Cryptocurrency Market Sees Net Inflows of $12.5 Billion Over Last 24 Hours, Bitcoin and Ethereum Market Caps Grow
The cryptocurrency market has experienced a net inflow of $12.5 billion in the past 24 hours, bringing the total market value to $1.14 trillion, a 1.1% increase from $1.13 trillion. Bitcoin and Ethereum's market caps grew by 0.8% and 1.8%, respectively, during this period. The top 10 cryptocurrencies all saw gains, with Cardano leading the way at 3.2% and Dogecoin at 0.6%. The market caps of Tether and USD Coin increased to $83.27 billion and $28.96 billion, respectively, while Binance USD fell to $5.17 billion.
Over 6.5 Billion Cardano Tokens Turn Red Since Monday, Causing Losses for Investors
According to data from IntoTheBlock, Cardano (ADA) investors are facing losses as over 6.5 billion ADAs purchased at prices between $0.373 and $0.385 have turned red since Monday. The price of ADA has dipped below the lower end of this range. The surge in buying over the weekend, with more than 160,000 addresses adding Cardano tokens to their portfolios, has left investors trapped in losses with billions of ADA coins in their wallets. It remains to be seen whether ADA's price can recover or if further downward pressure will persist. Investors will need to reassess their investment strategies and evaluate their risk appetite in light of these recent developments.
Cardano's Total Value Locked Surges 300% in 2021, ADA Price Predicted to Reach $10
The price of Cardano has decreased by 2.5% in the past 24 hours, reaching $0.364249 as the market falls by 0.5%. However, the altcoin has appreciated by 47% since the beginning of the year and its total value locked in has reached $170 million, a nearly 300% gain since January 1. Cardano's technical positioning and steady growth in total value locked in suggest that it has the perfect conditions for future gains. The recent rollout of its Hydra update and upcoming improvements such as the Mithril upgrade and pooled lending could help transform Cardano into a real rival of bigger layer-one platforms.
Snek (SNEK) Rises to Become Second-Largest Asset in Cardano Ecosystem with CoinEx Listing
Snek, a recently launched meme coin based on Cardano, has become the second-largest asset in the Cardano ecosystem after its listing on CoinEx and a 22% surge.
Cardano's Marlowe Protocol Completes Audit Checks and is Now Available for Developers on Mainnet
IOHK, the blockchain startup behind Cardano, has announced that its Marlowe protocol has passed a comprehensive audit and is now available on the Cardano mainnet. The audit was conducted by Tweag, both internally and externally, to ensure that security is not compromised in the pursuit of innovation. Marlowe is a user-friendly set of tools that enables the creation, integration, and deployment of smart contracts on Cardano, and is compatible with both Haskell and JavaScript. This development marks a significant step forward for Cardano's smart contract capabilities.
Binance Adds Cardano and Litecoin Trading Pairs Against TUSD, Offers Zero Maker Fees
Binance, the biggest cryptocurrency exchange globally, has included trading pairs for Cardano (ADA) and Litecoin (LTC) against TUSD stablecoin. The exchange will offer zero maker fees for the ADA/TUSD and LTC/TUSD spot and margin trading pairs to attract traders and increase liquidity. Positive developments such as whale accumulation and advancements in core developments, wallets, and ledger for Cardano, and the upcoming halving event for Litecoin are expected to boost ADA and LTC prices. Binance has also added support for Cardano and Litecoin on its debit card, allowing users to spend their ADA and LTC at over 60 million merchants worldwide.
Minswap Sees Surge in Transaction Volumes on Cardano-based DEX, Boosted by Trading of Meme Coins
Trading activity on Minswap, a decentralized exchange built on the Cardano blockchain, has seen a significant increase in transaction volumes over the past few days. This surge in volume is likely due to traders seeking profit opportunities on meme coins.
Cardano's DEX Volume Surges by 60.6% in Seven Days, Hoskinson Suggests Hosting Bitcoin Ordinals
The volume on Cardano's Decentralized Exchange (DEX) increased by 60.6% in the last seven days, reaching $66.88 million, with over $7.94 million coming in the last 24 hours alone. This surge in activity indicates growing liquidity and trading activity within the Proof-of-Stake (PoS) ecosystem. While Cardano DEXes primarily facilitate the trading of tokens built under the blockchain, lending protocols under the chain could also contribute to its Total Value Locked (TVL), which rose by 15.30% over the last week. Charles Hoskinson, Cardano's founder, suggested that the network could host Bitcoin Ordinals better, potentially expanding the range of assets that can be traded on its DEXs, but any integration of Bitcoin-related functionality on Cardano would require significant technical development and community consensus.
Cardano Reaches New Milestone with TVL Surpassing 500 Million
Blockchain technology and cryptocurrencies have become ubiquitous in the financial world, with Cardano and Tradecurve offering unique narratives. Cardano (ADA) has achieved a significant milestone by surpassing 500 million ADA in Total Value Locked (TVL), indicating its growing adoption and influence in the crypto world. Additionally, the price of $SNEK, a memecoin rooted in the Cardano ecosystem, has surged by over 200% in the past week, largely attributed to rising transaction volume on Cardano.
Cardano's ADA Price Attempts Recovery Above $0.375 Resistance Zone
Cardano's ADA price is currently attempting to recover and gain bullish momentum by settling above the $0.3850 resistance zone. The price has slowly been moving higher from the $0.360 zone against the US dollar and is trading above $0.370 and the 100 simple moving average (4 hours).
