sign of strength and one that justifies a trader or investor keeping an eye for any short-term corrections and – in turn – jumping on said corrections as a potential entry opportunity in advance of a long-term return to the overarching upside momentum.
What have we got to support this statement?
Well, for anyone new to this one, Ardor is a blockchain-as-a-service platform that will allow people to utilize the blockchain technology of another cryptocurrency, NXT, through the use of child chains. This seems a bit jargony right off the bat but it’s actually pretty simple. NXT was initially billed as the next big thing and the technology that underpins it (i.e. its blockchain and the protocol built into said chain) is incredibly smart and smooth running. Only a handful of heavy-hitting holders took part in the ICO, however, and this led to some criticism around security issues for anyone that wanted to take advantage of NXT.
When these concerns arose, NEM was born out of the same chain, and has since become incredibly successful. It’s basically the same but with a more even distribution of tokens.
What does this have to do with Ardor?
Ardor is basically NXT 2.0. It’s based on NXT but it leverages child chain technology, meaning users can take advantage of the technology that underpins NXT but they don’t have to expose themselves to the centralized holding nature of the blockchain to which they are linking via side chains.
What all this means, then, is that blockchain as a service (i.e. the concept that NXT was originally set up to spearhead) is a real possibility through Ardor.
The reason that this one is gaining so much attention right now is that there was just a successful hard fork of the NXT chain and, alongside this fork, an airdrop of what’s called IGNIS to holders.
Based on this fork and airdrop, buyers are rushing in to pick up an exposure to the fork and that’s what’s pushing up the price of ARDR at the moment.
So where do things go from here?
The thing to recognize here is that this is just the beginning of what could be an incredible rush of adoption for the technology that underpins Ardor. NXT is brilliant but the original structure (i.e. the concentrated holdings) turned potential developers off to the platform. The ability to harness the power of NXT, however, through the Ardor side chains, means that NXT (and in turn ARDR) is free to grow unrestrained by market concerns surrounding concentration.
And as the platform grows in popularity, so will the value of the coins that underpin it.
Keep in mind that there’s a near-term correction risk, as outlined in the introduction to this piece. There’s likely a bunch of shorter-term operators in the markets right now that are poised to take profits on the run that’s come over the last few days and weeks and – when they sell out – price will likely take a hit.
This dip, however, could be a great opportunity to pick up some cheap coins.
We will be updating our subscribers as soon as we know more. For the latest on ARDR, 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 Ardor.
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 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 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…
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