Bitcoin and most major altcoins rebounded off their strong support levels, but the real challenge for the bulls is to sustain the momentum and clear the $60,000 resistance level.
Cardano Price Index
Cardano is an open-source proof-of-stake (PoS) blockchain in the cryptocurrency industry. The blockchain has a native coin that trades under the ticker ADA. Cardano is essentially a two-layered blockchain that developers can build upon, similar to Ethereum — although with a few key differences, such as its multilayer approach. The Cardano ADA coin has a maximum supply of 45 billion.
Built by IOHK, a firm focused on blockchain research and development, Cardano launched in 2017. Charles Hoskinson, the founder of Cardano, is also the CEO and co-founder of IOHK. Cardano’s development began in 2015, but the project did not go live until 2017.
Cardano has a common theme when it comes to the names of the project components, which are all taken from names of historical figures. The blockchain was named after Girolamo Cardano, an Italian who lived in the 1500s and was an expert in a number of fields, including mathematics. ADA, the blockchain’s native coin, derives its name from Ada Lovelace, an English mathematician from the 1800s. The names of project developments also have historical significance — such as Byron, which is named after the poet Lord Byron, who was the father of Lovelace.
The Cardano Foundation, a nonprofit entity, watches over the project, pushing forward its adoption and development.
Cardano’s blockchain technology
Cardano was written in the Haskell programming language. Cardano’s blockchain operates in two layers: the Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). ADA runs on the CSL, which is essentially a ledger of accounts on the blockchain, whereas building and smart contract work take place on the CCL. Rules can also be built for the smart contracts on the CCL.
The Cardano project takes a research-based approach and places importance on regulatory compliance.
The Cardano blockchain uses a specific type of PoS consensus mechanism called “Ouroboros” and aims to use less energy than its proof-of-work (PoW) competitors.
ADA in the markets
The Cardano crypto asset — or, more accurately, the ADA crypto asset — rises and falls in price in the cryptocurrency market as industry participants buy and sell it. To track the movements of the native asset of Cardano, price changes in ADA can be viewed live above on this page, complete with various market data and a chart showing ADA price history. ADA trades on numerous crypto exchanges. For Cardano news, see Cointelegraph’s Cardano tag.
Cardano Price News
Roughly 40,000 participants staked nearly 620 million ADA as part of MELD’s first-ever initial stake pool offering, which concluded on Oct. 27.15514
Bitcoin and most major altcoins are on the verge of starting a deeper correction, which will signal that a short-term top may be in place.34470
Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode.22463
The move surprised some users as ADA has not been typically on regulators' radars as of late.61993