Turmoil in China, concerns over the global economy and BlockFi’s bankruptcy filing are all weighing on crypto markets this week.
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 most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.10234
Ardana developers claimed back in January that “almost all of the product/smart contract development is finished.”18056
Crypto markets have started the week on a weak note, suggesting that buyers remain skeptical about buying any significant dips.9281
Bitcoin and select altcoins are struggling to rise above their immediate resistance levels, indicating that the bears remain in full control.10424
The recovery in BTC and altcoins fizzled out fast, suggesting that investors continue to maintain a risk-off stance to all cryptocurrencies.10265
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.7074
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.3100
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.15488
Bitcoin and most altcoin prices have turned down and look to retest underlying support levels.14392
On-chain Cardano metrics show a decline in transactional activities on the network.8520
These altcoins are carving out gains as Bitcoin price continues to trade within a tightening range.13450
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.13499
Bitcoin and most altcoins are likely to witness a pick in volatility following the CPI print on October 13.15364
Optimistically speaking, Brad Garlinghouse thinks the case will be concluded in three to four months, though it could take longer.21959