As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed the ebb and flow of countless digital assets. The recent surge in the price of Bitcoin and Cardano has piqued my interest, as both seem to be gearing up for significant moves.
In the cryptocurrency market, Bitcoin‘s price surged past $71K for the first time in June this year, indicating a potential bullish trend. Meanwhile, Cardano, an altcoin targeting the Web3 market and often compared to Ethereum, bounced back from a significant support level of around 3 cents, which it has maintained since July. This could suggest a promising breakout for both cryptocurrencies in the long term. As of now, Bitcoin’s price stands at approximately $71,868 with a daily volatility of 4.5%, while Cardano is trading at roughly $0.35 with a daily volatility of 3.1%. The market capitalization for Bitcoin is $1.42 trillion, and its daily volume stands at $53.82 billion. Cardano’s market cap is $12.44 billion, and its daily volume is $383.65 million. Ethereum, another key player in the crypto world, currently has a price of around $2,632 with a 4.2% daily volatility. Its market capitalization stands at $316.86 billion, and its daily volume is $21.61 billion.
As an analyst, I observed a significant surge in a large-cap altcoin today. With a fully diluted market cap of approximately $15 billion and daily trading volumes averaging close to $400 million, this digital asset experienced a 2% increase over the past 24 hours. At the beginning of the New York session on Tuesday, it was trading at around $0.3464.
Despite ADA‘s current struggles, having been stuck in a prolonged downtrend since March, there’s hope for a change. As per crypto analyst Ali Martinez, the ADA price trend may be mirroring a pattern from 2020, implying a potential bullish surge around mid-November.
The crypto analyst supported his ADA bullish theory with the upcoming US 2024 elections amid the anticipated Fed rate cut next week. With Bitcoin price retesting its all-time high, a potential bullish breakout in the near term will catalyze the highly anticipated altseason.
Furthermore, it’s worth noting that the ADA/BTC pair has seen a continuous decline over the last three years. Moreover, the Weekly Relative Strength Index (RSI) suggests that the market is heavily sold, indicating a potential shift or recovery in the coming days.
Viewed technically, the price of ADA relative to the U.S. dollar appears to be creating a triple base pattern, while there’s also an increasing discrepancy in the Daily Relative Strength Index (RSI), suggesting that buyers are gradually taking control.
Based on past trends, it seems that Cardano’s $ADA cryptocurrency could be mirroring its 2020 performance. If this pattern holds true, we may witness a price surge around November 18, roughly two weeks following the US elections, and a possible market peak by September 2025.
— Ali (@ali_charts) October 29, 2024
Cardano (ADA) Price Faces a Challenge Period Ahead
Although the price of Cardano appears to indicate a strong bullish trend in weekly charts, some on-chain analysts are urging caution among crypto investors. An analysis by IntoTheBlock reveals that Cardano’s NVT ratio has reached its highest point since June, suggesting decreased on-chain activity compared to the current price growth.
According to experts at IntoTheBlock, it’s predicted that the value of Cardano might lag behind its main competitors such as Solana and Toncoin in the short term.
As a researcher delving into the world of cryptocurrencies, I’ve noticed that the Cardano network has been a subject of considerable debate lately, with concerns about its progress in Web3 development. At present, the total value locked (TVL) within the Cardano network stands at approximately $218 million, while its stablecoins market cap hovers around $19 million.
As a researcher, I’d like to point out an interesting observation: While my current study is focused on the Cardano network, it’s important to note that daily active addresses on this network are approximately 25,000. In contrast, the Solana network boasts a staggering 6.5 million daily active addresses. This significant difference in usage between the two networks is worth considering when evaluating their relative performance and potential.
Nonetheless, Cardano’s founder Charles Hoskinson recently expressed high optimism regarding the future of ADA in the web3 space, especially after the recent integration with the BOS bridge to tap into the Bitcoin network.
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2024-10-29 18:06