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Cardano’s market cap flips Bitcoin Cash (BCH) after ADA rallies by 100%

In the past week, Cardano price surged by more than 100% and overtook Bitcoin Cash to become the sixth-largest cryptocurrency.

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The price of Cardano (ADA) rose more than 100% in the past week as it overtook Bitcoin Cash (BCH) to become the world’s sixth-largest cryptocurrency by market capitalization.

There are two major factors behind ADA’s strong upsurge throughout the past several weeks. First, most major cryptocurrencies saw large rallies following BTC’s uptrend to $36,400 and Cardano has some important network upgrades lined up in 2021.

ADA/USDT daily price chart (Binance). Source: TradingView.com

Excitement builds over Cardano’s smart contract deployment

Cardano launched the Shelley mainnet in 2020, kickstarting the growth of Cardano as a proof-of-stake blockchain protocol.

The release of Shelley was a major milestone for Cardano, which led the overall sentiment around ADA to improve throughout 2020.

However, functional smart contracts are yet to be deployed on the Cardano blockchain. When smart contracts are live, large-scale decentralized finance (DeFi) protocols and other decentralized applications would be able to launch on top of Cardano.

Researchers at Binance Academy said that the release of functional smart contracts is a part of the Goguen update. Considering the significance of this network upgrade, the market sentiment around ADA appears to be improving. The report read:

“As of December 2020, functional smart contracts cannot be deployed on the blockchain platform. As part of the roadmap, this will roll out as a part of the Goguen update. Following Goguen, the Basho era focuses on optimization of scalability and interoperability, and the Voltaire era introduces a treasury system to address governance.”

Smart contracts on Cardano are different from other blockchains because they allow developers to code self-executing smart contracts based on programmed conditions. This allows developers and decentralized applications to be more flexible. Emurgo, a blockchain solutions firm, wrote:

“These contracts, when written on the Cardano blockchain, offer the value of giving full visibility to all participants of the contract, while also being extremely secure and self-executing according to the programmed conditions.”

The current move is largely technical

Although Cardano has major upgrades on the horizon, no large upgrades were announced during the period of the rally.

Technical analysts and traders anticipated a large ADA rally in late December 2020, as large-cap crypto assets rallied in tandem.

On Dec. 30, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said he believes Cardano would do well in the first quarter of 2021. He wrote:

“One of the platforms that will do well in coming quarter, I think will be #Cardano. Majors are probably running first and this is definitely a major. As long as $0.11 holds (or $0.15), I think we’ll continue towards $0.27 and/or $0.40.”

A combination of technical factors and the expectations of the release of functional smart contracts in 2021 likely fueled the rally.

In the near term, analysts say that as long as BTC consolidates above $34,000 and shows technical momentum, large-cap altcoins, like Cardano, are expected to perform strongly.

Source: https://cointelegraph.com/news/cardano-s-market-cap-flips-bitcoin-cash-bch-after-ada-rallies-by-100

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Bitcoin Price Sinks Below Critical Level as Joe Biden Officially Inaugurated as 46th US President, What’s Next for BTC?


Bitcoin has been losing steam and struggling to clear the $35,000 level, for a second straight day. (Read More)

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Bitcoin has been losing steam and struggling to clear the $35,000 level, for a second straight day. 

Over the recent weeks, the mainstream cryptocurrency has undergone a lot of volatility, hitting a near $42,000 only to pull back. Industry experts have pinpointed the $40,000k level as a crucial mark that needs to be cleared by Bitcoin if it wishes to continue its bullish trajectory.

New presidential shift triggers BTC downfall

While some have speculated that Bitcoin will undoubtedly rise to new heights, backed by a wave of institutional investors touting the cryptocurrency as an ideal inflation hedge, others have speculated that Bitcoin was caught in bubble territory, echoing a déjà vu representative of the 2017 collapse. Currently, Bitcoin is trading at $34,857.38 on CoinMarketCap at the time of writing, and it down approximately 8% in the last 7 days.

Bitcoin will continue to experience volatility, according to market experts. The fact that Joe Biden and vice president Kamala Harris have officially been inaugurated will cause Bitcoin fluctuations to continue. Jesse Cohen, a senior market analyst, told Express UK:

“While many expect the Bitcoin rally to continue in 2021, I’m more concerned with what the Biden administration could mean for cryptos. I expect bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation.”

What does Biden’s presidency mean for crypto?

Many have speculated on whether Joe Biden’s presidency will benefit the cryptocurrency industry.  While some worry that it will result in a tightening of crypto regulations, others have been more hopeful, banking on the fact that the Biden administration will be more benevolent than the Trump administration.

Currently, Biden’s inauguration day has been marked by a flurry of executive actions, a total of 17, to undo whatever exited President Donald Trump has signed off.

While newly appointed President Biden has failed to comment explicitly on cryptocurrencies during his electoral campaign, several actions he has now taken has been received warmly by the crypto community.

For starters, Biden has appointed blockchain expert and crypto-savvy former CFTC chair Gary Gensler to replace Jay Clayton as the chairman of the United States Securities and Exchange Commission (SEC). Additionally, Michael Barr, a former Board of Directors Member, has been tapped to be the next Comptroller of the Currency.

Why Bitcoin is set to gain despite it all

Despite the plunge in Bitcoin’s price at the moment, the cryptocurrency will likely gain and surge on ahead, especially as stimulus measures in the amount of $1.9 trillion is to be rolled out to alleviate the economic turmoil caused by coronavirus. With the Federal Reserve’s money-printing machine set to go off once more, the US dollar will depreciate, potentially triggering new investors to flock towards Bitcoin as a safe-haven asset.

Many Bitcoin bulls have seen the stimulus packages for COVID-19 relief as an easy monetary situation boosting Bitcoin demand.

Image source: Shutterstock Source: https://Blockchain.News/news/bitcoin-sinks-below-critical-level-joe-biden-officially-inaugurated-46th-president-what-next-btc

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Nevada Governor Includes Blockchain Technology Development in Economic Blueprint

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Nevada Governor is looking to develop a special zone in the state, which would promote the development of blockchain technology.

Nevada Big on Blockchain Technology Adoption

According to the Reno Gazette Journal on Monday (Jan.19, 2021) Steve Sisolak, Governor of Nevada in a State of the State address, outlined plans to bring about economic recovery in the state, following the effect of the coronavirus pandemic.

As part of his address, Sisolak looked to develop “Innovation Zones”, which would encourage blockchain-focused firms to thrive in the state. The Nevada governor noted that a blockchain technology company called Blockchains LLC was already looking to invest in a part of the state. The company’s efforts in Nevada would place the state as the focal point for the emerging technology.

Although Sisolak did not elaborate on the proposed Innovation Zones, the Nevada Governor said there would be legislation. Sisolak added:

“It’s a proposal that we’re developing. What you’re going to see is an opportunity for major investment – and when I’m talking about major investment I’m talking about nine-figure investment in these businesses in these zones that will allow for a jump-start.”

Nevada has been known to welcome and encourage the development of distributed ledger technology (DLT). As reported by BTCManager back in 2019, Sisolak signed a number of blockchain-related bills, one of which sought to create a regulatory sandbox for fintech firms. Earlier that same year, Nevada employed DLT to issue birth and marriage certificates.

In December 2020, Nevada’s financial regulator also granted a trust license to major Hong Kong cryptocurrency exchange Huobi.

Apart from Nevada, other states in the U.S. have also adopted blockchain technology and crypto. Wyoming’s legislature set up a blockchain committee in May 2020 that would focus on areas such as digital property rights and digital identity.

Chainalysis, a blockchain analysis firm partnered with the Wyoming banking regulator to combat the use of digital assets for illicit activities such as money laundering. Wyoming also amended its insurance code that would allow insurance firms to invest in bitcoin and other crypto assets.

Another U.S. State Kentucky, also signed a bill back in April 2020 that would see the creation of a blockchain working group.

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Source: https://btcmanager.com/nevada-governor-blockchain-technology-development-economic-blueprint/

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Ex-Ripple Advisor to Be New OCC Chief, Will This Fuel XRP Price?

biden and crypto

The post Ex-Ripple Advisor to Be New OCC Chief, Will This Fuel XRP Price? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Will XRP Price Explode now? In the very latest update, the Biden’s administration is expected to name Ex-Ripple Advisor Micheal Barr as the OCC Chief. The Bitcoin price and the Ethereum Price had exploded nearly 5% and 12% resp when the OCC had permitted the banks to use public blockchains.  Micheal Barr had once said …

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Will XRP Price Explode now?

In the very latest update, the Biden’s administration is expected to name Ex-Ripple Advisor Micheal Barr as the OCC Chief. The Bitcoin price and the Ethereum Price had exploded nearly 5% and 12% resp when the OCC had permitted the banks to use public blockchains. 

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Micheal Barr had once said that the current global payment systems are outdated and innovations in the payment system can help make financial systems better, safer, and faster. Therefore Barr having worked closely with Ripple, the XRP community expects good days to come ahead and the price expected going to the moon.

In the current scenario, where bitcoin and ethereum are still experiencing a plunge, XRP price has bounced back gaining nearly 2.41%. Therefore, the crypto masses believe that with the inception of the new office under Biden’s presidency, the cryptos like XRP will be regulated. 

At the time of writing, the XRP price is $0.2976 with a jump of 2.41 % in the last 24 hours. However, the price is expected to surge further to attain much higher levels. 

How Does Biden’s Office Look at Cryptocurrency?

US President Joe Biden named Gary Gensler to head the SEC, to which Ripple CEO had expressed his contentment. This is obviously a good move for the crypto community as Gensler possess good knowledge about bitcoin and blockchain. 

It is still misty on possibilities of completely regulating crypto space as he is not much admired by Wall Street. But a regulatory structure might be framed under his tenure. On the contrary, Biden has also named the Janet Yellen as the Treasury Nomiee who does not appear much in favour of cryptocurrencies.

Lastly, in a major move, Biden has frozen the proposed Crypto Wallet Rule by former Treasury Secretary Steven Mnuchin. According to the proposed rule, the exchanges were required to store the name and address of the customers transferring over $3000 crypto per day to private wallets.

However, a ray of hope is showcased by freezing the proposal. Yet it is still very early to predict the exact take of the new administration under Biden on cryptocurrency.

Source: https://coinpedia.org/news/xrp-price-ex-ripple-advisor-new-occ-chief/

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