Following the launch of Cardano (ADA) in 2017, the crypto market turned abuzz with high hopes towards the new crypto’s ability to unlock the mass-market through its scientific philosophy and its research-driven approach that is favorable to institutional investors.
Two years later, Cardano (ADA) is yet to separate itself from the problems of the general crypto market despite retaining a top tier rank in the crypto market. At present, Cardano ADA is the 11th most significant cryptocurrency by market capitalization and exchanges hands at around 0.081 USD with a large market cap of about 2.2 billion USD.
Since its inception, Cardano’s market price has appreciated by a decent 87 percent. Despite its impressive performance, the number 11 cryptocurrency is performing poorly in comparison to Bitcoin’s 194 percent gain and Ethereum’s 113 percent gain recorded at the same time.
Cardano Foundation Partners with Algoz to Provide Liquidity Solutions
Last month, the crypto community was met with news of Cardano partnering with cryptocurrency liquidity provider Algoz. The strategic partnership between the two entities seeks to provide liquidity and trading solutions for the digital asset.
According to an official statement by Algoz through their LinkedIn account,
“Through our partnership with this inspiring crypto project in the virtual currency scene, Cardano, is expected to increase the coin’s liquidity and trading solutions.”
Created by Fingenon Group, Algoz is a market maker solutions provider that deals with unlocking of liquidity for crypto assets. By taking advantage of Fingleton’s existing superior infrastructure, algorithms, combined knowledgebase, and trading strategies, Algoz is quickly developing into a solution provider that is bridging the gap between traditional assets and emerging virtual assets. Currently, Algoz is being utilized by crypto projects, exchanges, and other stakeholders globally.
Since its inception, Cardano’s trading volume has seen an impressive upsurge from 17.25 million USD to about 117 million USD marking a 595 percent increase in trade volumes in just six months. Many crypto pundits view the deal with Algoz as a good move that will see Cardano’s ADA move upwards into the big crypto league. With increased liquidity, Cardano ADA will be in a better position to attract institutional investors as it will be in a better position to counter manipulation by whales. Algoz solutions have the potential to increase Cardano ADA’s liquidity and accessibility to crypto traders and investors.
Algoz Solutions to Reduce Errors Caused by ADA Market Inefficiencies
Similarly, following the partnership, the ADA market is expected to experience fewer errors that are usually caused by market inefficiencies. For instance, situations of traders being forced to buy or sell ADA coins at a special price due to the lack of liquidity on the order book are set to go down. When this and many other errors are resolved, Cardano (ADA) could potentially move towards becoming one of the most significant cryptocurrencies in the market.
The Struggle of Tron (TRX) Continues
From the look of things, the crypto market seems to have opened the day on a wrong footing. Intraday investors should not expect any good news today as a majority of virtual assets are recording adverse price movements in the market. At the time of writing, the crypto market cap currently stands at about 35 billion USD.
Like many cryptos, Tron (TRX) is facing the same price drop following Bitcoins dismal performance – the crypto king is still in the green now though. At the time of writing, Bitcoin is trading at about 13,000 USD, an upsurge from yesterday’s 11,000 USD market price.
Even though at present, the mother and father of all digital assets is dominating big time, Bitcoin’s upward movement is expected to have a positive effect on Tron’s TRX and other digital assets. At the press time, Tron stands at $0.033705 after losing its value by 2.58% over the 24 hours.
During the massive fall, Tron was stable at 0.032 USD proving to the market that it’s just a matter of time until the crypto assets start recovering and appreciating. A section of analysts believes Tron will bypass the 0.04 USD mark before the weekend.
BitTorrent (BTT)
Yesterday, Tron-owned and powered BitTorrent launched BitTorrent Speed, its download optimization software that supports the functionalities of BTT.
Despite the launch, the number 36th ranked cryptocurrency is yet to show any positive signs in the market. As we write this post, BTT trades at $0.001258 as the Tron-backed digital asset went down by 3.13% in the last 24 hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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