In a trending news today, the price of Cardano (ADA) has slipped by about half a percent along with a flailing wider cryptocurrency market. Despite this slight descent, ADA, which has seen a 1% dip this week, showcases an impressive 12% growth over the past month, and a promising 25% rise since the dawn of this year. These commendable numbers have bolstered ADA to surpass Dogecoin (DOGE) in capitalization terms, logging it now as the eighth largest in the market.
Possessing the potential of rallying in the foreseeable future, ADA’s constancy in development as a platform seems promising. The relative strength index shown in ADA’s chart reveals potential of climbing higher from its current position. Adding momentum to this movement, ADA’s 30-day moving average displays signs of an upward trend after a period of decline, suggesting sure indications of bounce back in the coming days. However, this potential rise is somewhat threatened by ADA’s weak support level that could lead to a few setbacks.
Despite these challenges, ADA’s trajectory indeed continues to look up. It has managed to surpass DOGE and also demonstrated promising growth as a platform. Illustrating this, recent data points to Cardano outshining all other layer-one networks in DeFi growth metrics including stablecoin market caps and DEX volumes.
The sheer number of ongoing projects operating on its platform – 1,200 and counting, coupled with 135 already launched—points to an interesting revelation. Cardano may not have reached its zenith yet, but the vast potential it holds as more projects build and operates on it could see ADA as a strong rival to other established blockchains.
It is crucial to bear in mind though, that ADA’s growth might be more gradual than dramatic. Hindered by its heavy dependence on Cardano’s overall development, those yearning for short-term, above-average gains should weigh in the potential of newer altcoins.
One such example is the upcoming BTC20, an ERC-20 token set to offer a Bitcoin version leaning on staking, thereby rewarding its holders passively. BTC20’s presale has accrued over $3.8 million in no time, indicating an endorsement of its potential from investors. Priced at $1, BTC20 seems a promising investment to those lamenting missing the Bitcoin opportunity.
As the BTC20 supply is limited at 21 million, with presale offering 6.05 million BTC20, it positions itself as a deflationary asset with a controlled supply and a potential for high price escalation, benefiting early investors. Forecasted to hike post its listing on trading platforms, BTC20 is an enticing opportunity for new investors looking for ventures that provide higher, short-term gains.
In conclusion, to navigate the volatile crypto asset landscape, it’s crucial to be informed, thoughtful and patient, as while the rewards can be handsome, the risks are equally daunting.
Source: Cryptonews
