Cardano’s ADA is on the move once again, and this time, it’s riding high on the waves of the Ouroboros Genesis upgrade. The cryptocurrency has surged impressively, hitting the $0.300 mark, a one-month high that’s caught the attention of traders and investors alike, with a remarkable 6% rise in the weekly chart.
Keeping a close eye on the numbers, the 24-hour trading volume shows promise, indicating robust activity and interest in the market. As of now, Cardano’s price stands at $0.293318, and the trading volume is an impressive $616.64 million.
In terms of market capitalization, Cardano boasts a substantial value of $9.92 billion, solidifying its position among the top players in the cryptocurrency space. With a market dominance of 0.81%, it’s clear that ADA is making its presence felt.
However, the latest 24-hour data shows a slight decrease of -0.15% in ADA’s price. This dip, though minor, has prompted some bearish sentiment in the Cardano price prediction. Traders and investors might be exercising caution in the face of this temporary setback.
Taking a glance at the Fear & Greed Index it’s indicating a score of 64, signifying “Greed” in the market sentiment. It could be indicative of a growing eagerness among traders to capitalize on Cardano’s recent gains.
Cardano (ADA) Price Driving Factor
Cardano’s recent surge in price can be attributed to the highly anticipated announcement from Dr. Martin Hiesboeck, the Head of Research at Uphold Inc. He tweeted exciting news about the upcoming Ouroboros Genesis Upgrade for Cardano’s ADA.
According to him, this upgrade will bring significant improvements and changes to the platform. It piqued the interest of many traders and investors, who are eager to gain insights into the upgrade’s potential impact on Cardano’s ecosystem.
Ouroboros Genesis is a forthcoming upgrade that addresses critical issues and enhances security in a decentralized environment. It offers unique features that set it apart from other Proof-of-Stake (PoS) blockchains.
Notably, it focuses on solving costless simulation and bootstrapping challenges while protecting against long-range attacks. These capabilities make Cardano stand out as a PoS blockchain.
In contrast, Bitcoin (BTC) relies on the energy-intensive Proof-of-Work (PoW) consensus mechanism, which poses concerns about energy efficiency and composability. As more participants join the network, the computational power required by PoW increases, resulting in significant energy consumption.
Furthermore, interoperability between different protocols, including Bitcoin, can be challenging due to composability issues.
To address the limitations of PoW, PoS systems were introduced as an alternative. PoS leverages virtual resources rather than computing power to secure the network, improving efficiency and scalability.
However, PoS protocols may limit participants’ dynamic availability compared to PoW-based systems like Bitcoin. The fundamental drawbacks of PoS protocols include the “nothing-at-stake” problem or costless simulation.
In PoS, it becomes possible for block producers to work on multiple branches without incurring any cost, potentially leading to a lack of consensus and higher rewards for malicious actors. Long-range attacks, which exploit vulnerabilities when new participants join a blockchain, also pose security risks.
The upcoming Ouroboros Genesis upgrade for Cardano aims to address these concerns. It is the first mathematically proven PoS protocol to ensure persistence and liveness in synchronous and semi-synchronous settings.
By guaranteeing security while reducing energy consumption and improving performance, Cardano aims to outshine other PoS protocols.
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