Tag: ADA

Cardano’s Vasil Upgrade is Finally Complete

by Blockchain News

Cardano’s Vasil upgrade has been completed. The much-awaited set-off will enable increased network capacity, higher throughput, and lower transaction costs on the peer-reviewed, proof-of-stake blockchain platform.

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“The Vasil hard fork moves us towards this goal by improving Cardano’s foundational features, upgrading the technology’s capacity to transform our traditional financial and social systems, and ultimately advancing decentralised economic empowerment,” Frederik Gregaard, CEO of the Cardano Foundation, told The Block.  

The Vasil hard fork focuses on optimisation, scalability and interoperability. It is part of Cardano’s Basho era — one of the critical development phases on the Cardano roadmap.

During the upgrade, Vasil required no action for regular ADA holders using Cardano for transactions and dApps as the transition happened behind the scenes.

The upgrade was initially planned for June, but the postponed upgrade also activated Plutus v2 enhancements to Cardano’s smart contracts.

The Vasil upgrade has taken the blockchain platform closer in line with the capabilities of Ethereum – the largest smart contract platform. It further opens up the potential for current and new Cardano DeFi projects to create more powerful, efficient, and cost-effective applications.

Cardano founder Charles Hoskinson said, “(We) knew that, over time, we could get to what Ethereum has done, but we understood a road map to get there,” ahead of the upgrade about the blockchain platform’s gradual approach to adding new capabilities.

The upgrade date was finalised earlier in September by the Cardano-focused research and development company, Input Output Global (IOG). The decision was made after the critical mass indicators required were completed and successfully gained assurances from staking pool operators, exchanges, and dApp communities stating that they were ready for Vasil.

According to The Block, the Vasil upgrade was conducted in collaboration with people from across the Cardano ecosystem from the core development team, the Cardano Foundation, IOG, Emurgo, and the wider Cardano community via technical Cardano Improvement Proposals (CIPs).

Cardano stated that the upgrade promises increased functionality, performance and scalability. The new Vasil capabilities will be available on the mainnet after one epoch, on Sept 27.

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Cardano Elbows Ripple to Take 6th Position, Thanks to Heightened Development Activity

by Blockchain News

Cardano (ADA) has been scaling the heights because it is now the sixth-largest cryptocurrency after dethroning Ripple (XRP) with a market capitalization of $20.71 billion, according to CoinMarketCap. 

Cardano is going through the roof based on factors like increased development activity. Market insight provider Santiment explained:

“Cardano is one of many altcoins that have enjoyed a great start to the week. Development activity has hit AllTimeHigh levels, as ADA’s team worked on innovating while prices were suppressed.”

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Source: Santiment

Cardano is a proof-of-stake (PoS) blockchain, which is designed to be a scalable, sustainable, and flexible network for running smart contracts needed when developing decentralized finance (DeFi) applications and new crypto tokens.

Therefore, Cardano is one of the sought-after networks in the development arena based on the latest trend of flipping Ripple’s market capitalization of $20.14 billion.

Market analyst under the pseudonym Tajo Crypto pointed out:

“Cardano pumped more than 25%, so it flipped XRP to become the 6th largest crypto by market cap. Cardano is doing well with over 5 million assets minted from its network recently. Cardano is also getting ready for the Vasil upgrade in June. ADA is doing well.”

ADA was up by 18.66% in the last seven days to hit $0.6124 during intraday trading, according to CoinMarketCap. 

Therefore, Cardano seems not to be relenting in its quest to flip other cryptocurrencies. For instance, it elbowed Polkadot (DOT) from the seventh position in January 2021. As a result, it became the biggest proof-of-stake network. 

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New Cardano Milestone Might Be The Push It Needs To Scale $1.50

by NEWSBTC

Cardano has been struggling on the charts since its decline that began last year. It has since taken the digital asset below $1, although a recent recovery trend has rectified that. Nevertheless, Cardano is yet to regain at least 50% of its all-time value. With low momentum rocking the cryptocurrency, it has been an uphill battle getting the asset back up to $1.20.

Despite the price, the project itself has continued to see progress, and recently, it hit a new milestone. One that could very well be the much-needed put for Cardano to once again reclaim the $1.50 mark.

Cardano Surpasses 30 Million Transactions

As the adoption of the blockchain has grown, the transaction count has gone up significantly. The total transaction count for the network has now surpassed 30 million. For Cardano, this is an important milestone in the competition between the various smart contracts platform.

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This milestone comes on the back of IOG, the developer behind Cardano, announcing a new parameter update that helped to increase the block size by another 8KB bringing the total block size to 80KB. With this update, the number of transactions incorporated by the network on a daily basis has gone up greatly. The update was announced on February 1st. Since then, Cardano has incorporated over 895,000 transactions.

Related Reading | Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

There have been a number of updates proposed on the network to increase its overall capacity and security. This has translated to a higher number of transactions being processed on a daily basis. It will also help to accommodate all of the loads expected as decentralized applications (DApps) launch on the blockchain, as well as various large NFT drops expected to take place.

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What About ADA?

Cardano’s native token ADA has not been on the best course in recent times. After touching $3 at its ATH, it has since crumbled to six-month lows. However, with the recovery trend in the market, the digital asset has now made a significant movement back towards its previous value.

ADA which had trended between $0.9 and $1.10 for the longest time has finally made the break above $1.20. This is also significant for the digital asset as $1.20 has proven to be a strong resistance point for the cryptocurrency. After breaking through this resistance point, the next drop-off point for ADA will be around the $1.55-$1.65 mark.

Cardano (ADA) price chart from TradingView.com

ADA breaks above $1.20 | Source: ADAUSD on TradingView.com

Despite the fact that ADA has recovered from its recent lows, its investors are still seeing more losses than gains. ADA’s holder base has been one of the hardest hit with only 19% of the entire investor base in profit at current prices. A large majority of holders (66%) are in loss, while only 15% are in neutral territory.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

Nevertheless, indicators for the digital asset point towards a bullish outlook. Its futures market momentum shows that traders are turning bullish on the asset, and on-chain signals tell the same story. Exchange signals are however neutral with a perfect balance between bears and bulls.

Featured image from Bitcoin News, chart from TradingView.com

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Market Sentiment Improves As Bitcoin (BTC), Solana (SOL) and Cardano (ADA) See Institutional Inflows: CoinShares

by Dailyhodl

Digital asset manager CoinShares says last week’s crypto market recovery was accompanied by significant institutional investment inflows for several large digital assets.

According to the latest Digital Asset Fund Flows Weekly report, the largest crypto by market cap, Bitcoin (BTC), enjoyed last week’s largest share of institutional investments.

“Bitcoin continues to lead the inflows with US$71m last week, the largest since early December with this 3-week run of inflows totaling US$108m. Volumes in Bitcoin investment products remained low last week at US$1.8bn versus US$3.4bn the previous week.”

Leading smart contract platform Ethereum (ETH) suffered its ninth consecutive week of outflows, losing $8.5 million in institutional investments last week.

“Investment products flows for Ethereum suggest investors remain bearish with outflows of US$8.5m, having entered the 9th week run of outflows totaling US$280m…”

Meanwhile, Ethereum challengers Solana (SOL), Polkadot (DOT), Terra (LUNA) and Cardano (ADA) all saw inflows totaling $2.4 million, $2.2 million, $1.4 million and $1.1 million, respectively. This was the first week of significant institutional investor inflows for LUNA.

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Source: CoinShares

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Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

by NEWSBTC

Cardano (ADA) appears to be bullish. However, the uptrend seems to experience a limitation as there are possibilities of several obstructions in its way. Thus, traders need to be cautious around the ADA coin and its forthcoming rally.

What is Cardano?

Cardano is a PoS (Proof of Stake) blockchain that is open-source and distributed. Cardano implements peer-to-peer transactions using its native token, ADA. The crypto project was developed in 2015 and released in 2017 by the former Co-Founder of Ethereum, Charles Hoskinson.

Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys

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Also, Cardano is popularly known as the “Ethereum Killer” as it attempts to solve issues related to the Ethereum blockchain.

ADA provides a versatile, sustainable, and scalable network for deploying smart contracts. Using Cardano, you can develop and deploy an extensive array of dApps (decentralized applications), crypto coins, games, and other projects.

Cardano Price Continuously Appreciates

ADA price experienced a 45% downtrend between the 20th and 22nd of January, a similar experience to Bitcoin. Even though ADA dipped beneath the $1 psychological level, it didn’t create any candlestick lower than that. However, it quickly regained from this level. The ADA token leaped by 20% from its bottom price and signals that this uptrend will be consistent.

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Cardano (ADA) Price Touches $1.20 To Regain Previous Losses
ADA ready for takeoff | Source: ADAUSD on TradingView.com

Although this uptrend is worth considering, the coin will encounter several obstructions in its way. On the contrary, this upswing appears to be limited near the $1.22 level, and this is because of the 50-day SMA (Simple Moving Average).

IntoTheBlock’s Global In/Out Model

The transaction data gotten from the GIOM (Global In/Out of the Money) model reinforces this capping thesis for ADA’s price. The Global In/Out of the Money model, an on-the-chain trading index, displayed that about 484,540 addresses bought circa 6.2 billion ADA coins at the regular price of $1.26, and they were “Out of the Money” transactions.

Image Credit: IntoTheBlock

Thus, any day-trading purchasing pressure that rallies Cardano (ADA) into this region will encounter an enormous bearish pressure.

Also projecting that this upswing will be short-spanned is decreased number of new coin addresses entering Cardano’s mainnet from 73,780 to about 63,310 within the past month. It’s worthy to note that this 14% decrease signifies that ADA traders are less interested in the coin’s prices at its present levels.

Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption?

Notwithstanding the buying pressure Cardano (ADA) faces, any denial at both levels can cause the altcoin to trade as low as $1.

Image from Coingape, charts from IntoTheBlock and TradingView.com

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Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

by NEWSBTC

Cardano (ADA) has been on the receiving end on some of the most brutal beatdowns the crypto market has dished out in recent times. The cryptocurrency had managed to grow from about $0.20 at the beginning of 2021 to a high of $3, which saw investors cashing out massive gains. However, the trip down would prove to be just as swift and impactful as the trip up.

ADA has since lost about 60% of its all-time high value, falling below $1 for the first time in eight months. Since the digital asset has spent such a long time in a downtrend, there looks to be nowhere to go but up as ADA plots its move upwards after forming a local resistance point.

ADA Ready For Takeoff

After a long time in a downtrend, ADA has finally formed a local resistance. With this resistance, the digital asset is looking towards a liftoff from this point. One thing to note is that even when the rest of the market had begun to rebound, Cardano had continued to trend low. Momentum stayed down, translating to no meaningful movement despite the market gaining over $200 billion in a single weekend.

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Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

A look at the charts shows that this may have positive connotations for the value ADA going forward. For instance, ADA is now trading in a support zone between $0.90 and $1.20, as illustrated in this analysis by a trader. It is doing this while the rest of the market is already recovering significant portions of its lost value during the crash, showing that it has indeed formed local support.

Cardano To Bounce 40%

Looking at the past, a few things of note show that this is an important point for Cardano. One of these is the historical data that outlines what ADA has done after forming a local resistance. Like clockwork, the price of the digital asset has been able to bounce up from its support zone the past three times this has happened. There is nothing to suggest that this cannot happen for the fourth time.

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Cardano (ADA) price chart from TradingView.com

ADA readies for takeoff | Source: ADAUSD on TradingView.com

Furthermore, the local strong resistance zone happens to coincide with the 0.3 Fibonacci correction level, indicating that the digital asset is currently undervalued. Sticking with this analysis, ADA may see a 35% to 40% bounce upward from its current point if history repeats itself. This will catapult ADA out of its current trend, breaking through months of low momentum towards the $1.55 to $1.65 point, where it will form another local resistance zone.

Related Reading | Cardano Zooms Up By 6%; How Soon Will It Target $1.4?

The rest from here on out is mainly a waiting game. The network is seeing increased adoption due to its first major DEX, SundaeSwap, launching on the blockchain. As ADA usage on the network grows, so does the likelihood of a bounce.

Featured image from The Balance, chart from TradingView.com

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Cardano Zooms Up By 6%; How Soon Will It Target $1.4?

by NEWSBTC

At the time of writing, Cardano looks promising on its charts. ADA had broken over the $1.10 mark yesterday and was currently priced at $1.20. The $1.10 mark for ADA had acted as a long-standing resistance mark for the coin. The break above the aforementioned level could push ADA to trade above the $1.20 mark over the upcoming trading sessions.

The bullish force in the market seems to have propelled the prices of Cardano significantly. In the last 24 hours itself, ADA’s price grew by 6%. Continued trading above the $1.20 mark would help the bulls to breach the immediate resistance of $1.28. Breaking above the $1.28 mark, and Cardano could aim for $1.41.

Cardano Price Analysis: Four-Hour Chart

Image Source: TradingView ADA/USD

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Cardano had been trading tightly between the $0.90 and $1 mark for the past couple of weeks. Recent Market-wide appreciation in prices has caused ADA to move in a northbound manner. At press time, ADA was seen trading at $1.20 and was eyeing the $1.28 resistance level. The nearest support level rested at $1.16, falling through which ADA would target $1.10.

If ADA manages to uphold the current price momentum then it could soon aim for $1.41. The technical outlook for the coin is quite bullish. On the four-hour chart, bulls were dominant, therefore indicating that buying strength seems substantial.

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Over the last week, ADA had displayed a Golden Cross and secured a 14.7% gain. A Golden Cross happens when the 20-SMA line crosses over the 50-SMA line, in other words, the reading is considered bullish. Cardano’s price was seen above the 20-SMA, therefore signalling that buyers dominated price momentum in the market.

Related Reading | Is The Bitcoin Bottom In? Here’s What SOPR Data Says

Indicators and Rationale

From the above-attached chart, technical indicators have painted a bullish bias for Cardano. The buying pressure preceded selling pressure. The Relative Strength Index, in accordance with the above reading also was parked above the 75-mark, therefore, in the overvalued and overbought zone

MACD usually tells the current trend of the market. The indicator had undergone a bullish crossover, hence, it displayed green histograms at the time of writing. These green histograms were seen amplifying which suggested that ADA might continue to maintain its bullish outlook in the immediate trading sessions.

As the asset was overbought, there are chances of a price pullback, in other words, prices could dip if buyers continued to outnumber sellers. In case of such an event, ADA’s next trading levels would rest at $1.16, $1.10 and finally at $1.

Trading volume in the last few days closed in the green which meant that the bulls dominated the market. Yesterday, however, trading volume flashed a red bar which depicted the onset of slight bearishness. Cardano was last seen trading at the current price level on the 24th of January, marking a multi-week high for the altcoin.

Related Reading | Cosmos Records 20% Gain, What’s Behind The Boom In Its Ecosystem

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Cardano Developer Reveals Progress On Scaling Protocol Hydra

by NEWSBTC

Cardano announced its Hydra protocol last year and has continued to develop on it ever since. The project which finally gained smart contract capability in 2021 has been making strides in proving that it is a force to be reckoned with in the space. Its decentralized finance (DeFi) space has begun to take off. Now, it offers insight into the Hydra protocol and how much progress the team has made with scaling it.

Hydra Has Evolved

In a recently published report on its official website, the developer behind Cardano known as IOG has provided more information on what the project Hydra is up to. It explains where the protocol is now if far from where it is coming from. Hydra which was created by the Ouborous team to increase throughput, minimize latency, and provide cost-efficient solutions without sacrificing storage resources continues to evolve.

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Hydra has now matured into a proof of concept protocol, something that was not in the initial roadmap. This has pushed the project towards “a more defined implementation for the testate MVP.”

There are different Hydra Heads, which involve a robust network layer between Cardano and other blockchains, as well as other smart contracts that will drive the lifecycle of a Hydra Head. Acting as a mini-ledger, it works similarly to the on-chain main ledger of the Cardano network, but on a smaller scale, as well as off-chain.

Cardano price chart from TradingView.com

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ADA trending around $1 | Source: ADAUSD on TradingView.com

With the consensus algorithm provided on this protocol, all parties involved in a transaction need to agree before it is allowed to go through. This provides a very high level of security for those using the protocol.

“A consequence of this is that, as a participant, I cannot lose money I haven’t explicitly agreed to lose. Why? Because any valid transaction requires my explicit approval,” the report reads.

Cardano Heading To A Million TPS

One of the selling points of the Cardano network is how many transactions per second it can process. The proof of stake network is significantly faster than ethereum, its leading competitor. The project is committed to improving the TPS. However, that is not all Hydra is about.

Related Reading | Why The IOTA Foundation Donated £1M To The Imperial College

Although TPS can sound like an important metric, the report establishes that it is the least meaningful metric to use when carrying out a comparison since transactions can come in different shapes and sizes. Yes, the blockchain is working towards more scalability but “scalability isn’t about a million TPS.”

Instead of looking at TPS, the report asks to look at throughput, finality, and concurrency, since these metrics rank as more important in the grand scheme of things. These three metrics represent volume, speed, and amount of work done, the report says.

Featured image from Blaze Trends, chart from TradingView.com

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Cardano (ADA) Price Fall Amid Explosion in Daily Transactions Is Massively Bullish, Says Kraken – Here’s Why

by Dailyhodl

Crypto exchange Kraken says that the current price movement of Cardano (ADA) relative to its daily transaction could be a bullish indicator for the sixth-largest cryptocurrency by market cap.

In a new report, Kraken says that, while ADA’s price is strongly correlated with the volume of network activities, this has not been the case since late 2021 when Cardano’s price failed to keep up with the increase in its daily transactions.

“Throughout the course of 2020 and 2021, per figure 13, there was a strong correlation between ADA price movement and daily transactions. This relationship sustained until November 2021 when we saw the price of ADA trickle off while daily transactions saw a slight uptick.”

Kraken says that a “buy the hype, sell the news” pattern characterizes the market activities leading to Cardano’s upgrades, but the current relationship between ADA’s price and transaction volume suggests dwindling hype over the network.

The exchange says that ADA is undergoing a correction phase and is still on track for growth as decentralized apps (DApps) launch on the network.

“This could be a bullish indicator for ADA that the asset is in a correction cycle due to a drop in hype rather than exodus of the network. This is important to consider particularly as the long-anticipated launch of DApps on the network begins to roll out.”

At time of writing, ADA is trading at $1.05.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Cardano (ADA) Developers Propose New Update To Increase Block Size by 11%

by Dailyhodl

Cardano (ADA) developers have proposed an update that they say will help scale and improve the user experience of the project’s network.

The update will increase the Cardano network’s block size from 72KB to 80KB, according to a new tweet from the blockchain platform’s development firm, Input Output Hong Kong (IOHK).

The development firm also proposed an update that will increase the script memory units per transaction on the Cardano mainnet from 12.5 million to 14 million. Both the block size and script memory unit increases are slated to take effect on Friday.

Explains IOHK,

“Together, these enhancements will provide additional resources for [Cardano’s smart contract platform] Plutus scripts to improve DApp [decentralized application] user experience while increasing overall network capacity. This adjustment forms part of a planned series of network optimizations. Cardano will continue to be steadily optimized in a series of measured steps this year, carefully & methodically scaling Cardano for future growth as demand increases…

The network has been designed to safely manage high peak loads and throughput will steadily improve as we continue to optimize. This latest change will continue to improve the user experience.”

Cardano’s native token, ADA, is trading at $1.03 at time of writing, down more than 21% in the past month.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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