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Cardano’s Aggressive Development Activity Will Withstand Bear Assault At $0.3?

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Cardano’s Aggressive Development Activity Will Withstand Bear Assault At $0.3?

The crypto market’s rally is losing strength, forcing significant cryptocurrencies, such as Bitcoin, Ethereum, and Cardano, back to their support regions. The latter has been deploying products and development that hint at a longer bullish trend.

As of this writing, Cardano (ADA) trades at $0.35 with a 5% loss in the last 24 hours. Over the past week, ADA’s price still recorded some profits as the bulls made their stand against a spike in selling pressure.

ADA’s price with minor profits on the daily chart. Source: ADAUSDT Tradingview

Cardano In The Olympus Of Development Activity

Data from research firm Santiment indicates that the Cardano ecosystem is vibrating with development activity. Currently, this blockchain ranks number 3 in the metric, according to the number of commits on the software development platform GitHub.

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As seen in the chart below, Cardano’s development activity over the past 30 days records over 330 GitHub commits for the different projects on this blockchain. Only Polkadot and its experimental environment Kusama have seen more development activity, with 441 commits.

Cardano is in the top 3 by development activity. Source: Santiment

As the chart above shows, the price of Cardano (ADA) has been moving in tandem with its developments and the general market sentiment. As more developers onboard the blockchain, the ecosystem is more appealing to investors. ADA records a 38% rally over the past 30 days.

In the coming weeks, this blockchain will deploy a new upgrade for its smart contract programming language, Plutus. This update will enable support for the Elliptic Curve Digital Signature Algorithm (ECDSA) and Schnorr.

These new components will allow developers to provide more security and build cross-chain capabilities. Plutus was designed to operate as an easy-to-use and accessible programming language. Thus, people might feel even more incentive to build on this blockchain.

It remains to be seen if ADA’s price will extend its recent trend and follow its spike in development activity. According to Input Output Global, Cardano’s lead developer company:

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This upgrade will bring greater interoperability and secure cross-chain #DApp development to #Cardano, making it easier for developers to work with other blockchains. Developers would otherwise need to spend extra time, effort, and funds to implement ECDSA and Schnorr over the SECP elliptic curves in #Plutus, increasing potential security risks and using an unrealistic amount of resources.

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Cardano’s weekly update looks bullish, but will it give relief to short-term holders

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Cardano’s weekly update looks bullish, but will it give relief to short-term holders

  • Cardano developers worked intensively on the projects in the pipeline. 
  • Key metrics remained bullish over the last seven days of press time.

Input Output Global recently released the latest edition of its weekly development report, highlighting the major achievements and updated statistics for the Cardano [ADA] network.

Reportedly, Cardano’s native tokens reached 7.63 million and the total number of transactions reached 59.8 million. Furthermore, the report revealed that 113 projects have been launched on the network. 

The weekly #Cardano development update is now live on #EssentialCardano.

Check out the key highlights from this week and get the latest on development progress in core technology, wallets and services, smart contracts, scaling and governance.👇https://t.co/YFsUakj3sL

— Input Output (@InputOutputHK) January 27, 2023


How much are 1,10,100 ADAs worth today?

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What about developers?

In the weekly development report, IOG mentioned what different teams worked on over the last seven days. For instance, the Plutus team planned their work for the next five sprints, with the main goals of the Plutus core team being finalizing the debugger MVP, increasing script capacity, adding property testing with the Plutus intermediate representation generators, and many more.

Additionally, the ledger team completed some preliminary groundwork in preparation for CIP-1694 (Voltaire).

IOG also announced the date of the SECP upgrade, which will help drive greater interoperability and secure, cross-chain dApp development.

The mainnet upgrade is proposed tentatively for 14 February 2023. While the Hydra team concentrated on the Hydra Head V1 specification, which is currently being reviewed and completed, the Mithril team completed the implementation of the backward/forward compatibility mechanism of their API messages.

Though the developments increased, Cardao went through a short outage last week, which concerned the crypto community. 

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Read Cardano’s [ADA] Price Prediction 2023-24


A favorable week for investors?

While the developers were improving the network, ADA continued its bullish rally. As per CoinMarketCap, ADA’s registered over 8% weekly gains, and at the time of writing, it was trading at $0.3912 with a market capitalization of more than $13.5 billion.

Interestingly, ADA remained in demand in the futures market last week as its DyDx funding rate was relatively up. ADA’s MVRV Ratio also increased after registering a decline mid-week.

LunarCrush’s data revealed that ADA’s popularity also increased as its social engagement went north by over 15% last week. However, ADA’s velocity tumbled in the past week, which was not in the blockchain’s favor. 

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Biggest Movers: ADA Climbs To 11-Week High, As Crypto Markets React To US GDP Data

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Biggest Movers: ADA Climbs To 11-Week High, As Crypto Markets React To US GDP Data

Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domestic product in the U.S. rose by 2.9%. The token rose by as much as 5% earlier in the day, climbing to its strongest point since November. Monero was also in the green, nearing a key resistance level in the process.

Cardano (ADA)

Cardano (ADA) rebounded on Thursday, with prices moving to an eleven-week high in the process.

Following a low of $0.3537 on Wednesday, ADA/USD rose to an intraday high of $0.3866 earlier today.

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As a result of this, cardano rose to its strongest point since November 8, which is the last time prices were above $0.4100.

ADA/USD – Daily Chart

Looking at the chart, ADA has moved lower from earlier gains, as traders appear to have taken profits near a ceiling of $0.3875.

As of writing, the token is trading at $0.3774, with the 14-day relative strength index (RSI) near a resistance of its own at 74.00.

The index, which is currently tracking at 69.22, will likely need to move past the 74.00 point in order for ADA jump over the $0.3875 hurdle.

Monero (XMR)

In addition to ADA, monero (XMR) also surged earlier in the day, as it edged closer to a key resistance level.

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XMR/USD moved to a peak of $178.15 earlier in the day, which comes less than a day after falling to a low of $169.84.

Today’s surge sent monero closer to its long-term resistance level at $180.00, which was last broken on Sunday.

XMR/USD – Daily Chart

As can be seen from the chart, the relative strength index (RSI) is currently hovering below a ceiling of its own at 65.00, with a current reading of 63.25.

In order for bulls to take XMR back above the $180.00 level, price strength will first need to surpass the 65.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

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Do you expect monero to rise above $180.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Money Leaves ADA, SOL To Small Cap Altcoins, Here’s Where It’s Headed

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Money Leaves ADA, SOL To Small Cap Altcoins, Here’s Where It’s Headed

With the crypto market rally, altcoins have benefitted just as much as bitcoin. Digital assets across the space have been able to return to their pre-FTX collapse levels, signaling the start of a bull run. However, as the market begins to settle into this new normal, investors are moving gains around from larger cap assets to take advantage of possible price movement in smaller altcoins.

Cycling Out Money To Small Cap Altcoins

A recent report from on-chain data aggregation website Santiment shows that investors may be moving money out of larger cap coins such as Cardano and Solana and moving to small cap coins. This paints a picture of a rotation of funds rather than outright pulling money out of the crypto sector.

Santiment notes that the large gains recorded by the likes of Solana, Cardano, and Polkadot are now being moved into smaller altcoins. Most of these coins are top 200 and below tokens with market caps lower than $300 million.

The cycling of funds into these smaller altcoins is shown by their address activity. The image shared by Santiment shows a significant uptick in the address activities of these coins. Most notably, the uptick was seen from last week as a lot of these larger cap coins hit new local peaks.

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Money flows out from large cap to small cap altcoins | Source: Santiment

The small cap coins mentioned in the report are TRADE, RBN, SLP, PLSPAD, POND, MITX, MTH, and CBG. Most of these are coins flying under the radar. Ribbon Finance (RBN) which is the most prominent on the list is only at a $139.7 million market cap but has risen 24% in the last seven days.

What Happens To These Tokens?

The tokens mentioned by Santiment are still small enough that they can see prominent movement with just a fraction of the amount needed to move the prices of the likes of SOL and ADA. This means that if this rotation of gains from large caps to small cap altcoins continues, then these tokens could see positive movement in the coming days.

However, for coins with such low market caps, just as it is easy to pump their prices, it is also just as easy to drag their prices down with sell-offs from a few large holders. It becomes a double-edged sword for investors who follow the movement. On one hand, it could mean very large gains in a short time, but on the other hand, could see them lose money fast.

A good thing about this though is that attention is being spread out instead of just focusing on a handful of coins. As wallet activity rises for these altcoins, it could trigger exploration into similarly priced altcoins which could benefit from new interest.

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Crypto market cap crosses $1 trillion as investors move money around | Source: Crypto Total Market Cap on TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from MARCA, chart from TradingView.com

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