ADA Price Soars as Cardano Network Developments Drive Growth

-The hype around the upcoming Djed stablecoin launch, among others, has played a part in driving ADA price up over the past weeks in January.
-The Cardano community is anticipating upcoming launches that would enhance the network and Smart Contract capabilities.
-The new improvement proposal known as CIP-30 would allow the integration of web-based wallet bridges that would promote interaction between Cardano wallets and Web2 platforms like Amazon.

Cardano’s native coin, ADA, has seen impressive price gains since the start of 2021, owing to the improving economic conditions in the market and the ongoing developments on the Cardano Network. Over the past seven days, ADA has seen over a 15% price gain and an over 17% 14-day gain, and this impressive performance can be attributed to a few factors.

The first factor is the hype around the upcoming Djed stablecoin launch. COTI developers have announced that ADA holders would receive extra rewards when they mint Djed by staking their ADA coins, and this information has spurred users to buy more ADA, pushing the price up.

The second factor driving ADA’s price growth is the anticipation of upcoming launches that will enhance the Cardano network and its Smart Contract capabilities. For example, the new improvement proposal known as CIP-30 would allow for the integration of web-based wallet bridges, which would promote interaction between Cardano wallets and Web2 platforms like Amazon. This development would provide Cardano with more use cases and adoption, and ensure increased growth for the platform.

Additionally, the eTukTuk automotive project launch has also had a positive impact on ADA’s price. This project is being developed by the Cardano Foundation and would allow users to make payments and conduct transactions using ADA. This would further increase the utility of ADA, leading to more demand and higher prices.

Overall, it appears that the future is bright for Cardano and its native coin, ADA. With so many developments and improvements on the horizon, it is likely that ADA will continue to experience impressive price gains in the future.

59% of Bitcoin Holders Now Profitable as Price Action Recovers

• 59% of Bitcoin holders are currently profitable as the coin trades above the Realized Price.
• On-chain data shows that the Realized Price of Bitcoin is around $19,700.
• 38% of market participants are out of the money, while Bitcoin price action is recovering.

As the crypto market continues to evolve and expand, investors have to stay on top of the latest data to make informed decisions. Recently, IntoTheblock data has revealed that 59% of Bitcoin holders are currently in the green, as the coin trades above the Realized Price.

The Realized Price of Bitcoin is derived from on-chain data, which is crunched in real-time to gauge the state of the market. With the current Realized Price hovering around $19,700, this means that the average cost basis of a Bitcoin holder is lower than the spot BTC price of over $20,700. This development is particularly advantageous for those who have been HODLing their coins, considering the sharp contraction of prices over the past few months.

Back in November 2021, Bitcoin was trading at a high of around $69,000 before plunging to slightly over $15,000 in 2021. The recent price action of Bitcoin is a sign of recovery, with more than half of BTC holders now in the money. However, only 38% of market participants are still out of the money, indicating that there needs to be a comprehensive breakout in order to solidify and revive demand.

Analysts are interpreting the on-chain data to determine how retail traders act based on price action. With the majority of Bitcoin holders now sitting on profits, it’s a positive sign for the crypto ecosystem and could have a significant impact on the overall market sentiment. Investors should continue to monitor the on-chain data and price action of Bitcoin to make informed decisions about future investments.

Cardano Gains 24% in a Week, But Could Slip Lower if Support Fails

• The Cardano price has seen a 24% gain over the past week, but it has slipped 2% over the last 24 hours.
• The technical outlook indicates that the ADA price could trend lower in the short-term.
• Cardano must sustain itself above the $0.28 price line to prevent further downward movement.

The Cardano (ADA) price has been on a tear lately, rallying significantly over the past week and gaining more than 24% in the process. However, in the last 24 hours, the coin has taken a slight dip of 2%, indicating that it may not be able to sustain such a high level of growth. Looking at the technical analysis, the coin’s price seems to be trending lower for the short-term, meaning that it could experience a correction before it continues its upward trend.

To prevent the price from further downward movement, the ADA needs to sustain itself above the $0.28 price line. This is a key level of support that could keep the coin from dropping too far. The ADA daily chart has shown a bullish pattern, which could mean that the coin could attempt to rise on its chart after a brief retracement.

As Bitcoin continues to show appreciation, many altcoins have been able to follow suit. However, some have been struggling to break through key resistance levels. With the accumulation of Cardano dropping on the daily chart, it does indicate that the demand for the coin has decreased. Nevertheless, buyers still have the upper hand, as the market capitalization of Cardano has increased.

For Cardano to stop its downward trend, it will need to continue to remain above the $0.28 price line. This is a crucial level of support that could keep the coin from dropping too far. If the ADA can manage to stay above this level, then it could potentially start to regain its upward momentum and continue its rally.

Overall, the Cardano price is in a precarious position at the moment. It has seen a significant price increase over the past week, but it is currently in a correction. To stop the downward trend and continue its rally, ADA needs to remain above the $0.28 price line. If the coin can manage to stay above this level, then the bulls may be able to take the lead and push the price even higher.

Altcoins On the Rise: Bitcoin’s Dominance By Volume At Lowest Level in Years

• Altcoin volume dominance recently touched a high of 64%, while Bitcoin dominance dropped to 16%.
• This suggests that BTC has lost its market share to altcoins recently.
• A chart shows the trend in the dominance by volume for Bitcoin and the altcoin sector.

The cryptocurrency market has been abuzz in recent days as altcoins have been gaining more and more attention from investors. On-chain data shows that altcoin volume dominance is now at its highest level since January 2021, while Bitcoin’s is at its lowest. This is a significant development that could have long-term implications for the cryptocurrency market as a whole.

An analyst in a CryptoQuant post pointed out that Bitcoin’s dominance is just at 16% now. This metric, known as dominance by volume, is used to measure the percentage of the total crypto market trading volume that’s being contributed by a specific coin. When the value of this metric goes up for any crypto, it suggests that particular coin is observing a higher amount of activity relative to the rest of the market currently. On the other hand, low values can imply that the crypto is losing its mindshare at the moment as its trading volume percentage is going down.

Now, a chart shows the trend in the dominance by volume for the entire altcoin sector combined (minus Ethereum), as well as for Bitcoin, over the past couple of years. The two metrics seem to have gone opposite ways in recent days. Bitcoin’s dominance by volume has sharply decreased recently and has touched a value of just 16%. This is the lowest value BTC has observed during the last couple of years. On the other hand, the altcoins (other than Ethereum) have observed their dominance shoot up in the last week or so, as the metric now has a value of 64%. This suggests that BTC has lost its market share to these alts recently.

The rise in altcoin dominance by volume could be a sign of a shift in the cryptocurrency market. As more investors start to pay attention to altcoins, these tokens could start to gain more value. This could potentially lead to a bull run for the altcoin sector in the near future. Of course, it’s important to keep in mind that these are all just speculations at this point and the market could still go either way. Nevertheless, it’s worth keeping an eye on the altcoin market in the coming days and weeks as this could be an important development for the cryptocurrency space.