Cryptocurrency exchange Coinbase has announced that it has reached “a crucial milestone” in Canada by obtaining registration as a restricted dealer in the country. “Ranked as Coinbase’s third-most crypto-aware nation globally, Canada boasts an enthusiastic tech ecosystem that has the potential to be a leader in the global cryptoeconomy,” Coinbase noted. ‘Crucial Milestone in Coinbase’s […]
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ADA Price Ready To Soar As Cardano Network Hits New 88.6 Million Transaction Milestone
The Cardano (ADA) price looks set for a significant move to the upside. The network recently hit a new milestone in terms of transactions processed so far, in addition to other bullish fundamentals that could also contribute to the price surge.
Cardano Has Processed Over 88 Million Transactions
Data from Cardano’s latest weekly development report shows that the network has processed 88.6 million transactions to date. This is significant as sustained network activity can positively affect ADA’s price. Moreover, ADA has always been criticized as a “ghost chain,” this achievement dispels that notion and proves that people are actively using the network.
Meanwhile, the report revealed that 1,353 projects are actively building on the network, which means the network will keep expanding as more users get onboarded through those projects. Additionally, Cardano’s Fund12 officially launches on April 26, with this decentralized and innovative incubator program set to usher in a new set of developers into the Cardano ecosystem.
That event also underlines Cardano’s potential to experience exponential network growth soon enough. It is also a testament to Cardano founder Charles Hoskison’s statement that the network is growing organically like Bitcoin, seeing as the team has continued to put in the work rather than solely depending on hype.
Considering these bullish developments, ADA’s price could be well primed for a significant move to the upside. This will provide a much-needed relief for ADA holders who have continued to worry about the crypto token’s lagging price action. ADA’s price had remained pretty tepid despite the broader crypto market recording massive price gains.
ADA Price Chart Says Otherwise
From a technical analysis perspective, the Cardano ecosystem is currently bearish. Technical analyst Alan Santana recently mentioned that further price declines are more feasible as ADA’s price has continued to lag. He revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “
Santana also suggested that ADA’s price could drop to as low as .34 in a bid to establish support. Therefore, he stated that the “only wise decision is to remain bearish until the chart and market conditions change.” “Once support is found and established, we become bullish again,” the analyst added.
At the time of writing, ADA is trading at around .58, up in the last 24 hours according to data from CoinMarketCap.
Bitcoin Meteoric Rise: Analyst Predicts $90,000 Milestone In April
Amid the bearish pressure witnessed in the price of Bitcoin, Captain Faibik, a popular cryptocurrency analyst and trader, has identified the potential for a significant rebound that could send BTC to an unprecedented level before the end of April.
Bitcoin Might Be Poised For New Peak This Month
Bitcoin is presently exhibiting a downward pressure on low timeframes, falling to the ,000 price level after briefly touching ,000 on Monday. Despite the adverse price action, Captain Faibik is confident there will be an uptick in the price of BTC this month.
Captain Faibik’s analysis emphasizes Bitcoin’s bullish pennant formation on the 12-hour timeframe chart. According to the crypto expert, an upside breakout is anticipated later this week.
Should there be a successful breakout, as anticipated by the expert, Bitcoin might be poised to reach a new all-time high. As a result, Captain Faibik has set his price target around the ,000 and ,000 threshold this month. The post read:
BTC Bullish pennant formation on the 12hrs timeframe Chart. Expecting an upside Breakout later this Week. In case of a Successful Breakout, Bitcoin might hit ,000-,000 this month.
The expert has also confirmed that the bullish pennant developed on the daily timeframe chart. Thus, the analyst is optimistic that the breakout will materialize soon.
The analyst has also identified some buying pressure on low timeframes, triggering momentum for the crypto asset. “BTC Bulls are defending the 4-hour Exponential Moving Average (EMA) 200 around ,600 and bullish pennant also in play,” he stated.
However, for the Bitcoin bulls to regain momentum, they must reclaim the critical resistance level of ,000. This suggests the bulls still have more work to do to reach the resistance level.
Currently, Bitcoin is trading at ,125, with a decline of over 5% in the past 7 days. Its trading volume has plummeted by nearly 9% in the past day, while its market cap is slightly up by 0.81%.
Possible Correction On The Downtrend
While Faibik anticipates a recovery, some analysts are pessimistic about the asset’s movement and express worries about a potential pullback. One of the crypto experts who predicted a further correction in BTC is The Fomo Factory.
The expert discussed possible outcomes and provided several worrying price targets for the coin. According to the analyst, Bitcoin could drop to ,000, representing strong support, and to the ,000 and ,000 Fibonacci retracement line.
The analyst further cautions against discounting a more significant retrace to the ,000 and ,000 region.
This prediction casts a shady ground for the largest cryptocurrency asset as the Bitcoin halving event approaches. However, given the previous impact on the coin’s price, there is hope for a rally in the short term.
Tokenized US Treasury Bonds Hit $1 Billion Milestone on Public Blockchains
This week, 21.co’s onchain data analyst Tom Wan presented figures revealing that tokenized U.S. Treasury bonds on public blockchains have surpassed the billion mark. The analyst highlighted that Blackrock’s BUIDL experienced significant growth of 400%, escalating from million to 0 million within a span of a week. The Rise of Tokenized Real-World Assets […]
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Bitdeer to Boost BTC Mining Capacity With Proprietary Sealminer A1 Rigs, Eyeing 46 EH/S Milestone by 2025
The Nasdaq-traded company specializing in bitcoin mining, Bitdeer, has unveiled its strategy to boost its overall hashrate by an additional 3.4 exahash per second (EH/s) through the deployment of its proprietary Sealminer A1 mining devices. These advanced rigs are slated for setup within Bitdeer’s mining facilities located in Texas and Norway, targeting the latter half […]
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9 New Bitcoin ETFs Accumulate $1.3B in BTC in 6 Days as Funds Near the 500,000 Milestone
In the span of just six days, the nine freshly launched spot bitcoin exchange-traded funds (ETFs) have gathered 20,859.57 bitcoins, valued at over .3 billion. Holding 474,363.55 bitcoins worth .6 billion, these new ETFs are short of 25,636.45 coins to hit the 500,000 milestone. Excluding GBTC, Fidelity’s FBTC and Blackrock’s IBIT Dominate Bitcoin ETFs In […]
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SOL Price Crosses $200 Milestone, What’s Next For Solana?
Solana is gaining bullish momentum above 0. SOL price is still showing positive signs, and it could even surpass the 0 resistance in the near term.
- SOL price gained bullish momentum and cleared the 0 resistance against the US Dollar.
- The price is now trading above 0 and the 100 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support at 5 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rally if it clears the 5 and 2 resistance levels.
Solana Price Extends Rally
Solana price remained strong above the 0 level and extended its rally. There was a decent increase above the 5 and 0 levels.
The price is up nearly 20% and there was a move above the 0 level, outperforming Bitcoin and Ethereum. A new multi-month high was formed near 4, and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the 2 swing low to the 4 high.
There is also a connecting bullish trend line forming with support at 5 on the 4-hour chart of the SOL/USD pair. Solana is now trading above 0 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
Immediate resistance is near the 5 level. The next major resistance is near the 2 level. A successful close above the 2 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 2 level.
Are Dips Supported in SOL?
If SOL fails to rally above the 5 resistance, it could start a downside correction. Initial support on the downside is near the 5 level and the trend line.
The first major support is near the 5 level or the 50% Fib retracement level of the upward move from the 2 swing low to the 4 high, below which the price could test 5. If there is a close below the 5 support, the price could decline toward the 0 support or the 100 simple moving average (4 hours) in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – , and 5.
Major Resistance Levels – 5, 2, and 0.
Cardano Ready For Breakout As Network Adoption Hits Major Milestone
Cardano is yet to venture into the .8 price level this year, despite most cryptocurrencies breaking past old price levels. Although the blockchain has seen some exciting developments, the price action has been a little bit behind when compared to its peers. However, Cardano continues to give investors a glimmer of hope, as activity keeps soaring to new highs.
On-chain data shows that the active addresses on the Cardano network are spiking, with the monthly active count reaching its highest in the past year.
Monthly Cardano Active Addresses Hit One-Year High
Cardano’s active address count just hit a one-year high, signaling major network adoption and hinting at big things to come. According to data from Danogo, the active addresses in the past 30 days reached 596,915 on March 11, its highest since May 2023.
Interestingly, this number almost doubles the 279,000 active addresses recorded in September 2023, the lowest monthly active addresses in the past year.
Active addresses are one of the few metrics to look at when measuring the adoption rate of cryptocurrencies. Notably, various metrics have shown a surge in activity on the Cardano network and its ability to process a high number of transactions.
A further look at the chart data presented by Danogo shows that the monthly active addresses reversed to start a spike at the end of February after going on a free fall in January.
Data from Cardano Blockchain Insights tells a similar tale of increased activity, with the active daily addresses steadying above 50,000 since February 29. Active addresses in the past 24 hours were 66,970.
A similar activity metric from IntoTheBlock shows increased activity from Cardano whales. Its large transaction metric, which measures transactions greater than 0,000, puts the number of whale transactions at 6,810 in the past 24 hours and .86 billion in the past seven days. For comparison, Ethereum’s large transactions stand at .17 billion in the same time frame.
The supply in the top 1% has also shown a strong accumulation from whales, spiking by around 60 million ADA on March 10.
ADA To Reclaim ?
Interestingly, ADA has more than tripled from a .24 price in the monthly active addresses low in September. At the time of writing, ADA is trading at .79, up by 42% in the past 30 days.
ADA has been rejected at .8 twice this month already, but it is now on its way to retesting the price level again. If the bulls can push ADA above .8, this could give the cryptocurrency free rein to reach for the first time since April 2022. Overall, the overall crypto market continues to retain a bullish sentiment, which could push ADA above this month.
Crypto Fever: Bitcoin Smashes Records, Approaching $73,000 Milestone
Bitcoin has set a new record by surpassing ,000, solidifying its status as the digital counterpart to gold and overtaking the market capitalization of silver.
Bitcoin A Tad Close To K
This achievement, occurring with remarkable frequency since early March, saw Bitcoin registering a new all-time high of ,750 today, marking a 5% daily increase and an 12% gain over the past week. The cryptocurrency’s consistent climb underlines its relentless ascent in the financial world.
Amid the UK financial regulator’s announcement that it would permit the trading of cryptocurrency-backed securities, the price of Bitcoin surged to a new all-time high of nearly ,000. The leading cryptocurrency erased its previous peak of nearly ,000 set in November 2021.
On Monday, the Financial Conduct Authority disclosed that it would not raise any objections to investment exchanges establishing a market segment for cryptoasset-backed exchange traded notes [cETNs], a stock-like financial instrument, on the UK list.
This increase in value also occurs in the few months since the alpha crypto asset surpassed Tesla, Meta, and Berkshire Hathaway, solidifying its status as the eighth-largest asset in terms of market capitalization, which presently stands at a noteworthy .4 trillion. Although it is still in the shadow of industry titans such as Microsoft, Apple, and Amazon, Bitcoin’s rise has been nothing short of spectacular.
The FCA said it maintains its stance that cryptoassets are mainly unregulated and “high-risk investments.” and that Investors should anticipate the complete loss of their capital, the regulator said in a statement.
Neil Wilson, chief analyst at the brokerage Finalto, described the FCA’s action regarding the cryptocurrency market as “positive.” In reference to steep price increases, he further stated that “parabolic” market movements tended to conclude with a significant pullback, but “we can no longer be certain with bitcoin,” he pointed out.
Bitcoin ETF Frenzy: Record .7-B Weekly Inflows Propel Crypto Markets
The surge in US spot bitcoin ETF inflows remains a key driver of cryptocurrency price dynamics, as reported by CoinShares, with record-breaking weekly inflows of .7 billion and a year-to-date total of billion, approaching the 2021 annual record of nearly billion.
Simultaneously, increased leverage in the crypto market has resulted in the most significant price fluctuations in almost a year. Funding rates, reaching their highest levels since January 2021, and record-breaking bitcoin open interest contribute to the heightened volatility in the cryptocurrency space.
Meanwhile, a notable catalyst propelling this bullish upswing is the forthcoming halving of Bitcoin, which NiceHash estimates will take place in around 35 days. This occurrence, which has transpired on three separate occasions prior to this one, involves a decrease in the compensation provided to Bitcoin miners for the processing of newly added blocks on the network.
The incentive will decrease from 6.25 BTC to 2.125 BTC as a result of this fourth halving, further reducing the supply of new coins.
Comparable to the scarcity of gold, this scarcity-driven paradigm has long been regarded as a fundamental component of Bitcoin’s value trajectory. In the same way that the scarcity of gold serves as the foundation for its value, the halving of new Bitcoin supply events strengthens Bitcoin’s allure as a store of value in the digital era.
Featured image from Belle Co/Pexels, chart from TradingView
Market Optimism Peaks as Bitcoin Call Options Aim for $100K Milestone
Following bitcoin’s significant market activity this week, conversations around the bull market have hit a high pitch, with numerous predictions of substantial increases in the leading crypto asset’s price cycle. Evidence indicates that call options, with strike prices ranging from ,000 to 0,000, are now in the mix, as speculators exhibit strong optimism. Bitcoin Bull […]
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