Altcoins took a serious hit as Bitcoin dropped below $13K today, meanwhile, BTC’s macrostructure remains bullish.
Cardano is a blockchain-based smart contract platform that aims to compete against similar platforms such as Ethereum, Tezos, and EOS, among others, through a more modular, layered protocol that runs on a proof-of-stake consensus algorithm called Ouroboros.
Identifying itself as a third-generation blockchain and cryptocurrency system following Bitcoin and Ethereum, Cardano’s development is quite different from its competitors in that it is heavily informed by theoretical, peer-reviewed research before implementation in software.
Its native cryptocurrency, ADA, is named after Ada Lovelace, a 19th-century writer and mathematician who has been referred to as the world’s first computer programmer.
Cardano’s development is backed by three companies: IOHK, a blockchain R&D company founded by Charles Hoskinson and Jeremy Wood; the Cardano Foundation, a nonprofit dedicated to Cardano adoption and development; and Emurgo, a venture capital firm based in Japan.
Bitcoin and altcoins are showing signs of short-term exhaustion, meaning a few days of consolidation could occur.22259
Bitcoin is showing signs of profit booking, resulting in a slight downturn in altcoin prices.25945
Bitcoin hit a new 2020 high and altcoins rallied as PayPal announced that it will support crypto payments.25040
Bitcoin price may rise to a new 52-week high if it can break above the ascending channel and this move could ignite the altcoins.30034
Bitcoin and altcoins must rebound off their immediate support levels to recapture bullish momentum and resume the uptrend.19284
Bitcoin and most major altcoins are sustaining above their immediate support levels, increasing the possibility that the uptrend will resume.13355
Bitcoin’s strength above the $11,500 multi-year resistance is also pulling many altcoin prices higher.19065
Bitcoin price could achieve a new 2020 high if bulls hold the price above the key multi-year resistance at $11.5K.25346
Traders are attempting to kickstart a new trending move in Bitcoin and altcoins by attacking overhead resistance levels.14126
Bitcoin could consolidate for a few more days but select altcoins have formed reversal patterns that may lead to a trending move.21109
This inherent separation of power is all in accordance with Charles Hoskinson’s vision.10235
Users automatically receive rewards on some of their crypto positions.6665
Shopify stores could soon allow users to pay for products with Cardano tokens with a new app that removes any payment intermediaries.9558
This potential move will swap the native AGI token from ERC20 to Cardano7646