Cardano was up 3.76% at times today and 19.57% this week. However, after the key interest rate in the USA was increased by 25 basis points, a sell-off set in, so that the cryptocurrency is currently at a daily loss of 3.12%. What exactly moves Cardano and is behind the cryptocurrency is now explained below.
What is Cardano?
Cardano is one third-generation decentralized Layer 1 blockchain with proof of stake, which started in 2017. Since September 2021, the blockchain has also Smart contracts supported, which once again increased the potential enormously. So far, according to the weekly development report, 1,213 projects are being developed on Cardano and 118 are already public.
Cardano was created from a scientific philosophy and a research-based approach by academic experts and engineers. In particular, the blockchain is intended to geared towards sustainability, scalability and transparency be. Cardano provides a global infrastructure for financial and social applications. One of the goals is to provide reliable and secure financial services to people without access to them.
By using the programming language Haskell, the individual components of the system tested in isolation become. At the same time, this also makes it possible powerful methods for checking the correctness of the code to use. Because this allows extensive, property-based tests and simulations to be carried out.
Over time, Cardano has also further optimized decentralization towards democratic governance. After completing the first three phases named after scientists Cardano is now in basho. Through the following Voltairewhich is the fifth and probably last phase, should then three pillars of governance get supported.
This consists of the Guidelines and rules in the constitution, the Cardano constitution and democratic consensus building. Cardano should thus develop into a self-supporting system. In addition, it should be ensured that the project is constantly being developed and financed by a sustainable treasury system.
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What has moved the Cardano course lately?
In the following, all the factors that have significantly influenced Cardano’s course are summarized:
Eligibility for security classification from the SEC
After a three-year dispute between Ripple and the SEC in the US Supreme Court over whether the $1.4 billion sale of XRP was a security, a verdict seems to be in sight. This is to be announced as early as April.
In addition, Ripple had now received help from a judge’s decision in Voyager’s bankruptcy proceedings. There it was stated that the regulatory situation in the USA was unclear. The companies would not know exactly what they should adhere to in the country. The court also found the alternating supervision of the SEC and CFTS to be inadequate.
In addition, Ripple had achieved a significant partial success last year. Because the previously inaccessible Hinman files have since been handed over to the team. They include the 2018 speech by SEC Director William Hinman, in which he said that Ethereum is sufficiently decentralized.
Cardano was also threatened with classification as a security. Therewith ADA could also benefit from the relief regarding XRPs. Otherwise, there might have been high fines and bans.
ADA will likely not be considered a security. 2 simple reasons:
1. #Cardano ICO was in Japan, not available to US investors.
2. A judge recently ruled in LBRY case that secondary sales of $LBC tokens were not securities. This sets an important precedent for things like $ADA.
— Dan Gambardello (@cryptorecruitr) February 14, 2023
Likewise, statements by venture capitalist Dan Gambardello gave hope. In his opinion, can due to the implementation of the ICO (Initial Coin Offering) in Japan ADA are not considered securities in the USA. In addition, a judge in a court case of LBRY had ruled that it the secondary sales of the tokens are not securities. Cardano can also benefit from this important precedent.
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Cardano upgrade to node version v.1.25.6.
On March 16, the team announced the new release on GitHub. By the The Dynamic P2P Networking feature has now been upgraded from Cardano added. With the new node version, the Availability and stability of the network ensured and optimized resilience become. Overall, network communication is to be improved by stabilizing communication between the nodes.
The block-producing nodes and the relay nodes can in future used bidirectionally for each connection become. Where the block-creating nodes are responsible for creating new blocks and the relay nodes for communicating with other rails and blocks from the block-creating nodes.
Cardano Price Prediction 2023
Cardano is currently up 7th place of cryptocurrencies with a market capitalization of $12,364,316,512. Of the total 35,608,886,724 ADA tokens are already 77% in circulation. For this reason, inflation of almost 33% must still be expected. However, within the last year, the circulating supply is only of 33,713,371,129.3 up 2.98% to 34,719,181,431.35.
Starting the year at $0.2486, Cardano is now up 43.81% at $0.3575. Still, the cryptocurrency is trading 87.95% below all-time high at $2.9664 and 14.49% below yearly high at $0.4181. In addition, the development is only modest compared to some other cryptocurrencies.
The daily trading volume ADA is down from $150.90 million at the start of the year to $941.04 million 523.62% up. This also corresponds to that highest level of the current year and thus suggests an increased interest in Cardano.
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After rallying earlier in the year, Cardano has corrected to the 61.8 Fibonacci level. Since then, vertical resistance has also held and a brief rebound has been recorded. Now the ADA is caught between the two vertical resistances. Only a sustained crossing of 0.4405 US dollars clears the way for larger price increases. In addition, the OBV indicates a correction due to the divergence and falling below the MA.
The next key resistances on a continuation of the rise are located at $0.3774, $0.4284, $0.4656, and $0.5177. On the other hand, should the bears win, the next supports are at hand $0.3290, $0.3074, $0.27767, and $0.2374.
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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de and Coincierge, among others.
