“Everything Going Up” Season Sees Cardano (ADA) Trumping Polkadot (DOT)
A new macro trend has begun for Cardano (ADA) after the network adds the ability to build decentralized applications (DApps) on it and teases “Ouroboros Omega.”
In the ongoing raging bull market, we are experiencing everything going up, which has been going on with the stock market, but in the cryptocurrency market, it is a lot more heightened.
Bitcoin has already gone past $48,000 BTC -5.56% Bitcoin / USD BTCUSD $ 35,821.40
-$1,991.67-5.56% Volume 38 b Change -$1,991.67 Open $35,821.40 Circulating 18.74 m Market Cap 671.24 b 10 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 12 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 13 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service , and Ether is trading well past $1,800 ETH -4.46% Ethereum / USD ETHUSD $ 2,250.43
-$100.37-4.46% Volume 23.79 b Change -$100.37 Open $2,250.43 Circulating 116.35 m Market Cap 261.84 b 12 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 16 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 19 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin , with altcoins experiencing even wilder price movement.
In 2021, so far, the notable leading cryptos include COVER (8,800%), BAO (2,972%), DOGE (1,290%), BADGER (1,272%), ALPHA (1,000%), LUNA (730%), ROOK (613%), AAVE (438%), CRV (386%), 1inch (354%), SOL (328%), SUSHI (313%), UNI (302%), and Cardano (300%).
The majority of these top gainers are DeFi tokens, which have been exploding into popularity and value.
Among the top altcoins, Cardano (ADA) is actually turning out to be an outlier for the past few days as its price started uptrending just this month. ADA started the year at around $0.175 and this month at just under $0.340, only to jump above $0.753 in the past 24-hours. ADA -4.09% Cardano / USD ADAUSD $ 1.43
-$0.06-4.09% Volume 2.27 b Change -$0.06 Open $1.43 Circulating 31.95 b Market Cap 45.75 b 3 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 1 w Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation 1 w Early Turn in Sentiment Seen as Crypto Asset Investment Products Record Inflows
“ADA has confirmed the breakout from its multi-year triangle. After over 670 days of consolidation inside this pattern… A new macro trend has begun,” noted trader Rekt Analyst.
These gains helped the open-source, smart-contract platform become the 4th largest network with a market cap of $22.36 billion, as per Messari, a step above Polkadot (DOT), a blockchain network designed to support various interconnected, application-specific sub-chains called parachains, whose market capitalization is $21.64 billion. DOT -5.02% Polkadot / USD DOTUSD $ 21.27
-$1.07-5.02% Volume 1.51 b Change -$1.07 Open $21.27 Circulating 953.31 m Market Cap 20.28 b 16 h Indexing Platform, The Graph, Taps StreamFast to be Core Protocol Developers With A $60M Grant 3 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 1 w Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction
As the price of ADA continues to increase, so does the number of traders for ADA, addresses that have held a crypto-asset for less than 30 days, which reached a multi-year high. In February, this value has increased to over 11.82b ADA, 33.8% of the circulating supply, as per IntoTheBlock.
The network has also been seeing regulator updates with its third phase, “Goguen,” focused on integrating smart contracts into the blockchain, launching in December.
While the Shelley era decentralizes the system, Goguen adds the ability to build decentralized applications (DApps) on Cardano, as per its roadmap.
Amidst all this, Cardano creator Charles Hoskinson, who also co-founded the second largest network Ethereum, announced “Ouroboros Omega.”
Here's a Teaser. Omega is the convergence of all the ideas we've had over the last six years. It's gonna be good pic.twitter.com/sEgQygdhwg
— Charles Hoskinson (@IOHK_Charles) February 4, 2021
“If you think that we are rocking it now, just you wait until we talk about Ouroboros Omega…..” tweeted Hoskinson last week.