With a market capitalization of $4.9B, Cardano has risen from obscurity to become the largest cryptocurrency in terms of overall value and is now trading at its all-time high price point. If this trend continues, it will smash past Ethereum (ETH) as the second most valuable crypto by market cap within the next few weeks.
The “decentralized consortium funding” is a critical component of the ADA project. It will allow for the development of new projects and ideas to be funded by the community. The “ADA needs to overcome resistance at $1.50 if it is to make a comeback.”
Cardano’s native currency, ADA, had a rough quarter, but the tides look to be turning as the year comes to a close. Throughout October, the token bled and continued to lose ground, falling below $2.00 and then below $1.50 in November. ADA, on the other hand, seems to have found a spark in the recent turn of events.
Earlier this week, Frederik Gregaard, the chief executive of the Cardano Foundation, expressed his thoughts on the network and the token’s first year. Despite the latter’s drop during the previous two months, Gregaard’s comments on both were favorable.
More information about this and other key developments in Cardano during the last week can be found here.
Cardano has had a fantastic year in 2021: Executive Director of the Cardano Foundation
Despite the fact that its native coin has suffered significant losses in recent weeks, Cardano Foundation CEO Frederik Gregaard feels the protocol has had a positive year overall. Gregaard said in a blog post on December 22nd that Cardano has had “amazing growth,” with ADA up over 700 percent year-to-date.
Gregaard believes that the current drop isn’t reason for concern, and that the blockchain has made considerable progress, which is the point to concentrate on. The Cardano Foundation’s CEO noted in the article that the protocol is progressing, citing “continuous growth, technological innovation, community expansion, and [big] collaborations” as the primary takeaways.
ADA began the year trading at $0.20 before rallying to a new high of $3.10 in September. Because it was unable to maintain speed at this point, the coin withdrew, wiping off the majority of its gains. In the weeks that followed, the token continued to plummet, finally reducing by more than half. Despite the massive sell-off, the token is still up around 750 percent according to current market statistics.
The Alonzo upgrade and the high adoption rate reflect progress.
Gregaard also described growth in the blog post as the rising acceptance of the Cardano token (ADA) and the introduction of smart contract functionality. He went on to mention some of the network’s other notable accomplishments outside of the market, such as attempts to allow decentralized finance and exchanges.
“Both the Cardano Foundation and the #Cardano protocol have had an amazing year of development, accomplishments, and important milestones!” We’re excited to share some of the year’s major highlights with you! “Take a look,” the Cardano Foundation said on Twitter.
In a nutshell, this was Cardano’s year.
More than 2.5 million native assets have been minted on the network in the past nine months (since the multi-asset ledger functionality was launched). Non-fungible tokens accounted for 80% of these assets, which have recently acquired popularity.
According to the Cardano blog article, there have been over 23.8 million on-chain transactions and over 2.6 million wallets established. The number of active addresses on the network tripled last month (from October), showing significant momentum in on-chain activity, according to a research from CryptoCompare.
Gregaard also pointed out that the boom wasn’t done yet, noting that the Alonzo hard fork, which went live late in September, opened the way for further utility and on-chain adoption. The major benefit of the change, according to Gregaard, is ‘programmability.’ He said that the platform’s programmability allowed it to accommodate smart contracts and decentralized apps.
Partnerships have been really beneficial.
According to Gregaard, partnerships with various institutions throughout the globe have helped Cardano create value and usefulness. Throughout the year, the Cardano Foundation has formed numerous crucial relationships, according to the CEO.
He highlighted partnerships with Rival eSports, UBX, a Philippine-based FinTech startup, and Save the Children. Veritree and HackerOne are two more big partnerships the network has announced this year. The former is active in land rehabilitation and tree planting verification on a global scale. HackerOne, on the other side, is a bug reward and loophole platform that Cardano used to coordinate vulnerability cooperation.
Cardano token holders’ optimism are rising as a result of recent favorable trading activity. Analysts are also becoming more optimistic about the ADA’s price. Some of them believe that the downturn that dominated the token in November and part of December has finally ended. They think ADA is now preparing to overcome $2.50 opposition.
The previous 7 days of trade activity for ADA
According to coinmarketcap statistics, the ‘Ethereum-killer’ is now trading at $1.42 per dollar. Over the previous seven days, the ADA/USD exchange rate has increased by 14.45 percent. Given the token’s over 20% drop in November alone, this is a big gain. ADA traders are optimistic, but if the token fails to flip the $1.50 resistance level into support, the odds of a rebound are minimal.
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ADA needs to overcome resistance at $1.50 if it is to make a comeback – Cardano Weekly. ADA, the cryptocurrency that was originally valued at over $1.50, has been in decline for quite some time now. The market cap of ADA is currently sitting at around $0.93 billion and the price per ADA is hovering around $0.12 cents. If ADA can’t break through this resistance level, then it will continue its downward trend until it hits rock bottom somewhere near $0.03 or less where people won’t even want to use it anymore because they’ll be too afraid of losing their money on such a volatile currency which no longer has any value whatsoever., Reference: when is the ada announcement.
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