Connect with us

Blockchain

Cardano (ADA) is closing in on Bitcoin SV’s status as the sixth-largest crypto

Published

on

At the peak of the crypto bubble, Cardano (ADA) was the fifth-largest cryptocurrency, believe it or not. Near its peak, the cryptocurrency had a market capitalization in excess of $20 billion, only trading behind Bitcoin, Ethereum, XRP, and Bitcoin Cash.

But over the course of the bear market in 2018 and 2019, ADA slumped. The asset underperformed many of its altcoin peers as the speculative highs of the last crypto bubble become gruesome lows.

Cardano’s surge over recent months, however, is quickly returning the asset to its former glory.

Cardano is about to surmount Bitcoin SV (BSV) as the sixth-largest crypto

Cardano has been a tear over recent months.

As reported by CryptoSlate previously, data shows that the leading cryptocurrency is up more than 200 percent since the start of 2020. This makes it the best-performing smart contract coin of the year.

The asset’s performance is even more striking when you take the return from the March lows. From the capitulation lows, the asset has gained over 500 percent.  For some context, Bitcoin is “only” up 150 percent since those same lows.

Cardano’s relative outperformance has allowed it to climb up the crypto rankings.

In fact, CryptoSlate data shows that the asset is a few million dollars away from passing the market capitalization of Bitcoin Satoshi Vision (BSV). This means that if ADA moves slightly higher while BSV stagnates, Cardano will become the sixth-largest cryptocurrency for the first time since the 2018 highs.

CryptoSlate cryptocurrency leaderboard. Current as of Jul. 12

Will ADA move even higher?

Cardano may soon be the sixth-largest digital asset, but some expect it to move even higher, both in terms of the crypto leaderboard and its actual value.

Ryan Selkis, the chief executive of Messari, commented earlier this year that he thinks ADA will become the fifth-largest cryptocurrency in 2021. He made this comment when the asset was approximately 30 percent below where it is today.

Selkis did not expand on why he thinks Cardano will rise so far and so far, but there are others that have weighed in.

The founder of the cryptocurrency Charles Hoskinson said that with the introduction of Cardano’s “Shelley” upgrade, it will begin to combat some of Ethereum’s market share as a smart contract platform. This is in reference to how thus far, Ethereum has been the leader in the smart contract space, offering the most diverse use cases and the highest number of active users.

Hoskinson more recently said that he thinks the code of the Shelley upgrade is the “highest quality” in the crypto space, referencing the blockchain’s arduous and extensive development process:

“We’re speeding up and accelerating and we’re doing so with some of the highest quality code that’s ever been written in the history of our space because we’re using a really scientific language Haskell and we’re using formal methods… that which is the same engineering standards that NASA uses and SpaceX uses for their rockets.”

Cardano also stands to rally because Shelley activates staking, which is the process of locking up one’s cryptocurrency, thus participating in a blockchain’s governance, which provides a yield to participants.

Messari found that staking has been one of the primary catalysts in the altcoin market over recent months, pushing cryptocurrencies higher before and after their respective launches of staking technology.

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/cardano-ada-is-closing-in-on-bitcoin-svs-status-as-the-sixth-largest-crypto/

Blockchain

Bitcoin Unfazed by Monday’s Stock Market Sell-Off, Beats Gold As A Hedge

Published

on

advertisement


Bitcoin-Gold-Stock Markets have been on investors’ radar throughout 2020. Interestingly, after Monday’s major sell-off in the stock market, BTC continues to show its strength and is trading above $13,4000 levels at press time. On Monday, Dow Jones (INDEXDJX: .DJI) corrected 650 points or 2.29 with other indices following the cue.

Advertisement

1xbit

This has been the biggest sell-off in the U.S. stock markets after early September 2020. However, unlike the previous time, Bitcoin continues to be going strong and bold. In fact, BTC has remained stronger than its other hedge alternative and physical asset Gold.

This clearly goes to show that BTC has been on the way to decoupling itself from the stock market. Moreover, the recent decoupling of Bitcoin sets the tone for Bitcoin’s next journey ahead. At the current price levels, BTC has already attained a new high for 2020 making the road clear for $14,000 and above.

Big Player’s Entry Helps Bitcoin Sustain

Over the last week, the BTC price has surged nearly 13% with a number of big players making an entry in the crypto space. Some of the big players from the traditional finance and payments sector are getting closer to Bitcoin.

Many analysts see PayPal’s decision to offer Bitcoin trading services as a big push for the world’s largest cryptocurrency. If this wasn’t enough, the latest market news is that Singapore’s biggest commercial bank DBS is launching its crypto exchange.

Advertisement

Cryptocoincoach

DBS-Singapore-Bank

JP Morgan: Bitcoin $40,000 Is Coming

On the other hand, JP Morgan has completely flipped its position in favor of Bitcoin. From Bitcoin is a ‘fraud’ in 2017 to Bitcoin could “crowd out” Gold, the banking giant has come a long way. As reported by Fortune, JP Morgan analysts are saying that Bitcoin could triple from the current levels.

The $40,000 price prediction for BTC comes in a research note published by JP Morgan last Friday. JP Morgan highlights Bitcoin’s emergence as a Gold-alternative, especially among the millennials. “The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” mention the research note.

The bank analysts further add that if the trend continues, it can potentially challenge Gold in the long-term term. “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here,” noted the bank.

The recent commentary from the bank comes on the heels of PayPal’s entry to the crypto space. Here’s a look at how BTC has attracted big players over the last few months.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/bitcoin-unfazed-mondays-stock-market-sell-off-beats-gold-hedge/

Continue Reading

Blockchain

Eight more projects jump on board Open DeFi

Published

on

The global DeFi alliance launched a western arm as eight new top projects commit to the consortium

The alliance, backed by a Shanghai science and technology institution, welcomed new members in eight of the western world’s top DeFi projects. The Open DeFi Alliance will now have a reach that spans from East to West following the latest onboarding. The alliance has only been around for a short while having been established last month, but it seems to be on the right track.

The eight new members are Balancer, Aave, BlockScience, SuperRare, Ocean Ventures, DyDx, Quantstamp and Outlier Ventures. These latest additions mean that the alliance now has four members that are among 20 of the largest DeFi protocols in terms of locked cap.

The pre-existing members of the consortium are Antelope Holdings, Conflux Network, Blockpower Capital, MoonSwap, dForce, DeBank, Sequoia Capital and MCDEX.

The Open DeFi Alliance was founded to pull together trendsetters in the decentralized finance space. The alliance focuses on building a universal cooperative consortium targeting key areas like liquidity strategies, risk management and innovation.

Stani Kulechov, CEO at Aave, expressed his admiration for the alliance and lauded its efforts in promoting the borderless ethos of DeFi. Kulechov added that he was delighted to work alongside other members towards realizing the objectives of the alliance.

David Gogel from DyDx asserted that joining the alliance afforded the firm with a chance to join forces and work jointly with China.

“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success…China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential,” he explained.

A couple more alliances have been formed in the DeFi sector this year with the most notable ones being Chicago DeFi Alliance and Ren Alliance. The latter was founded jointly by Ren and Polychain Capital back in March. The Chicago DeFi alliance is a collective effort of Cumberland DRW and TD Ameritrade and was launched in April. Huobi exchange also announced a DeFi organization in August intending to unify the East and West.

Source: https://coinjournal.net/news/eight-more-projects-jump-on-board-open-defi/

Continue Reading

Blockchain

Bitcoin price nears $13.5K as CEO eyes new all-time highs in 3 months

Published

on

Bitcoin (BTC) hit new highs of $13,480 on Oct. 27 as fresh news that a bank was entering the cryptocurrency space fuelled already bullish markets.

Cryptocurrency market daily overview from Coin360

Bank news drives BTC price to $13,480

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD climbing once again during Tuesday trading, adding 2% in just over an hour.

The move followed an as yet unconfirmed news that Singapore bank DBS had decided to build a cryptocurrency exchange and offer crypto custody services, fully regulated by the city state’s de facto central bank, the Monetary Authority of Singapore (MAS).

The move originally came to light via a cached website page which subsequently disappeared from public access. DBS had yet to confirm as of press time.

Despite this, Bitcoin immediately reacted, climbing out of its range in the lower $13,000 area and rebuffing concerns that a correction was imminent.

BTC/USD 1-day chart. Source: TradingView

Pal: New all-time highs in 3 months “at the latest”

For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever.

“There are literally only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000,” he tweeted.

“I fully expect new all-time highs by early next year at the latest.”

That would take Bitcoin up by another 50% in around three months — the largest cryptocurrency has already delivered year-to-date gains of over 85%.

Source: https://cointelegraph.com/news/bitcoin-price-nears-13-5k-as-ceo-eyes-new-all-time-highs-in-3-months

Continue Reading

Trending