- Cardano’s ADA token surges on positive technical growth and announcement of Coinbase staking.
- Charles Hoskinson, its’ creator marks uneasiness in the competitor, EOSIO, as it initiates a pre-launch of its flagship project, Voice, by a day.
- The launch of the Shelley update later this also indicates superior development against Ethereum 2.0 launch.
Price Analysis
The price of ADA at 4: 45 hours UTC on 4th July is $0.097. Coinbase’s announcement of staking rewards cause an 8.3% jump to the peak at $0.102, which was followed by a quick correction.
Nevertheless, the yearly rise in ADA is nearly twice of Ethereum. With the break-out above the support and resistance $0.045, the organic bull run recently peaked at $0.1; a 125% rise. If it continues to break above the generational resistance around $0.1, ADA could reach new ATH soon.
Early Launch of Voice by EOSIO Vs. Cardano’s Update
EOSIO is also attempting to capture the market’s attention and adoption with its social media platform. In 2019 EOS created a lot of hype before the announcement of the platform on June 1, 2020.
On the news of Voice early launch by EOSIO, Charles Hoskinson, the founder of IOKH and Cardano, and the co-creator of ETH tweeted,
I’m getting the feeling that certain people are getting worried.
Although. at press time the website displayed “Error 1020”, and looks like the early attempt is a part of the on-going development. The expected launch for people with an invite is expected to begin later today. Salah Zalatimo, the chief developer of Voice at EOSIO noted early in June,
We pivoted, and decided to open up our platform for readers on July 4.
Cardano will enable the launch of native tokens and claims complete decentralization with the Shelley update on 29th July. Voltaire, the network’s governance layer, is expected to go live with the Shelly later this month as well. Moreover, it is also partnering with Wave Financial on a joint venture called cFund, to integrate DeFi and dApp developers to the Cardano ecosystem.
Competition in Crypto Market Grows
The emphatic rise in the DeFi tokens along with the increasing GAS fees of Ethereum is reminiscent of the ICO rush in 2016 and 2017. However, on the back of it, there are competitors of Ethereum who are eager to overtake its dominance.
A look at the Year-to-Date price action of the top smart contract platforms reveals that Cardano is leading. Ethereum projects greater potential, however, is strained by the slow growth of scalability, shift to PoS (Proof of Stake), sharding and plasma.
Moreover, the major hindrance to the growth of Tron and EOS lies with the degree of centralization in their system.
Which cryptocurrency do you think will outperform the competition by the end of 2020? Please share your views with us.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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