Cardano’s Ada Token Just Extended Its Recent Gains To Reach A 6-Week High
Cardano’s ada token rallied today, building upon yesterday’s price increases to attain its highest value in six weeks.
The digital asset reached $1.19 this afternoon, CoinDesk data reveals.
At that point, the cryptocurrency was trading at the most since February 10, marking a six-week high, additional CoinDesk figures show.
The digital currency has retraced slightly since then, but it has managed to retain most of its recent gains, trading at roughly $1.15 at the time of this writing.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Several analysts weighed in on this latest upside, identifying various developments they interpreted as driving these price movements.
Martha Reyes, head of research at digital asset prime brokerage and exchange Bequant, spoke to this matter, emphasizing how ada has risen along with the broader cryptocurrency market.
“Cardano has been recovering some lost ground recently but hasn’t fully clawed back from YTD underperformance vs the ecosystem,” she stated.
“It has been driven in part by the overall resilience of the digital assets market despite the tightening cycle being priced in by the fixed income market.”
Reyes also mentioned the recent revelation that Grayscale planned to include ada in its Grayscale® Smart Contract Platform Ex-Ethereum Fund, as well as optimistic statements made by technologist and entrepreneur Charles Hoskinson.
“There have also been specific catalysts including the launch of Grayscale’s Smart Contract Platform ex-Ethereum fund and bullish comments from Charles Hoskinson, the father of Cardano, on the 2022 outlook for the blockchain,” she noted.
“He has declared that we will get similar performances to Solana and the like this year as they turn on new features in June and October.”
Armando Aguilar, an independent cryptocurrency analyst, also commented on the implications of the Grayscale fund announcement.
“ADA as a PoS cryptocurrency has a secured network where people commit their ADA holdings to the network,” he noted.
“The more ADA committed, the higher level of security/transaction validation there is on the cardano blockchain.”
“These people benefit by receiving rewards (a share of newly minted ADA tokens). Now users can passively earn ~3.75% by staking their ADA tokens,” Aguilar emphasized.
He noted that the single largest component in Grayscale’s new fund is the ada token, and as a result, “millions in new capital can flow into the new Grayscale trust.”
Aguilar also mentioned Coinbase, which recently started offering staking services for the ada token, as potentially driving demand for the digital asset.
“Coinbase and Grayscale provide institutional services and with the rise in demand for DeFi and higher traditional yields, institutional capital could be accessing ADA via Coinbase and Grayscale products, thus pushing the price of the cryptocurrency higher,” he stated.
Andrew Rossow, an internet and technology attorney, also weighed in on this exchange’s decision to offer ada staking services.
When asked what variables drove the cryptocurrency’s recent gains, he stated “I definitely think Coinbase is a factor here, as there aren’t many platforms that provide that tailored user experience and support.”
In spite of these positive developments, Reyes warned that Cardano has been struggling to keep up with its competition.
“It has become a show me story as the coin has tumbled down the market cap league tables and has been a weak performer versus ethereum in the last year as traders bet on that blockchain’s migration to proof of stake,” she stated.
“In conclusion, it is at risk of getting left behind if the upgrades don’t come soon but sentiment was so downbeat that a better market and some specific positive news pushed up the price.”
Looking forward, she spoke to the importance of the upcoming Vasil hard fork, scheduled to take place this summer, which has the objective of increasing the Cardano network’s transaction throughput.
“June will be key to see if more Dapps launch on Cardano after the hard fork,” Reyes emphasized.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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