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Cardano (ADA) – Ready for Reversal?

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Being optimistic while predicting Cardano’s future price movement and looking back at the reversal trends in 2022, ADA tokens will reverse in 2023. 

Cardano (ADA) is a third-gen blockchain that emphasizes interoperability and scalability, providing a connection with other popular blockchain networks. Cardano developers can create smart contracts within decentralized platforms. It is often compared to Ethereum since the two blockchain networks offer similar services within the DeFi space. 

Ethereum is a more established and older network but has higher gas fees. It makes the Ethereum blockchain quite expensive as a barrier to entry for several institutional and retail investors. 

Cardano offers cheaper gas fees and is arguably more secure and reliable than Ethereum, but with less decentralized apps built on its network. However, Cardano has made headlines recently due to some of its recent developments and achievements, which we will discuss in this post.

Current Price Action of Cardano (ADA)

The Cardano price is trading at $0.26, projecting a loss of -1.83% in the last 24 hours. The current price action in Cardano shows a market cap of $8,998,229,090.40. Cardano has changed about 4.68% this year and is categorized as Smart Contracts under DACS.

Potential Rebound of ADA Price

Cardano has recently survived a  major hit at a $0.25 support level, showing early signs of a price rebound. Increasing staking means temporarily removing sizeable tokens from the current market supply. It can spark a certain price uptrend when the demand grows. A similar chain of events followed amid the increasing staking as the Cardano price gained about 3% in August 2023. 

Notably, a substantial increase in staking during the price surges suggests that Cardano holders are aiming for considerable deals in the future instead of selling them in the next milestone. Therefore, market bulls may capitalize on this decline. In addition to the heightened staking activity, ADA crypto price prediction also signals the potential for price growth in the months ahead.

Cardano’s Strong Fundamentals

Cardano’s development process involves three major components or strong fundamentals, including:- 

  • Smart Contracts: Projects on the Cardano network considerably impact the platform’s smart contracts, written in certain languages, providing governing guidance to the whole application. 
  • Token Development: Cardano is a proof-of-stake blockchain network developed using the same technique. Token development on the Cardano blockchain has captured the interest of many crypto firms and product owners due to its distinguishing features and innovative methodology. 
  • App Development: Cardano blockchain provides users with decentralized applications or dApps that are expandable, dependable, and secure. The Cardano blockchain ecosystem is convenient and easy for developing various social communities and staking applications. 

Some of the recent Cardano achievements include:- 

  • Hydra: Hydra is a layer 2 scalability solution on Cardano that allows transactions to occur off-chain and enhances resource utilization and predictability. 
  • Side Chain: Another key achievement was seen in side chains that alleviated the load on the main chain and optimized the overall Cardano performance, offering fast rollups and finality. It was a strategic move to ensure seamless operation during peak times.

Will Cardano’s Growing Ecosystem Spark a Recovery?

The Cardano user base is continuously expanding, showing strong interest and resilience from the community of the Cardano blockchain even though there has been an unfavorable scenario considering ADA’s price action. There has been a notable rise in the number of Cardano wallet addresses by almost 6% since April 2023, rising from 4.02 million wallets to almost 4.27 million wallets by August. 

There has also been a rise in the number of delegators by 30,000 during this period. Cardano network projected growth of 1,600 new wallets daily on average in August. Surprisingly, the biggest quantity of new wallets created was witnessed on June 10, recording nearly 4,000 new wallets per day in a day. However, the performance on July 18 was the worst, as the platform registered only one new wallet in the network. 

In the meantime, the Cardano price projected a surge of $0.40 in April to a current value of $0.26 per unit. It made for losses of about 35% during the 151 days that Cardano saw steady growth on new wallets. 

Cardano continues to experience falling prices with 4.75% losses in a single day as the entire crypto market witnesses a red day. Nevertheless, as long as the ecosystem and network on Cardano continue to grow in adoption and utility, ADA demand can increase, leading to better performance of Cardano prices in the long run.

Cardano NFTs and Ecosystem Expansion

Cardano’s CEO, Charles Hoskinson, explained his participation in Non-Fungible Tokens (NFTs) projects in the Cardano ecosystem. Recently, on a YouTube video, Charles Hoskinson stated that he maintains the policy of not holding NFTs from Cardano projects. He also mentioned that showcasing any Cardano project work will never be interpreted as an endorsement. 

Hoskinson intends to build a neutral baseline without participating in NFT projects on the Cardano ecosystem. He also emphasized that despite numerous offers, he does not publicly disclose any address to get NFTs. Hoskinson’s neutrality eliminates the possibility of showing favoritism towards a particular entity project within the Cardano platform and addresses the strong community and tribalism tide within the ecosystem.

Staking Activity

Cardano staking in August remained comparatively flat, but the trend reversed on 28 August. ADA price sank 43% below its peak in 2023, and most existing ADA holders are looking at extraordinary unrealized losses. Many Cardano holders are looking forward to yield-bearing opportunities. 

The Cardano market price is $0.26, with the newly staked ADA tokens worth approximately $30.6 million. According to the Total Staked metric, the percentage of circulation supply is currently locked up in smart contracts.

Conclusion

In conclusion, as Cardano prices coil, some traders accept the decisive breakout. ADA enthusiasts are looking closely at the charts as the crypto price forms a distinguishable triangle pattern that suggests an imminent breakout, marking a groundbreaking shift in its trajectory. 

Cardano may touch its year’s high if the market remains bullish, building traders’ confidence. However, if the bears regain control, ADA token holders may grow wary and exit from the market due to the increasing frustration. Considering the diverse perspectives of this dynamic Cardano landscape, the key is to understand the potential of Cardano and consider its future performance.

Cardano Transaction Surge: Resilience Amid Market Flux

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In a period when Cardano’s market value remains subdued compared to its local peak in April, the leading layer-1 blockchain is experiencing a remarkable upswing in on-chain transaction volume. This uptick in utility, combined with the notable dominance of ADA in social discussions, presents promising opportunities for the token.

Recent insights from Santiment have revealed that ADA’s weekly transaction volume has soared by an impressive 1726%, a level last seen on January 20, 2023. Moreover, a spike in the discussion rate surrounding the token reflects heightened trader interest. While Cardano’s social metrics partly surged due to the renewed excitement following Grayscale’s recent legal victory, ADA, like several other altcoins, found itself trailing behind the broader market upswing.

Over the past 30 days, the overall price has decreased by nearly 16%, with ADA losing 8.7% in value over the last seven days. Despite these fluctuations, Cardano still maintains its position as one of the top seven cryptocurrencies in the top 100 list, boasting a market capitalization of $9 billion and a 24-hour trading volume of $166 million. Nevertheless, it remains 91% below its all-time high, requiring a substantial boost in Cardano’s price to make a significant recovery.

Cardano’s Development Activity

A recent report from the on-chain analytics firm Santiment highlights that Cardano is currently experiencing its highest development activity in the past 30 days. With these activities evolving into tangible projects, experts anticipate a potential upswing in ADA’s price.

Along with the surge in development activity on the Cardano network, a notable increase has been observed in daily interactions and transaction volumes. This uptick indicates growing user engagement and heightened interest in the protocol. However, while development and activity thrive, there has been a noticeable decline in fee generation on the protocol, with fee earnings seeing a 33% decrease over the last month, according to Token Terminal.

In the realm of staking, Cardano has also witnessed a steady rise in the number of ADA holders participating as stakers. Nevertheless, it’s essential to note that the reward ratio for ADA stakers has experienced a decline, potentially influencing staking behavior and the overall staking landscape.

Cardano’s Week of Triumphs: Development Milestones & Community Connections

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During a week marked by substantial progress and active involvement from the community, Cardano’s diverse development teams have been diligently pushing forward to enhance the blockchain ecosystem. Here’s a summary of the key accomplishments of each team.

Cardano Network Performance & Tracing Team

According to weekly report, the Performance and Tracing Team completed benchmarking activities for node v8.2.1 and initiated benchmarking setups for GHC9.6 and UTXO-HD. Infrastructure enhancements were a focus, leading to a reduction in the memory footprint of the analysis pipeline. The team also integrated a new batch of optimizations into the tracing system while continuing efforts to ensure namespace consistency guarantees.

Additionaly, the Lace team made substantial progress with Metadex integration, filtering user-owned and trading tokens, and bug fixing. Their work included testing native token minting, creating custom liquidity pools for decentralized exchanges, and conducting load/performance testing. Hardware wallet transactions were fixed, collateral setting was finalized, and automation tests were expanded for Lace.

The Plutus Tools Team dedicated their efforts to rewriting the Marconi indexers, implementing and testing a new indexer, and updating the cardano-api version in plutus-apps. The Plutus Core Team released plutus-ledger-api-1.11.0.0, introducing the ScriptContext data type for Plutus v3.

Meanwhile, the Marlowe Team actively prepared for the CryptoPall workshop, introducing a survey contract exercise and mechanisms for key generation and token metadata acquisition. They resolved setup issues in Demeter Run, focused on a withdrawal widget for Marlowe contracts, and improved workspace configurations.

The Hydra Team held its monthly review meeting, emphasizing transparent communication and project evaluation. They also conducted educational initiatives for the community, updated Hydra demos, and worked on improving hydra-node availability.

The Mithril Team worked on the second phase of the stress test tool for benchmarking the aggregator, improved the client, implemented simultaneous download and extraction of snapshot archives, and explored zstandard compression for snapshot archives. They also enhanced verification and metadata in snapshot archives.

In Project Catalyst, a Twitter Space event with Charles Hoskinson discussed the roadmap, while technical achievements included wallet updates, snapshot data integration, voting power checks, and automation of review processes.

With these achievements and community engagements, the Cardano ecosystem continues to evolve and flourish, demonstrating its commitment to progress and inclusivity. Stay tuned for more updates in the ever-evolving world of Cardano.

Related Reading | Ripple Fights Back Against SEC Appeal Over XRP Security Status

Cardano Founder’s Unbiased Stance on NFT Ventures

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Charles Hoskinson, founder of the Cardano blockchain and engineering firm Input Output Global, shed light on his position concerning his involvement in NFT [Non-Fungible Token] initiatives. In a YouTube video, Hoskinson clarified that he does not endorse or receive any sort of payment from NFT pioneers.

Pointing out a huge painting of Apes Society artwork in his office, the founder stated that he received it as a gift. He also denied owning any NFTs linked to projects within the Cardano sphere.  With transparency at the forefront, Hoskinson asserted that his appreciation of the NFT art he’s received should not be misconstrued as an endorsement of any specific project. 

Moreover, his decision to stay away from these NFT ventures stems from his commitment to establish an impartial foundation. In order to prevent any perception of bias towards a particular NFT endeavor, he remained steadfast in never publicly revealing an address to receive NFTs, despite numerous offers.

Further, the founder called for collaboration among communities, urging open discussions about their collective needs as NFT enterprises. Even though he would not be involved in the day-to-day decisions of any specific NFT project, he still enjoys interacting with various NFT creators and communities, particularly during Cardano-focused conferences.

In the larger context, the non-fungible token arena has expanded exponentially, growing into a billion-dollar sector primarily dominated by Ethereum. In contrast, Cardano has faced criticism from various quarters, often labeled a “ghost chain” due to its lack of a developed DeFi and NFT ecosystem. Nevertheless, the dynamics within the NFT sphere are undergoing a transformation.

Cardano’s Evolving NFT Landscape

As evidenced by the weekly chart shared by Stocktwits NFTs, the floor price index for Cardano NFTs now stands 22% higher than that of Ethereum. The most recent update from the platform underscores a notable shift in sentiment, indicating an increasing inclination among market participants to consider Cardano as a significant hub for NFTs.

A pivotal element that significantly contributed to boosting the ecosystem’s trajectory was the Vasil upgrade. This upgrade played a vital role in propelling Cardano to secure the position of the third-largest NFT protocol, following Ethereum and Solana, as of last September.

Cardano Accumulation Phase: Whales Scoop Up ADA As Retail Sentiment Suffers

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Well-known Cardano enthusiast Chris O, often referred to as a Cardano OG, has expressed his conviction that the current phase for the Cardano is one of accumulation. While retail investors appear to be in “the depression phase,” Chris O points out that whales – those holding significant amounts of ADA, Cardano’s native token – are actively accumulating.

With a keen eye on the Relative Strength Index (RSI) – a momentum indicator often utilized by traders – Chris O notes that it has reached its lowest point and is now demonstrating an upward trend. This observation suggests a potential shift in market dynamics, wherein the prevailing negative sentiment among retail investors may not represent the broader trend.

Addressing the Cardano community directly, Chris O advises against becoming too fixated on the immediate market fluctuations, urging individuals to adopt a broader perspective. He emphasizes that in times of such nuanced market behavior, it is essential to “zoom out” and consider the larger trajectory of the cryptocurrency.

Cardano’s Position & Determination In The Market

Meanwhile, during his keynote presentation at the Rare Evo 2023 event held in Denver a few days ago, Cardano’s co-founder, Charles Hoskinson, shared his lofty ambitions for the project. Hoskinson expressed his belief that ADA could eventually surpass both Bitcoin (BTC) and Ethereum (ETH). He grounded his optimism in ADA’s distinctive features, particularly its scalability and interoperability.

While ADA currently holds the seventh spot among the world’s largest cryptocurrencies with a market cap of $9 billion, the project aims to challenge the dominance of Bitcoin and Ethereum, which currently boast market caps of $504 billion and $197 billion, respectively. Hoskinson, however, appeared undeterred by the significant gap.

Hoskinson identified inclusiveness as Cardano’s unique edge in the competitive cryptocurrency landscape. He emphasized that decentralized governance, often viewed with skepticism, holds immense potential to foster innovation and growth. Hoskinson’s philosophy centers on providing individuals with opportunities to demonstrate their capabilities and contribute positively to the ecosystem.

Despite acknowledging the challenges posed by regulatory and technical hurdles, Hoskinson remained steadfast in his conviction that Cardano’s focus on inclusivity and its gradual achievements in development will propel it to become the foremost cryptocurrency globally.

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Cardano (ADA) May Enter Depression Phase: Historical Trends Analysis

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In a recent tweet, Benjamin Cowen, the CEO and Founder of ITC_Crypto, has raised concerns about the potential for Cardano’s ADA cryptocurrency to enter a depression phase. Cowen pointed out a historical pattern, noting that ADA reached its bottom point during the previous cycle just two months before the halving event. He further highlighted that ADA’s performance in the second half of 2019 showed a downward trend even before the onset of the pandemic.

Cowen presented a comparison of the Return on Investment (ROI) for ADA after the peak of both the last and current cycles. This comparison indicated that ADA has been encountering diminishing losses over time. Extrapolating from the past, Cowen suggested that if the current cycle follows a similar timeline, ADA might have approximately three more months before reaching its potential lows.

Regarding technical analysis, Cowen admitted uncertainty about the accuracy of his chart predictions, cautioning against attempting to identify specific patterns. He indicated that his initial estimations for ADA’s performance against Bitcoin (ADA/BTC) projected a movement to 800 satoshis by the summer of 2023, residing within the 800-1200 satoshi range. 

However, he has now revised his expectations, anticipating a drop to 400 satoshis in the upcoming months, mirroring a pattern observed during the previous cycle.

In light of the year-to-date (YTD) Return on Investment for ADA compared to 2019, Cowen suggested that ADA might potentially follow a trajectory similar to that of 2019, although not necessarily an exact replica. Additionally, Cowen included an overlay of ADA’s price movement with net liquidity, though the available information did not elaborate on specific details about this overlay.

Cardano Price Analysis

The current trading price of Cardano (ADA) stands at $0.260291. Within this one-day timeframe, ADA has experienced a decrease of 0.16%, and over the past seven days, it is down by 2.91%. An analysis of the prevailing market sentiment surrounding Cardano’s price prediction indicates a current inclination towards bearishness. Concurrently, the Fear & Greed Index, a prominent metric gauging market sentiment, registers a value of 38, indicating a prevailing sense of fear among investors.

Source: CoinMarketcap

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Best Altcoins Alchemy: Ripple vs. Cardano and the Secret Sauce of Elonator’s Potential

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Ripple and Cardano have emerged as prominent players, each with distinct features and benefits that have stoked expectations of the best altcoin bull run. This article will examine the variables that contribute to the bullish sentiment around both networks, focusing on the strengths of Ripple and Cardano. In addition, we will look at how Elonator (ETOR), a promising utility-driven best altcoins, could be a standout investment, drawing comparisons to Ripple and Cardano. 

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Let’s traverse the captivating world of these best altcoins as crypto fans, investors, and market watchers seek solid possibilities. Consider the varied capabilities that Ripple, Cardano, and Elonator bring to the table as you explore the fascinating possibilities afforded by Ripple, Cardano, and Elonator. Whether it’s Ripple’s commitment to frictionless cross-border transactions, Cardano’s commitment to scientific rigor, or Elonator’s utility-driven strategy, these altcoins reflect the cryptocurrency realm’s dynamic and innovative spirit. 

Ripple: Unleashing Financial Connectivity

Ripple runs on an open-source, peer-to-peer decentralized infrastructure that enables the frictionless transfer of money in any form, including dollars, yen, euros, and cryptocurrencies. It is a global payments network with major banks and financial organizations as customers. XRP is used to facilitate the conversion of various currencies. Cardano’s dedication to research and innovation distinguishes it as a project with significant growth potential. 

Cardano’s emphasis on environmental sustainability, notably its proof-of-stake consensus method, is in line with the growing demand for environmentally friendly blockchain solutions. Elonator is effectively lowering barriers, allowing anyone to navigate the huge expanse of the crypto realm with confidence. There is no need to invest in expensive equipment, master trading complexities, or spend sleepless nights looking for the next Bitcoin or the successor to BAYC.

Cardano: Pioneering Sustainable Blockchain Solutions

Cardano has academic support and is developing its community on research in order to positively benefit less fortunate sections of the world. Cardano also uses a low-energy blockchain. Better scaling possibilities. Cardano blockchain provides greater scalability. Cardano assures that it can scale to any size and that transactions happen rapidly by utilizing a settlement layer and a computational layer. It also allows for changes to be made without affecting payments or other transactions. 

Ripple is a type of digital hawala service. Hawala is an informal means of transferring money, typically across borders, in which no physical money is moved. Elonator is dedicated to providing genuine value to our community by maintaining transparency and accessibility, allowing anybody to review and verify our actions. Due to the fact that Elonator is built on the Ethereum platform, anyone having our $ETOR contract address may simply trace transaction flows using the Ethereum blockchain explorer.

Elonator: The Potential Game-Changer

Elonator protocol is more than just a passive revenue generator. It also addresses many of the issues that have plagued the current cryptocurrency scene, such as a lack of proper liquidity, rug pulls, whales impacting token value, severe price volatility, a lack of utility, and a lack of crypto literacy. Elon Musk’s pioneering spirit and the strength portrayed by the Terminator inspired the Elonator Token, which represents a novel concept in the area of meme tokens. 

Cardano, with its potential user base in emerging and frontier markets, could be the ideal long-term acquisition. You may have to wait a long time to realize the network’s full utility, but it implies there is more potential from the current price. XRP is used in Ripple’s products to ensure fast liquidity. Another Ripple product, xRapid, employs XRP as a “bridge asset,” or an asset that businesses and financial institutions can use to transfer funds between two different fiat currencies. 

In conclusion, RippleNet is a blockchain-based alternative to the SWIFT network with the goal of changing and speeding up cross-border money transfers. RippleNet offers a one-minute end-to-end transfer process, as well as transaction transparency. Cardano, the network’s smart contract platform, has gained popularity in the field of decentralized finance (DeFi), with developers developing an increasing number of apps and protocols on the Cardano blockchain. Elonator (ETOR) appears as a potential game-changer, one of the best altcoins, buoyed by Ripple and Cardano. These projects offer a compelling glimpse into the future of blockchain technology for cryptocurrency enthusiasts, investors, and market analysts seeking profitable investment opportunities. 

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Solana’s Trajectory Echoes Cardano: Analyst Benjamin Cowen’s Insights Spark Speculation

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Celebrating analyst Benjamin Cowen has unearthed a fascinating correlation between Solana (SOL) and Cardano (ADA) in a captivating twist within the crypto sphere. The crypto community is now abuzz with speculation, as Cowen’s insights hint at potential trajectories for Solana’s future.

Cowen’s discerning eye has unveiled a remarkable likeness between SOL’s present price maneuvers and ADA’s price actions in its preceding cycle. The enigmatic $28 hurdle that SOL faces today appears reminiscent of Cardano’s bout with the $0.11 threshold in the latter part of 2019. Interpreting this pattern, Cowen suggests that SOL might undergo a downturn, possibly retracing below $10 in the coming days.

Drawing from the annals of history, ADA’s price trajectory rebounded with vigor following its downward slide, delivering a staggering 11.295% surge. The outcome propelled Cardano to unprecedented heights of $3.1 per token, igniting the potential for significant upswings following a period of consolidation.

Solana’s Pathway vs. ADA

Analyzing the possible trajectory of SOL compared to ADA, it is essential to acknowledge that the results may differ due to several factors. The market may fluctuate unexpectedly, technological advancements may arise, and external influences may intervene, all of which could impact Solana’s journey in unforeseeable ways. Therefore, it is crucial to remain cautious when predicting Solana’s future.

It’s pivotal to grasp that Cowen’s insights constitute not a definitive prophecy but a plausible scenario rooted in historical trends. The correlation he illuminates underscores the tantalizing prospect of SOL mirroring aspects of Cardano’s price evolution, albeit not necessarily in lockstep. As crypto enthusiasts eagerly watch, only time will tell whether Solana’s path will echo that of its crypto predecessor.

Related Reading: | Solana’s Market Cap Soars Past $9 Billion, Leaving Dogecoin Behind

VC Spectra’s Presale vs. Arbitrum (ARB) and Cardano (ADA): Who Will Deliver Bigger Returns?

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VC Spectra’s (SPCT) promising presale, Ethereum’s integration with Arbitrum (ARB) Nova on Kraken, and Cardano’s (ADA) defense against skeptics represent pivotal moments for investors. Comparing VC Spectra’s strong presale to Arbitrum’s downtrend and Cardano’s defensive stance during a sell-off raises questions about the best investment returns. We’ll examine the potential of each.

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VC Spectra (SPCT) Is Offering Higher ROI

VC Spectra (SPCT) is a decentralized platform for asset management and trading, targeting a secure, transparent, and profitable investment experience. With a team of venture capitalists and technologists, VC Spectra (SPCT) identifies prime investment opportunities and uses advanced trading tactics to ensure returns and reduce risks. 

VC Spectra’s mission is to make blockchain and tech investments accessible and straightforward for everyone, regardless of their financial background. VC Spectra (SPCT) offers trustless investment management, letting investors decide their involvement level, aiming to guarantee steady and profitable returns.

VC Spectra (SPCT) protocol is based on the Bitcoin blockchain and uses smart contracts for automated functions like trading. It employs the BRC-20 standard Spectra Token (SPCT) for activities like voting.

The price of VC Spectra (SPCT) is currently at $0.025 in Stage 2 of its public presale. SPCT investors from Stage 1 witnessed a 212.5% profit, while those who bought early in Stage 2 enjoyed a 127.27% gain. Purchasing SPCT tokens now at $0.025 could yield a 220% increase by the presale’s conclusion, with a projected price of $0.08 at launch in different exchanges.

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Kraken Allows Ethereum (ETH) Deposit and Withdrawal on Arbitrum (ARB) Nova

On August 17, 2023, Kraken announced support for deposits and withdrawals of Ethereum (ETH) on the Arbitrum (ARB) Nova network. Users can now deposit ETH into their Kraken accounts using the “Arbitrum (ARB) Nova” option found in the “Funding” section. Arbitrum (ARB) investors are excited by this announcement.

Despite the announcement, Arbitrum (ARB) has declined by 2.91% since August 17. Yet, its trading volume is up by over 50% in the same duration. Arbitrum (ARB) is currently priced at $1.01, with a market capitalization of $1.29 billion. The ARB community is filled with bearish sentiment.

Also, indicators such as the MACD and the RSI suggest a bearish trend for ARB. This decline is also attributed to general market volatility and short-selling. 

Still, given the oversold condition of Arbitrum (ARB), there is potential for an upward price correction soon.

Hoskinson Defends Cardano (ADA) On Platform X

Charles Hoskinson, the creator of Cardano (ADA), defended ADA against skeptics on August 17. Critics questioned Hydra’s effectiveness, but Hoskinson highlighted its utility for specific applications and tweeted Cardano (ADA) advancements like Hydra and Mithril. He refuted claims of bias towards Ethereum and emphasized Cardano’s unique innovations. 

His responses underscore his confidence in Cardano’s future in the blockchain world. Meanwhile, Cardano (ADA) is trading at $0.2653, a 4.33% decline from $0.2773 on August 17. Yet, the trading volume is up by 78.48%, reaching $423 million from $237 million in the same period. Cardano (ADA) traders are actively trading due to sell-off pressure.

Crypto experts predict a potential decline in Cardano (ADA) with crucial support at $0.25. For a bullish trajectory, ADA needs to break the $0.28 mark. They recommend buying on dips and employing dollar-cost averaging for potential long-term gains.

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Cardano Builder Celebrates Network Growth And Future Plans

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Cardano builder Input Output Global (IOG) e­xpresses its enthusiasm for the­ recently published quarte­rly report by on-chain analytics firm Messari. The “State­ of Cardano Q2 2023” report, release­d earlier this month, sheds light on the­ blockchain’s latest accomplishments and enhance­ments.

Input Output Global responde­d to the report by expre­ssing their anticipation for Cardano’s future deve­lopments. The Q2, 2023 report not only showcase­s Cardano’s growth and potential but also demonstrates the­ir continuous commitment to innovation in the blockchain space.

Input Output Global has e­xpressed gratitude towards the­ ADA community and ecosystem partners for the­ir remarkable efforts and has hinte­d at exciting updates that will be unve­iled as Cardano embarks on its ongoing journey.

Cardano Sees Impressive Growth In Q2, 2023

ADA expe­rienced a significant network boom in the­ second quarter of 2023, as indicated by Me­ssari’s data. Average daily dApp transactions saw a remarkable­ 49% increase compared to the­ previous quarter.

MinswapDEX spe­arheaded this progress while­ also witnessing notable expansion from various othe­r dApps contributing to its growing adoption. Moreover, there­ was an astounding surge of 198.6% in Total Value Locked (TVL) in USD, both ye­ar-to-date and quarterly, with a rise of 9.7%.

ADA climbe­d up the TVL leaderboard across all blockchain ne­tworks, elevating its position from 34th to 21st. DefiLlama data furthe­r demonstrates that ADA achieve­d a new record-breaking high with its total value­ locked (TVL) measured in ADA te­rms reaching an impressive mile­stone of 763.62 million ADA.

It is important to note that the broade­r ADA community is benefiting greatly from collaborative­ efforts focused on promoting interope­rability and exploring innovative use case­s led by Milkomeda, Midnight, Wanchain, and IOG’s sidechains te­am.

Cardano Reports Notable Developments This Week

The late­st IOG weekly report discusse­s the recent de­velopments in the ADA e­cosystem. One notable update­ was made by the Hydra team, who upgrade­d the Hydra node to support Cardano node v.8.1.2, e­nsuring compatibility with the latest version of the­ mainnet.

Additionally, participatory governance took a significant ste­p forward with the launch of SanchoNet’s initial phase this we­ek. SanchoNet serve­s as an ongoing technical testbed for on-chain gove­rnance actions according to CIP-1694, offering the ADA community a controlle­d environment to test out its functionalitie­s.

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