As a seasoned crypto investor with a knack for spotting trends and analyzing market patterns, I must admit that Cardano (ADA) has been a fascinating ride these past few months. Having entered the crypto world during the early days of Bitcoin, I’ve seen my fair share of bull markets and bearish phases, but ADA’s performance in this current bull run is nothing short of impressive.
Despite experiencing a temporary dip this week, Cardano (ADA) continues to rank among the top ten cryptocurrencies based on market capitalization.
Yesterday saw a significant rise for ADA, increasing by more than 7%. This surge suggests that ADA is experiencing a resurgence as the bull market begins to take hold. Moreover, an important on-chain indicator has climbed to levels not seen in over two years, providing additional support to the optimistic outlook.
Catalysts Fueling ADA’s Run
As a crypto investor, I’ve been keeping a close eye on the Cardano network, and the latest data from IntoTheBlock is truly intriguing. Over 840,000 transactions have been recorded recently, with total fees amounting to 279,000 ADA. This level of activity mirrors levels seen back in March 2022, which suggests a resurgence of interest and adoption within the Cardano ecosystem. It’s an exciting time for Cardano investors!
An analyst citing ITB data said,
In the past few months, Cardano’s digital currency, $ADA, was primarily viewed as a speculative asset. Yet, since July 2022, there has been a steady increase in the number of $ADA holders up until today. This trend indicates a growing trust and confidence in the Cardano Blockchain/ecosystem.
In simpler terms, during the ongoing bull market, ADA has excelled among cryptocurrencies and regained the significant price point of $1. This week saw a temporary decrease in value, but large-scale ADA investors took advantage of this dip by purchasing over 130 million tokens, equivalent to around $130 million.
1) This purchase limits the availability, which could increase the value of the asset if demand stays steady or rises, since a scarcity situation may occur. Furthermore, such large transactions might express optimism towards the market, encouraging smaller investors to join in and invest as well.
Looking at the broader picture, ADA whales have amassed tokens valued at approximately $10 million within the last month. This significant acquisition has boosted their holdings by an impressive 146%.
Milestone for Cardano Ecosystem
In terms of ecosystem development, Cardano has achieved a significant step forward by successfully launching its initial zero-knowledge (ZK) smart contract, Halo2, on the mainnet using Plutus v3 ledger language. This action enables the creation and integration of ZK applications, as well as partnerships with other chains such as Midnight.
On November 25th, the IO Research team showcased Halo2’s functionalities by validating the Ad-hoc Threshold Multi-signature scheme (ATMS) on the main network, successfully confirming 50 out of 90 signatures. The transactions involved a fee of 0.16 ADA for securing funds and 2.03 ADA to unlock them following proof authentication.
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2024-11-30 20:10