Altcoins
Trezor Prepares to Add Support for Cardano (ADA)
IOHK, the technology and engineering company based in Hong Kong, has recently confirmed that a well-known hardware wallet called Trezor will soon add support for Cardano (ADA).
Cardano to get Trezor support before November
IOHK’s Charles Hoskinson, who is also the founder of ADA cryptocurrency, personally tweeted this announcement while drawing attention to Trezor’s roadmap.
Trezor Support coming before November it appears https://t.co/sRZVaWzzeN
— Charles Hoskinson (@IOHK_Charles) October 23, 2018
According to Hoskinson, support for Cardano on Trezor wallets should arrive before November, which leaves only two more days. Trezor, which is a hardware wallet used by cryptocurrency holders around the world, is currently undergoing preparations for adding not only ADA but several other coins as well. These include currencies like Monero, Ripple, ZCash, Zencash, as well as Stellar.
This represents a big move for Cardano, as its coin will now receive a massive security boost. Trezor’s hard wallets will allow users to have a new cold storage for Cardano, and increase the coin’s security. Due to their nature, hardware wallets are impossible to hack from afar, and any potential invader would have to gain physical access to the device in order to steal digital assets from it.
The support for Cardano was announced shortly after ADA got listed on platforms like eToro and OKEx. Receiving such important listings in a brief amount of time is one of the signs that exchanges and wallets believe that this coin has potential. As such, Cardano is expected to attract even more attention before the year ends.
This is not all that awaits Cardano
While Cardano is still relatively young coin, it became known as a currency that likes to take its time. However, it is also a coin that likes to think big. Apart from new listings and Trezor support, Cardano is set to receive a new update called Shelley.
Shelley was announced in late August of this year, and it is supposed to make Cardano fully decentralized and autonomous system. It will implement Ouroboros delegation, consensus, multi-signature transactions, light client mode, incentive fees, and a lot more. This is a big upgrade that has a lot of Cardano supporters excited, as it will bring numerous new features and improvements to the coin’s network.
While many expect Shelley to spark a new price surge, Cardano fans are also expecting the same from Trezor listing. Even though the coin is only one step away from being officially supported by Trezor, no large price surge has arrived as of yet. Right now, Cardano is managing to maintain a fragile balance, with its price going up and down by only a fraction of a cent. At the time of writing, ADA’s price is at $0.072433 per coin, and the coin seems ready to spike up at any moment.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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