Bitcoin Drops Below Key Support Level, Other Top Coins Follow Suit
At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.
Founder of Cardano: Rollup deployment is being Advanced, and Midnight will be the First Project to Adopt it
According to U.Today, Charles Hoskinson, the founder of Cardano, provided an update on the network's rollups deployment. In response to a Twitter user's inquiry about which project he was referring to in two YouTube videos earlier this year, Hoskinson mentioned the need for rollups in a sidechain project. He added that the team is executing a very aggressive timeline and that Midnight will be the first user.
Cardano's ADA Down by Over 10% in Last 7 Days as Mithril Mainnet Launch Approaches
Input Output Global recently published a blog highlighting the upcoming launch of Cardano's Mithril mainnet, which aims to improve the speed and efficiency of node syncing times. However, despite the positive outlook for the blockchain, ADA's native token price has decreased by over 10% in the last seven days, with metrics showing mixed results. Mithril's launch date is approaching, and it is a stake-based signature scheme and protocol that enhances node syncing time, security, and decentralized decision-making. With Mithril, Cardano's network will become more efficient, streamlined, and capable of supporting a wider range of applications and use cases.
Cardano's Lace Wallet Sees Significant Upgrade in Protocol's Weekly Development Highlight
Input Output Hong Kong, the parent company of Cardano, has made significant improvements to the Lace decentralized light wallet. The wallet was launched in April as a user-friendly Web3.0 wallet for Cardano's ecosystem. The Lace team has made several fixes and updates to enhance its security and usability, including UI flow for multi-delegation and load tests on the backend using HD wallets. Cardano's active developer base has also launched 135 projects on the protocol, with over 71 million transactions recorded in the past week, making it an attractive option for building in the Web3.0 world.
Spectrum Finance Partners with Cardano to Expand Cross-Chain Interoperability
Cardano has partnered with Spectrum Finance, a cross-chain decentralized exchange (DEX) that specializes in trustless, cross-chain programmable messaging. Spectrum Finance offers various functionalities, including the Spectrum Finance Ergo AMM and Spectrum Finance Cardano AMM, which implement the Uniswap v2-like AMM protocol on top of Ergo Layer 1 blockchain and Cardano Layer 1 blockchain.
Crypto Analyst Predicts Short-Lived Rallies for Ethereum Competitors Polkadot, Cardano and Avalanche
Crypto analyst Benjamin Cowen predicts that altcoins such as Polkadot, Cardano, and Avalanche will experience short-lived rallies before crashing back down to fresh lows, following a similar pattern to that of 2018. Cowen believes that the current altcoin rally will stall once Bitcoin's dominance level reestablishes itself.
Cardano's Bullish Momentum: Three Reasons Behind the Recent Price Surge and Potential for Further Gains
Cardano's ADA token saw a significant price surge of 23.9% on July 13, prompting speculation about further gains. The bullish momentum is supported by three factors: Cardano's potential to integrate other blockchains, increased activity in decentralized applications, and decreased regulatory risk. However, the recent XRP ruling requires a cautious approach. Cardano was named as a potential security by the SEC, but this does not pose a direct risk to the project. Cardano's TVL and NFT sales have increased, but it still lags behind other layer-1 smart contract alternatives. To solidify its position and surpass the $0.40 mark, Cardano needs to continue growing and delivering on its promises, including planned updates for 2023.
Cardano (ADA) Drops Nearly 10% Amidst Broader Market Pullback, ADA Price Prediction and High-Risk Bitcoin Alternative to Consider
Cardano (ADA) has experienced a 10% decline on Friday due to a broader market pullback that has also affected Bitcoin. ADA is currently trading just above $0.32, down more than 15% from its multi-week highs. The recent market movements have been accompanied by high trading volumes, with ADA trading volumes close to $1 billion across major spot exchanges in the last 24 hours, according to CoinGecko. Despite the pullback, ADA price predictions remain bullish, with some investors seeing the dip as an opportunity to get involved once again.
Cryptocurrency Rates Surge: Bitcoin, Cardano, TRX, MATIC, Litecoin, and Solana Experience Significant Growth
Most coins have seen a significant increase in their rates, as per the CoinMarketCap ranking. Bitcoin's rate has gone up by 2.23% in the last 24 hours and is currently trading near the resistance at $31,500. Cardano has seen a rise of 20%, but may witness a correction to the $0.32-$0.34 area soon. Solana has seen the biggest increase, with a blast of 26% in the last 24 hours, and may test the $35-$40 zone by the end of the month if bulls hold the price above the resistance at $26.80.
Cardano Unveils Next Steps for CIP-1694 Governance Proposal
Cardano, the Proof-of-Stake blockchain protocol, has revealed the progress and next steps for its improvement proposal CIP-1694. The proposal aims to establish a Minimum Viable Governance framework, which has been discussed in 50 workshops involving around 1,000 community members. The consensus is to collect feedback and align the proposal with the needs of the community and the Cardano protocol. The Cardano core developers will present several voting options in the coming months to ensure the community guides the governance mechanism. Additionally, Cardano has released its layer-2 scaling solution, Hydra Head, and hosted the launch of DJED, a collateralized stablecoin.
