Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Cryptocurrency

Cardano drops, but investors remain upbeat

Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.

Published

on

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

At the time of writing this report, Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.

Cardano currently has a circulating supply of 31.9 billion ADA coins and a maximum supply of 45 billion ADA coins.

READ: Cardano suffers biggest drop since March 12, 2020

The widely known crypto among retail investors recently achieved this after a hard fork called“Mary” on March 2.
This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA. This now means Cardano shares close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.

Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project, and the most friendly and simple staking seen.

Cardano’s current return on investment stands at about 4837%.

Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano.

Hotflex
Sigma Pensions

READ: $119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

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

Lately, some investors are also of the bias that Cardano could at one point dethrone the world’s utility crypto, Ethereum. Cardano is a type of blockchain that permits people to receive and send funds.

It uses the Cardano blockchain and allows people to design smart contracts just like Ethereum.

Stanbic 728 x 90

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

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Cryptocurrency

    Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

    The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

    Published

    on

    $700 million worth of Bitcoin moved by an unknown identity

    Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

    Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

    Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

    READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

    Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

    At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

    Sigma Pensions

    READ: Why Bitcoin is still going up

    During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

    Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

    However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

    A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

    Stanbic 728 x 90

    READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

     

    Continue Reading

    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    Published

    on

    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    READ: XRP stands firm, investors wait on Ripple’s legal outcome

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Sigma Pensions

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.