- Cardano and Ethereum communities clash over tech.
- ADA prepares to mark new yearly highs.
- Charles Hoskinson warns of the impending heavily regulated era in cryptocurrencies following CZโs exit.
Over the past two weeks, much has happened in the Cardano ecosystem and the crypto industry. We saw the sudden exit of Binanceโs Changpeng โCZโ Zhao, Cardano rallying with fresh momentum, Bitcoin marking a new high and more.ย
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In this edition of our bi-weekly update on Cardano, we turn to our expert, Insha Zia, to provide insights into these developments as you enjoy your Thanksgiving leftovers and embrace the holiday season.
News and Events: Understanding the Impact
Cardano Surges Past $0.4 for the First Time Since Aprilย
Cardano recently showcased remarkable resilience, staging an impressive recovery after weathering two underwhelming quarters. In its recent rally, ADA performed with flying colors, effortlessly overcoming sell walls spread between the $0.3 and $0.35 range, ultimately surging beyond the $0.4 for the first time since April.
However, while holders and market participants rejoiced seeing ADAโs remarkable ascent, their excitement was short-lived, as ADA quickly turned its hull towards the bottom and sunk to the liquidity zone at $0.34
Cardano (ADA) Gears Up with Renewed Confidence as BTC Aims for $38Kย ย
Following the widespread market correction, which affected tokens, including Bitcoin, Cardano, and Ethereum, market participants have been flocking in large numbers, buying in large amounts, and staunchly defending the bullish structure from breaking.
Benefiting from the rising optimism and enthusiasm in the market, ADA has rekindled its confidence, orchestrating an impressive 15% rally throughout the past business week, peaking at $0.397.
As Bitcoin looks to overcome the pressure at $38,000, Cardano could likely retest the $0.4 and potentially flip it into support.
Ethereum Insider Stirs Drama by Calling Ethereum a Cardano Wannabe
Steven Nerayoff, a former Ethereum advisor, recently stirred the pot by unveiling a trove of conversations with Ethereum founder Vitalik Buterin, along with a document outlining Ethereumโs rescue mission circa 2015. Cardano Founder Charles Hoskinson took center stage in this shocking revelation, earning 69 mentions as the central figure in the projectโs salvation.
The former advisor took the podium to accuse Buterin of copying its rival, Cardano, in its approach to scaling. Hoskinson swiftly stepped into the spotlight and offered clarity. He addressed his murky past at Ethereum with measured words, seizing the opportunity to underscore his contributions to Ethereum and the crypto, which the community has historically questioned.
After he departed from the project in June 2014, Hoskinson expressed optimism for interoperability and collaboration in the crypto space despite historical conflicts.
Ethereum and Cardano Communities Broker Peace
In the aftermath of Nerayoffโs bombshell revelations and accusations of Buterin copying Cardano technology, specifically through Ethereumโs Plasma Protocol, tensions escalated between the ADA and ETH communities.ย
However, following Charles Hoksinsonโs expressed hope for interoperability and collaboration, the two factions managed to find common ground, facilitated by influencer Cardano Whale. The anonymous figure announced via ๐ that a peace agreement had been brokered between the two communities.
While the broader community’s consensus on Cardano Whale’s initiative remains uncertain, both communities have been quiet. However, the shock from Binance agreeing to a $4 billion settlement deal and CZ stepping down could be contributing factors.
Charles Hoskinson Anticipates a New Era Following CZ Exit
In response to the seismic Binance settlement deal and the ouster of its now-former CEO CZ, Cardano Founder Charles Hoskinson took to ๐ to reflect and share his insights on the situation and the future of the crypto industry.
The Cardano Founder elaborated that while the first era of the industry involved market participants using spreadsheets to trade, CZ and Binance ushered in the second era with their exchange.
Hoskinson marked CZโs exit as the end of an era but cautioned that the new phase would signify an impending regulation period in the crypto space. This transition, he noted, would limit entrepreneursโ ability to operate using centralized systems without complying with regulations.
The contentious figure warned that the US government would likely continue its crackdown on the crypto space, eventually hitting or trying to put restrictions on external wallets. However, despite these challenges, he expressed confidence in the crypto spaceโs innovative spirit, suggesting that developers still possess the freedom to address regulatory concerns and pave the way for progress.
Current Outlook
ADA exchanged hands at $0.386 at the time of writing, surging over 11% over the past week. Cardanoโs uptrend has injected newfound confidence and excitement among investors, who have remained predominantly bullish across the exchange, derivatives, and on-chain markets at the time of writing.
The euphoria and excitement were also seen in Cardanoโs long-to-short ratio, which stayed positive throughout the month, signaling a considerable surge in investor buying.
With bullish macro conditions, ADA is on track to move toward the liquidity range above $0.45 in the following weeks, marking a new yearly high just before year-end.ย
On the Flipside
- Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
- Cardanoโs yearly growth currently sits at 64%. Last quarter, ADA struggled to push its yearly growth above 5%.
- With Cardanoโs recent price performance, only 47% of ADA holders remain in losses. In the previous quarter, this figure stood significantly higher at 93%.
Why This Matters
As an asset, Cardano has exhibited lackluster performance over two quarters, resulting in heightened investor apprehension and increased sell pressure. Yet, with Bitcoin showcasing renewed aggression towards higher levels, the revived optimism could set the stage for ADA’s ascent, aiming to achieve new yearly highs and potentially revisiting its all-time high.
Read what Cardanoโs Founder said about CZโs Exit:
Cardanoโs Hoskinson Delivers Eulogy for CZโs Binance Ouster
Read the last DailyCoin Regular:
DailyCoin Bitcoin Regular: Turbulence Looms for the BTC Price
