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Reviewing Cardano´s Impressive First Semester

Reviewing Cardano´s Impressive First Semester

Over the past couple of weeks, the markets have been strangely calmed for what we are used to seeing in crypto. Although, there are some outliers like the DeFi tokens run last week or some altcoins that have obtained impressive gains lately. In general, for the past month, main cryptocurrencies like Bitcoin and Ethereum have been experiencing light spot trading levels within a tight range of prices as volatility continues to decline. Multiple issues have been identified by analysts and traders trying to explain this sudden decline in activity.  It can be associated with renewed COVID fears or mounting trade tensions but we are unable to know for sure. Numerous articles, interviews, and podcasts are already addressing this topic with different points of view. 

For today’s article, the idea is to pass through the macroeconomic environment and its relatively slow trading activity and go deeper into the analysis of Cardano as the upcoming challenger in the blockchain protocols space. The intention is to better understand their performance and status from a data perspective using Intotheblock’s intelligence platform and evaluate what the numbers are actually telling.


Big expectations on Cardano's upgrade. 

Cardano is a proof-of-stake blockchain network that has a dual-layer solution, with a unit of account and a control layer that governs the use of smart contracts, recognizes identity, and maintains a degree of separation from the currency it supports. They stand out among other blockchain projects for exclusively using academically peer-reviewed open-source code to provide a smooth-running network that programmers and developers can build applications on.

Cardano has performed impressively well during the first half of the year with a YTD return of 201%. At the time of writing, ADA token is trading at $0.099092 USD with a market capitalization of $2,569 Billion dollars and a steady trading volume that has consolidated well in the top 10 ranking of most important cryptocurrencies after Bitcoin. ADA has now raced up to fresh yearly highs  a price we haven't seen since June of 2019, surging more than 10% in just a couple of hours. 

ADA Price

The impressive price rally is likely due to optimism ahead of the much-anticipated release of the Shelly upgrade. On June 30, Cardano released the "Shelley Code", as previously announced on their roadmap. The process should be fully completed in about 3 weeks after which the network will undergo a hard fork. It basically consists of an incentivized testnet to reward the holders for delegating their Stake. This promotes the staking of the users inside the network as they become eligible to earn rewards that then will be transferred to one of the Cardano wallets, known as Daedalus and Yoroi.

In terms of price activity, Cardano’s token is one of the few that has managed to appreciate during the last week. It is interesting to see how ADA moves aggressively apart from Bitcoin reaching a 30-Day Low correlation point of (0.1) on July 3rd while its volatility remains somehow steady. 

Volatiliy

 

Cardano Holders must certainly be happy by the recent price surge. There are signs of strong recovery for ADA holders as almost 70% of them are In The Money right now. IntoTheBlocks’s In-Out of the Money indicator reveals a holistic view of how this asset is doing in two different perspectives, by addresses, and by volume. As the price went from $0.033 USD in early January towards $0.099 USD as of today, we can see how an important number of holders started recovering and making money on their investment. At the beginning of the year, almost 85% of ADA holders were underwater. An incredible way to change things in just half a year! 

IOMAP

ADA token holders are keeping their investment for a longer period of time. We can see how the number of holders are consistently increasing every month. Last week, the number of addresses reached 213.95 thousand with a volume of 7.78 billion ADA. The average time that tokens are held by these addresses is 2 years. 


ADA Holders

Finally,  in terms of adoption and traction, we can see a spike in the number the Total Addresses of ADA with a positive Balance. This is another metric that has increased considerably during the past couple of months as we can see in the image below.

ADA Total Addresses

As the Cardano team aims to become a key player in the emerging supply chain and DeFi sectors, we must be aware of the results of the much-anticipated network upgrade and see how they position themselves for the near future, but their prospects and recent state seems very positive. From the standpoint of IntoTheBlock, our intention is to provide valuable data points that show different views and perspectives to make better-informed investment decisions. 

 

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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XRP Price Analysis: XRP Continues Correcting

XRP Price Analysis: XRP Continues Correcting

This analysis brought to you by RoboForex.

On Friday, November 27th, XRP has reached stability but is still correcting and trading at $0.5550.

As we can see in the daily chart, after finishing a quick rising wave, XRP/USD price is correcting to the downside. At the moment, the asset is trading close to 61.8% fibo, a breakout of which will indicate further pullback towards 50.0% fibo. The MACD histogram has broken 0 and is still moving to the upside – it may be another signal in favor of a new rising impulse. The upside target of the completion of the correction will be at 0.6800.

In the H4 chart, the cryptocurrency continues correcting to the downside. Right now, it is testing the support level, a breakout of which will result in further decline towards 50.0% fibo. The Stochastic indicator has formed a “Black cross” inside the “overbought area” and is still falling, which is an additional signal in favor of further decline towards 50.0% fibo. After completing the correction, the asset may test and break 61.8% fibo, and then continue trading upwards. The upside target is similar to the daily chart, 0.6800.

Ripple started its rally on November 20th, together with other cryptocurrencies. There are a lot of explanations of why it happened, from investors’ search for alternatives to fiat instruments to a surge in interest in cryptoassets from institutional players. Indeed, all of this really took place and, of course, expansion of the interest was in favor of cryptocurrencies. The entire market is on the rise but since “trees don’t grow sky-high”, active purchases faded to the correction.

Over this period of time, XRP has managed to update its high reached in May 2018. The asset is still moving like 80% below the highs of January 2018, when it was trading at $3.7, but investors are surely positive about further growth.

At the moment, XRP is back to third place in the list of the strongest and most popular cryptoassets.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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