“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 -4.43% Bitcoin / USD BTCUSD $ 26,677.82
-$1,181.83-4.43% Volume 19.08 b Change -$1,181.83 Open $26,677.82 Circulating 19.33 m Market Cap 515.69 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum , and Ether is trading well past $1,800 ETH -2.90% Ethereum / USD ETHUSD $ 1,713.86
-$49.70-2.90% Volume 8.71 b Change -$49.70 Open $1,713.86 Circulating 122.37 m Market Cap 209.73 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 , 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 -1.44% Cardano / USD ADAUSD $ 0.35
$0.00-1.44% Volume 296.09 m Change $0.00 Open $0.35 Circulating 34.73 b Market Cap 12.04 b 1 y Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
“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 -2.82% Polkadot / USD DOTUSD $ 5.83
-$0.16-2.82% Volume 154.37 m Change -$0.16 Open $5.83 Circulating 1.17 b Market Cap 6.83 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
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.