Cardano (ADA), one of the popular cryptocurrencies, has been trading above the $ 1 price range for the past few months. Even though the ADA is based on the $ 1 cap, it hasn’t fallen out of here and has achieved important performance. Cardano, which successfully defended the $ 1 stronghold even when the entire market was in a downtrend, held on tightly in this area – said the analyst of SafeTrading team.
- Cardano’s price has garnered 24% growth over the past week.
- The ADA hit its highest level in two months at $ 1.89 a day.
- Also, yesterday ADA was one of the 5 most traded cryptocurrencies by crypto signals.
The rally that Cardano investors have been waiting for has begun. The hype around smart contracts and the pace of development have fueled the upward trend. IOHK CEO Charles Hoskinson recently announced that the smart contract launch date will be announced on Friday. However, the popular executive hinted that the launch will take place before the Cardano summit, which is scheduled for next month. Over the weekend, Alonzo Purple users celebrated the third and final phase of their upgrade, involving the testnet.
DeFi on Cardano Alonzo Purple’s network that supports smart contracts and will be the first to be fully publicly available to facilitate. Cardano’s long-term development strategy undoubtedly remains impressive. On the other hand, the timing of short-term plans has been postponed.
Cardano investors reacted positively to Hoskinson’s news – say the analyst of SafeTrading team. Data for both the spot market and derivatives show trends consistent with this position. As you can see from the graph, the total cost of I / O operations is $ 530 million. In fact, the current levels are pretty close or even equal to mid-June. Overall, these data indicate that investor interest in the ADA crypto signals has lagged behind.
In addition, it should be noted that in the May rally, IO reached $ 1.3 billion, and the current level is quite far from that level. According to SafeTrading, while spot volume was similar to Jule at the time of writing, it was quite far from the February and May levels.
Due to this, volumes must increase significantly for the ADA price to bounce off current levels. Also, on the Bybit funding rate chart, the trend is shifting upward. In general, this indicator was between zero and negative territory after the main pullback in mid-May. However, since August 6, it has moved into positive territory dominated by long-term investors.
Many experts can easily answer in the affirmative. As the trend in the price chart is already starting to reverse, the ADA price can be expected to rise on Friday following Hoskinson’s announcement. In addition, as the launch date approaches, the ADA price may approach the $ 3 target as smart contracts are activated.
When the cryptocurrency market went green, investors breathed a sigh after a long time. The most important factor in greening the market is, of course, the most valuable asset in the market – Bitcoin. Elon Musk’s statements on Tesla and Amazon news made bitcoin rise again. After a long time, BTC broke $ 40,000 and is trading at $ 44,267 at the time of this writing. Of course, Bitcoin’s green color has also mobilized altcoins. We’ve looked at getting today’s altcoins for you:
XRP is trading at $ 0.95, up 4.5% in the past 24 hours. XRP, which is up 36% over the past week, continues to make investors smile. If trading continues at these levels, a much more unexpected turn of events could happen next week, and together we will witness big gains again.
Our next valuable coin is XDC. XinFin Network’s value surged to $ 0.11 with an astounding 18% rise in the last 24 hours. When we look at the numbers for one week, we can say that XDC has made an incredible 53% jump and has paid off the investment. XDC, one of the assets that analysts point to, remains one of the key market assets.
Another asset we have is Nano. Although this is a coin that some of us do not pay much attention to, we can say that it is one of the most popular coins. Based on last week’s chart, we are seeing incredible growth. Over the week, the jump was 41%, and over the last 24 hours – 13.04%.
As we write this article, we won’t be wrong if we say the Nano is trading at $ 6.33 and the uptrend is still ongoing.
Network market analyst Glassnode says the millions of dollars in bitcoin transaction growth is a sign of institutional involvement.
According to Glassnode, the number of Bitcoin (BTC) transactions in excess of $ 1 million has increased from nearly one-third to over two-thirds of the total BTC value transferred since September 2020.
. “Since September 2020, the share of these large transactions has increased from 30% to 70% of the total amount of transfers.”
Small transactions fell from two-thirds to about one-third of the total value transferred, according to Glassnode.
According to a market analyst firm, the growing prevalence of high-value transactions indicates that “a new era of institutional and wealthy capital is flowing through the Bitcoin network in 2020.”
Glassnode also notes that the total long-term investor (LTH) holding has hit a record 82.68% as the supply of short-term investors (STH) shrinks. An analytical firm defines coins held in LTH as coins with a minimum age of 155 days, and coins up to 155 days as coins held in STH.
Glassnode says a “major supply cut” occurs when STH’s supply reaches 20%. According to Glassnode, STH’s redundancy rate is currently 25%. The analyst estimates that STH’s supply volume needed to drive prices up could be reached by mid-September.
“While the supply cut based on STH’s supply ratio has yet to hit 20%, there are many indicators and trends in the game that suggest it could hit that level by mid-September.”