BTC and many altcoins are kicking up dust after the Federal Reserve chairman Jerome Powell discussed the possibility of smaller rate hikes in 2023, but is the momentum sustainable?
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.
Turmoil in China, concerns over the global economy and BlockFi’s bankruptcy filing are all weighing on crypto markets this week.4992
Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.11128
Ardana developers claimed back in January that “almost all of the product/smart contract development is finished.”18249
Crypto markets have started the week on a weak note, suggesting that buyers remain skeptical about buying any significant dips.9672
Bitcoin and select altcoins are struggling to rise above their immediate resistance levels, indicating that the bears remain in full control.10668
The recovery in BTC and altcoins fizzled out fast, suggesting that investors continue to maintain a risk-off stance to all cryptocurrencies.10472
According to Charles Hoskinson, projects that have survived both bull and bear markets over the years were “resilient under an adversarial load” — and many DeFi protocols weren’t.7077
The latest Web3 offering from GameStop sees the official launch of its NFT market, and the Hong Kong government is testing a proof-of-concept NFT at a convention.3113
The S&P 500 and Bitcoin bounced off their nearby support levels, indicating that the bulls have not given up and are possibly buying the dips.15673
Bitcoin and most altcoin prices have turned down and look to retest underlying support levels.14583
On-chain Cardano metrics show a decline in transactional activities on the network.8527
These altcoins are carving out gains as Bitcoin price continues to trade within a tightening range.13628
Buyers could not build upon the strong recovery of Oct. 13, indicating that higher levels continue to attract selling in the U.S. equities markets and Bitcoin.13686
Bitcoin and most altcoins are likely to witness a pick in volatility following the CPI print on October 13.15548