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Cryptocurrency

Cardano suffers biggest drop since March 12, 2020

Cardano traded at $0.690598  on Monday, down 22.44% for the day – the biggest one-day percentage loss since March 12, 2020

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cardano

The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.

At the time of drafting this report, Cardano traded at $0.690598  on Monday, down 22.44% for the day  It was the biggest one-day percentage loss since March 12, 2020.

Such a bearish drop pushed Cardano’s market value down to $23.7 billion or 1.68% of the total cryptocurrency market valuation. At its highest price level, Cardano was worth 28.86 billion.

READ: Nigerian Blue Chip stocks suffer heavy losses amid high profit-taking

The fast-rising crypto had traded in a range of between  $0.690598 to $0.865184 for the day.

Over the past week, Cardano has however seen its value appreciate by 18.12%. The volume of Cardano traded a day to press time was $7.33 Billion or 3.85% of the total volume of all crypto assets.

Cardano (ADA) had lately has been tipped to outperform in 2021 by many crypto pundits on the bias that it’s headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano by this time 2021.

This means that more developers will see it as an attractive medium for building their desired apps.

READ: $100 billion wiped in crypto market amid profit taking

What you should know

  • Cardano is a type of blockchain that permits people to receive and send funds.
  • ADA coin is the name in the cryptocurrency.
  • It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

No retreat no surrender, Ethereum explodes

Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion.

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Ethereum whale transfers 200,000 ETH, as price drops to $387

Ethereum has been on a record buying spree amid its most recent price correction as institutional investors buy more at its dips.

At the time of drafting this report, Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion. Ethereum is up 11.54% for the day.

Ether is the crypto asset that powers the Ethereum network. Crypto developers build apps on the Ethereum network, as it offers a unique type of decentralized software platform, which is different from the flagship crypto, which is designed to just be a currency or store of value.

READ: Binance Coin moves faster than Tesla, gains 114% in a week

Prakash Chand, Managing Director at FD7 Ventures also revealed also believes Ethereum would do far better than Bitcoin in the coming years;

“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.

That being said there has never been so much sustained activity of addresses interacting with Ethereum.

The 3-month average of aa’s has broken over its previous all-time high and it doesn’t look like it wants to go back!

READ: Bitcoin’s transaction fees Jump by 344%

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

In addition, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.

Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.

bitcoin train

This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.

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Cryptocurrency

Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot

FD7 Ventures has revealed plans to sell about $750 million worth of their Bitcoin holdings over the next month.

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IMF calls crypto "special currency" and educates the public, Crypto: Why investors are rushing to DeFi assets, total market capitalization of cryptocurrencies, Crypto, Whales move 100,000,000 Tether, USDT in less than 24 hours

A Dubai-based, global crypto investment fund, FD7 Ventures with about a billion-dollar under management recently reveals a plan of selling about $750 million worth of their Bitcoin holdings over the next month to increase the company’s positions in Polkadot and Cardano.

Such a move will effectively sell-off a majority of the investment fund’s flagship crypto assets in buying rising cryptos like Cardano and Polkadot. According to the hedge fund, the increase in these altcoin holdings will better cater to the needs of its investors who are looking to diversify their portfolios in the growing crypto market.

  • Polkadot’s native DOT token serves two clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier.
  • The fast-rising crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
  • Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.
  • This means that more developers will see it as an attractive medium for building their desired apps.

READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble heavily

Also, Prakash Chand, Managing Director at FD7 Ventures revealed why such crypto assets based on their fundamentals showed more future.

“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Chand said.

Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.

READ: Cardano to give crypto a cash like experience without internet access

The fund manager also believes Ethereum could outperform Bitcoin in the coming years;

“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.

The hedge fund has already started the process of converting their Bitcoin (BTC) to such Cryptos and expects to finish the conversion transactions by mid-to-end of March.

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