Cardano Makes New Yearly High Above $0.7, Bringing $1 Pump in Focus
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HomeCrypto NewsMarketCardano Makes New Yearly High Above $0.7, Bringing $1 Pump in Focus
Cardano Makes New Yearly High Above $0.7, Bringing $1 Pump in Focus
DATE:
MARCH 1, 2024
WRITTEN BY:
UNIFRED
Cardano ADA
Cardano ADA
The price of Cardano has risen alongside the broader crypto market, bringing the coin closer to the coveted $1 target.
As the crypto market enters a bullish phase, several leading altcoins have witnessed some time in the spotlight. Cardano (ADA) is one of those coins, having made a new yearly high in the past 24 hours.
The cryptocurrency reached as high as $0.702 before a strong resistance and minor market retracement pushed the price as low as $0.64. However, Cardano has since made a comeback to $0.68 at the time of writing, putting it back on track to reclaim the $0.7 range in the coming days.
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ADA 1D graph coinmarketcap
Cardano 1D Chart | CoinMarketCap
The quick rebound evidently suggests that investors are keeping an eye on the altcoin, and rightly so. Cardano gained 40% in February, joining the league of top-performing altcoins among the top ten cryptocurrencies by market cap.
Cardano Eyes $1 Again
With the milestone of a new yearly high already in the bag, ADA holders are keen to see the cryptocurrency to push on and revisit the psychological $1 mark. The last time ADA traded above $1 was in April 2022, before the infamous Terra (LUNA) collapse.
Since falling below it on the back of the Terra implosion, ADA has languished below $1, spending most of its bear market days under $0.55. However, with things looking up again, Cardano seems poised to revisit the coveted price range.
Notably, other developments, such as the rise of memecoins on the Cardano network and general market sentiment, favor ADA to reclaim $1 and the regions above that price level.
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Cardano-based memecoin FREN recently surged to new highs, boosting user activity on the network and bolstering demand for ADA.
Moreover, trading data suggests that investors are still largely bullish on the cryptocurrency. In the past 24 hours, the long and short futures trading ratio is largely skewed towards long traders, with 75% of capital predicting that ADA will go higher.
Multiple experienced analysts also back Cardano to reclaim its previous high. In one instance recently reported by The Crypto Basic, an analyst predicted that Cardano’s climatic bullish rally could begin as soon as in three days.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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TAGSADAADA PRICE ANALYSISCARDANO NEWS
Author
Unifred
Unifred
Unifred is an avid crypto reporter with more than a half-a-decade of experience covering the industry. He considers it a privilege to spread mainstream awareness about this exciting technology that will underpin the future of finance.
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HomeGuidesCardano or Dogecoin: What's The Better Buy At The Moment?
Cardano or Dogecoin: What’s The Better Buy At The Moment?
DATE:
SEPTEMBER 30, 2023
WRITTEN BY:
ALBERT BROWN
Cardano or Dogecoin
Cardano or Dogecoin
History of Cardano
Cardano, introduced in 2017, was designed from a scientific philosophy by a team of engineers and academics.
Conceived as a third-generation blockchain, it sought to address the scalability, security, and sustainability issues present in the first and second-generation blockchains like Bitcoin and Ethereum.
The Cardano network utilizes a proof-of-stake consensus mechanism, which is more energy-efficient compared to the proof-of-work systems of its predecessors.
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History of Dogecoin
Originally created in 2013 as a light-hearted and satirical take on the cryptocurrency frenzy, Dogecoin quickly amassed a loyal community due to its meme-infused nature.
Over the years, several notable figures have endorsed or mentioned it, the most prominent being Elon Musk; his remarks have often caused significant price fluctuations.
Despite its comedic origins, Dogecoin has managed to cement its position as a recognizable name in the cryptosphere, primarily driven by its viral nature and dedicated community.
Find out all about it in this article from us at The Crypto Basic – your source for the Latest Crypto news & Defi Topics.
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What’s the Better Buy at the Moment?
● The Situation Now
Both Cardano and Dogecoin have experienced significant dips recently, with a decline of about 20% in the past 30 days.
Their near-identical market capitalizations and sub-dollar token values might make them seem attractive to potential investors.
However, a closer inspection of their inherent utility, potential future developments, and external factors can give a clearer picture.
● Dogecoin’s Current Prospects
The Elon Musk factor has played a significant role in Dogecoin‘s recent fame; the speculation around Dogecoin’s integration into the rebranded Twitter platform, X, due to Musk’s acquisition, has kept the community buzzing.
This potential integration could expose Dogecoin to X’s 500 million users, possibly elevating it from a meme coin status; however, it’s crucial to understand that much of this is speculative, with concrete details being sparse.
Furthermore, Dogecoin’s primary charm (the ‘Elon Musk effect’) appears to be diminishing; the coin’s functionality hasn’t seen significant development since its inception.
Competing meme coins, such as Shiba Inu, have attracted the attention of speculators, leading to a diversification of interest.
● Community and Adoption
▪ Dogecoin’s Cultural Impact
Dogecoin, beyond its speculative nature, has left an indelible mark on Internet culture.
The vibrant and active Dogecoin community has funded diverse projects, from sending the Jamaican bobsled team to the Olympics to building wells in drought-stricken areas.
Such charitable endeavors and the general spirit of the Dogecoin community showcase a different dimension of its potential, hinting at its ability to mobilize people for causes.
● Cardano’s Promising Offerings
In stark contrast to Dogecoin, Cardano provides a tangible utility in the crypto market – it is continually aiming to improve and potentially surpass Ethereum’s capabilities, especially in sectors like non-fungible tokens (NFTs) and decentralized finance (DeFi).
Cardano currently tops the list of potential ‘Ethereum killers’, but this doesn’t come without its set of challenges.
While boasting a robust developer community and extensive code repositories, Cardano’s on-chain activity hasn’t lived up to its potential; furthermore, recent SEC scrutiny has cast a shadow over Cardano, affecting its market performance and investor sentiment.
● Technological Advancements and Challenges
▪ Cardano’s Ongoing Evolution
Cardano’s team is constantly working on updates to the blockchain, guided by extensive peer-reviewed research.
The network has rolled out several phases, with names like ‘Byron’ and ‘Shelley’, each focusing on different functionalities.
The upcoming phases, like ‘Goguen’, aim to introduce smart contracts to the blockchain, while ‘Basho’ will focus on scalability and ‘Voltaire’ on governance.
These updates are indicative of Cardano’s commitment to growth and adaptability, qualities that an investor might find appealing.
● Regulatory Landscape and Future Implications
Cryptocurrencies are often affected by regulatory moves worldwide; for instance, Cardano’s recent troubles with the SEC highlight the importance of regulatory compliance and its implications for crypto projects.
Both Dogecoin and Cardano, like all digital assets, operate in a realm where regulatory clarity is still evolving.
Investors need to be attuned to global regulatory shifts, as they can drastically affect a cryptocurrency’s value and adoption rate.
Whether it’s potential tax implications, adoption by institutional investors, or outright bans, the regulatory landscape remains a significant factor in any crypto investment decision.
● The Investment Verdict
Considering the utility, potential for growth, and current market situations, Cardano seems to have an edge – its infrastructure, ecosystem, and consistent improvement in core metrics, like total value locked in DeFi, make it a promising long-term bet.
While Dogecoin’s value largely hinges on external endorsements and speculations, Cardano’s utility is evident in its technology and vision.
However, investing in either cryptocurrency, especially those priced under $1, carries inherent risks, especially given the volatile nature of the crypto market.
In Conclusion
In the current climate, Cardano seems to offer more as a long-term investment, although the broader crypto market’s uncertainty means any predictions are tentative at best.
By 2024, with developments and potential shifts in the crypto space, the dynamics might change, offering new opportunities and challenges.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Albert Brown
Albert Brown
https://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.
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