A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
Bitcoin News
Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?
Bitcoin price rallied further above ,000. BTC is now consolidating gains and might soon attempt another upward move toward the ,000 resistance.
- Bitcoin price is consolidating gains below the ,000 resistance zone.
- The price is trading above ,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at ,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally toward the ,000 resistance zone.
Bitcoin Price Jumps Over K
Bitcoin price remained strong above the ,000 resistance zone. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near ,000 and ,000.
The price even surged toward the ,000 level. A new multi-week high was formed near ,000 before there was a sharp decline after the Coinbase outage. The price dived toward the ,000 support zone. A low was formed near ,919 and the price started a fresh rally.
It is back above the ,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the ,000 swing high to the ,919 low.
Bitcoin is now trading above ,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at ,950 on the hourly chart of the BTC/USD pair. Immediate resistance is near the ,500 level. It is near the 76.4% Fib retracement level of the downward move from the ,000 swing high to the ,919 low.
Source: BTCUSD on TradingView.com
The next key resistance could be ,000, above which the price could rise toward the ,000 resistance zone. If the bulls remain in action, the price could even surpass ,000 and test ,400. The main hurdle for them is visible near the ,000 zone.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the ,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,800 level and the trend line.
The first major support is ,000. If there is a close below ,000, the price could start a decent pullback toward the ,000 zone. Any more losses might send the price toward the ,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,800, followed by ,000.
Major Resistance Levels – ,500, ,000, and ,000.
From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing
Solana, the ambitious blockchain ecosystem, showcased its resilience in the face of adversity, experiencing a significant network outage that temporarily impacted its cryptocurrency value. The recent dip in SOL’s price, dropping to .36 during the outage, highlighted a challenging moment for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at 1.80, reflects the network’s ability to bounce back, marking a notable 6.6% increase in the past 24 hours.
Solana: Price Stagnation, Surge, Outage Recovery
Amidst weeks of relative price stagnation, where SOL fluctuated between and , Solana’s recent surge contrasts sharply. This period of minimal price change mirrored a cautious sentiment prevailing in the cryptocurrency market, contributing to a 10% correction in Solana’s value, painting a tentatively bearish picture.
The network faced a four-hour and 46-minute outage, causing considerable disruption. Despite the setback, Solana’s developers swiftly addressed the issue by implementing a new software patch from Solana Labs. The recovery process involved mainnet validators restarting their nodes with the updated software, emphasizing the platform’s commitment to stability.
Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.
The outage began at approximately…
— Solana Status (@SolanaStatus) February 6, 2024
Though the Solana Foundation has not issued a formal statement regarding the outage’s cause, a tweet by VanEck’s Head of Digital Assets Research, Matthew Sigel, suggested a potential bug identified and patched on Solana’s testnet might be responsible. This tweet gained traction as Solana’s co-founder, Anatoly Yakovenko, and other notable developers reshared it, underlining its significance.
Solana outage, what happened?
BPF loader, the “Berkley Packet Filter,” which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a…— matthew sigel, recovering CFA (@matthew_sigel) February 6, 2024
This incident isn’t the first time Solana faced prolonged network issues; approximately a year ago, a 19-hour blackout occurred after a network upgrade. The Solana Foundation attributed the problem to the extensive use of “custom block-forwarding software” by various applications.
Despite occasional outages, Solana has experienced a surge in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, signaling growing interest and adoption. The recent network outage may have impacted investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve rapidly.
Solana: Price Projections, Stability Concerns Persist
Based on the latest price predictions, Solana’s price is expected to fluctuate between and 9 in February 2024. The price is predicted to rise to 0 in 2025 and reach an all-time high of 5 in 2027. Market analysts and experts predict that Solana is expected to cross a price level of 7 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate.
Investors and enthusiasts are closely watching Solana’s trajectory as it strives to establish itself as a mainstay in blockchain ecosystems. The forthcoming root cause report from the Solana Foundation is eagerly anticipated, offering insights into the outage and potentially addressing concerns about the network’s stability.
As Solana navigates through these challenges, its ability to recover and sustain an upward trajectory will be closely monitored, playing a pivotal role in shaping its future amid the competitive cryptocurrency landscape.
Featured image from Adobe Stock, chart from TradingView
Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing
MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly to below .85 in a single move.
However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.
Can MATIC’s Price Return To .96?
In a recent post on X, crypto analyst Ali Martinez has put forward a bullish projection for the price of MATIC over the coming days. According to the crypto pundit, the cryptocurrency looks set to recover all its lost gains in a potential upward price movement.
The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.
#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.
A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward .88, and even as high as .96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
Martinez noted in his analysis that the TD indicator is currently flashing a buy sign on MATIC’s 4-hour price chart. However, the crypto analyst highlighted that a bullish future for MATIC hinges on a spike in buying pressure around the current price levels.
This could potentially see the Polygon token climb toward .88 and as high as .96, Martinez said. Ultimately, this bullish prediction depicts an almost 16% surge from the current price point.
It is worth noting that the Relative Strength Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is currently at 38.2. When the RSI is below 50, it may suggest that the token is witnessing some bearish momentum.
MATIC Price Overview
As of this writing, the price of MATIC stands at .828969, reflecting a mere 1.2% increase in the past 24 hours. Polygon’s sluggish performance in the past day emphasizes the altcoin’s struggles over the last seven days.
According to data from CoinGecko, the MATIC price has declined by more than 14% in the past week. And this recent market downturn saw the cryptocurrency lose virtually all of the profits it accrued in December.
Nevertheless, MATIC ranks as the 14th-largest cryptocurrency in the sector, with a market capitalization of about .8 billion.
Bitcoin Technical Analysis: BTC Breaks $42K Resistance in Latest Bullish Swing
On December 4, 2023, bitcoin’s price exhibited significant movements trading between ,409 and ,155 during the intraday sessions. The crypto asset briefly crossed the K zone — a height not seen since the Terra LUNA crash. Bitcoin’s current market capitalization is around 3 billion as it trades for ,556 per unit at the time of writing.
Bitcoin
Presently, bitcoin’s relative strength index (RSI) stands at 85, indicating a balanced stance, while the Stochastic reads 89, suggesting a slightly bearish signal after reaching the K mark. The commodity channel index (CCI) at 229 currently remains neutral. Bitcoin’s movement is strongly supported by various moving averages, all signaling positivity within the market.
The exponential moving averages (EMAs) and simple moving averages (SMAs) for 10, 20, 30, 50, 100, and 200 days ranged from ,893 to ,284, consistently favoring the current upward trend. After tapping K, the high volume associated with the modest sell-off and lower volume during consolidation suggests a temporary yet strong shift in market dynamics.
Meanwhile, the 4-hour chart provided a contrasting view with a sustained uptrend, marked by a series of higher highs and higher lows — a bullish sign. The highest peak on the 4-hour chart aligns with the short-term resistance level, and volume spikes on upward movements support the current market optimism. For trading strategies, potential entry points could be identified amid pullbacks, while exit points might be considered upon noticing reversal patterns with high volume, signaling a possible end to the current trend.
Bull Verdict:
The comprehensive analysis of bitcoin on December 4, suggests a predominantly bullish outlook. The alignment of various moving averages indicates a strong upward trend, with longer-term charts reinforcing this sentiment through a series of higher highs and higher lows.
Bear Verdict:
Conversely, the analysis of bitcoin on December 4 can also be interpreted with a bearish perspective. The overbought conditions suggested by the RSI and the significant selling pressure observed in the short-term chart analysis indicate potential market exhaustion.
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What do you think about bitcoin’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
The Bitcoin Swing Set: Possible Outcomes Of A Dovish Vs Hawkish Fed
Bitcoin shed over 15% in the last 24 hours to around k and the whole crypto market sank below trillion on Monday. Whether this gloomy start of the week will be followed by even more downside or some relief, could depend on next week’s meeting of the US Federal Reserve (FED).
Bitcoin trading at around k in the daily chart | BTCUSD on TradingView.com
Related Reading | Crypto Markets Lose 0 Billion As Bitcoin Drops Below K – More Pain Ahead?
Dovish Or Hawkish?
The US is seeing the largest year-on-year increase of the Consumer Price Index since December 1981. Inflation has not been “flattening out” as Fed Chair Jerome Powell expected in May.
Many analysts think this calls for a hawkish Fed and have predicted the next interest raise hike to be higher than previously announced. But others think that the Fed is not likely to surprise investors with a higher hike, so a hawkish scenario is still doubtful.
Nevertheless, the fear of recession is here and so is the bear market.
JPMorgan Chase & Co. strategist Marko Kolanovic explained in a note shared by Bloomberg why the next move could remain dovish:
“Friday’s strong CPI print that led to a surge in yields, along with the sell-off in crypto over the weekend, are weighing on investor sentiment and driving the market lower… However, we believe rates market repricing went too far and the Fed will surprise dovishly relative to what is now priced into the curve.”
But JPMorgan economist Michael Feroli thinks the opposite and expects a 75bps increase.
Meanwhile, Guy LeBas explained the mechanics of what happens at an FOMC meeting, stating that “Most of the time there are two realistic choices–“A” and “B”–but in times of extraordinary change or volatility, there are sometimes more. Incidentally, archived teal books are available here for the curious.”
“I am willing to bet that Option A is a 50bps rate hike with hawkish guidance for a faster pace of hikes thereafter. Option B is a 75bps hike with neutral guidance. Option C, if it’s serious, probably includes a faster pace of balance sheet runoff.”
LeBas took into account a WSJ article that also claimed the “troubling inflation reports” could lead to a surprise 75bps interest rate hike by the Fed.
The WSJ article quotes “Two consumer surveys have also shown households’ expectations of future inflation have increased in recent days,” previous statements by Fed Chairman Jerome Powell, and the analysis of several Wall Street forecasters.
On one hand, Powell had said: “What we need to see is clear and convincing evidence that inflation pressures are abating and inflation is coming down. And if we don’t see that, then we’ll have to consider moving more aggressively.” This could paint a 0.75bps scenario if we take into account the inflation reports.
Nevertheless, LeBas thinks that “Option A and B are both good possibilities for June. I lean towards A (hawkish 50) as most probable.”
50 basis points is only “Hawkish” if this is a hawk: pic.twitter.com/eyZzuXVzyv
— Graham Sanders (@geswolfcrest) June 13, 2022
Similarly, a Twitter user added that it is a tough situation:
“A. The Fed sticks with 50bps. Market sees them as too slow and not serious enough.
B. The Fed does 75bps. Market sees them as panicking and going against their word from 2 weeks ago.
Market falls either way.”
But the analyst Michaël van de Poppe is also leaning toward “option A”:
“J.P. Morgan expecting 75bps hike for Wednesday. I would say that’s likely not going to happen and 50bps or lower is going to call the reverse on Bitcoin.”
Several investors seem to agree with the “market falls either way” conclusion.
Anything below 75bps is usually seen as beneficial for Bitcoin, but is the US economy already too deep in the mud for 50bps to make an actual difference in the market?
President at EverGuide Financial Group, LLC. Mark R. Painter thinks that 50bps or 75bps “In the end it doesn’t matter because they already made their policy error and short-term moves are nothing more than position unwinding.”
So the big question for bitcoin is whether a dovish FED could actually bring a rally/reversal, or if this bear market still has more investors’ tears to shed. As always, both scenarios could happen, but it is still not likely that the crypto winter will be over with a 50bps hike.
Related Reading | Bitcoin Plummets To 000 ; How Long Till It Touches 000?
Ripple (XRP) Plunges To $0.43 With Bears In Full Swing
Ripple (XRP) has plummeted to .43, with bears now skyjacking the market following a tremendous drop in the past week.
While the price seems to have improved in the past couple of days, the bulls have somewhat shoved bears to their current market movement.
The past week did not look suitable for Ripple traders and investors as XRP collapsed to a drop of 42% and closed at .4255.
The entire week was seen to drift following a bearish movement which dropped to .4018 before it regained momentum to .4123 for the week. This indicates an oversold token that implores the potential of an uptrend.
Suggested Reading | Bitcoin Reclaims K Territory After Recent Weeks’ Struggle – Analysts Weigh In
Will Ripple Dash Towards A Bullish Streak?
However, the token price is yet to produce a higher low and a higher high to authenticate the created moment, which in effect points out that bulls will have to nudge the price of XRP to .65 before it instigates a new bullish trend.
XRP is expected to dash to a bullish trend as things go down. However, the bullish streak can be short-lived as a result of the current market situation. The technical oscillator’s value would show you that the token has ticked off the lows in the charts (hourly, daily, and weekly).
It falls right under both the 50-day and the 100-day Exponential Moving Average. It is an escalation of the buying pressure that could ram the price to shoot, targeting the 50-day exponential moving average even before it tests at the .50 mark.
XRP total market cap at .5 billion on the daily chart | Source: TradingView.com
Ripple Price Descending For Good?
In different circumstances, the drop of XRP indicating a bearish shift could trigger the coin to go on with a new downtrend. If XRP breaks under the current low value, it will test the low of .40.
While every token strives for decentralization, Ripple wholly owns XRP and wants to be the coin that aims for bank adoption. Ripple is also a payment gateway as much as it’s a cryptocurrency. It’s one of the pioneering tokens in the crypto space created by Ripple Labs in 2012.
Suggested Reading | Cardano (ADA) Grapples At .524; Bullish Trajectory Coming
Ripple is the brainchild of Chris Larsen and Jed McCaleb. Four years after its launch, the company acquired BitLicense from New York to ensure that XRP remains robust despite the volatility.
However, Ripple has dipped to 21% because of crypto turbulence and is still struggling to keep up with the pace.
Featured image from YouTube, chart from TradingView.com
NewsBTC
Bitcoin NUPL Suggests Bear Market Yet To Hit In Full Swing
On-chain data shows the Bitcoin NUPL metric currently has values that would suggest the bear market is yet to hit in full swing, if the coin is in one.
Bitcoin NUPL Value Still Not As Low As Previous Bear Markets
As pointed out by an analyst in a CryptoQuant post, the BTC NUPL metric suggests market hasn’t neared a bear market bottom yet.
The “net unrealized profile/loss” (or NUPL in short) is an indicator that tells us about the ratio of profit and loss in the Bitcoin market.
The metric’s value is calculated by taking the difference between the market cap and the realized cap, and dividing it by the market cap.
When the NUPL has a value greater than zero, it means there are more coins in profit than ones in loss at the moment.
On the other hand, negative values of the indicator imply that investors are, on average, in a state of loss right now.
Related Reading | Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week
Now, here is a chart that shows the trend in the Bitcoin NUPL over the history of the crypto:
Looks like the value of the indicator is still above zero | Source: CryptoQuant
As you can see in the above graph, the Bitcoin NUPL metric has often been able to predict top and bottom formations through its various colored zones.
In the previous bear markets, the indicator’s value has usually fallen off below zero (blue) as a bottom approached.
In the lead up to these bearish periods have been the yellow and green phases, but currently the NUPL still looks to be in the yellow zone.
This may mean that if Bitcoin has already entered into a bear market, it has still some ways to go before total capitulation and bottom formation.
Related Reading | What’s Bitcoin Role After End of Petrodollar System? Arthur Hayes Says
However, it’s worth noting that there have been instances before where the indicator dropped into the yellow zone after a bull rally, but then jumped back up soon after as the bullish trend continued, indicating a mid-cycle bottom formation instead.
The latest example of this was during the mini-bear period of May-July 2021, where the coin bottomed at around k and rallied on to a new ATH.
BTC Price
At the time of writing, Bitcoin’s price floats around .4k, up 6% in the past week. Over the last month, the crypto has gained 8% in value.
The below chart shows the trend in the price of the coin over the past five days.
The price of the crypto seems to have held above k over the past couple of days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
NewsBTC
Crypto Startup Swing Secures $6 Million In Strategic Funding Round
Swing, a blockchain startup that enables cross-chain liquidity and liquidity aggregation across blockchains, announced that it has raised USD 6 Million in a strategic funding round from leading investors in the blockchain ecosystem.
Housing several trading, lending, and borrowing protocols, the Ethereum ecosystem dominates the decentralized financial (DeFi) area. This has reverberated across the network, pushing Ethereum to its limits but also speeding up the pace of invention and experimentation. Swing leverages layer 1 and layer 2 solutions like Polygon, Binance Smart Chain, Avalanche, Solana, Arbitrum, and more to get past and challenge Ethereum’s performance restrictions.
The strategic round of funding was led by Republic Capital and also saw participation from blockchain-centric VCs including Avalanche Labs, Bitcoin.com, Skynet EGLD Capital, Celer, Ascensive Assets, Haskey, Morningstar Ventures, Kane & Rao among others. With this round of strategic funding, Swing has achieved a valuation of USD 60 Million, making it one of the most sought-after projects in the DeFi space.
With this successful fundraiser, Swing aims to fastrack its plans to launch APIs to aggregate major liquidity sources and bridges with the aim of enabling cross-chain liquidity and progress closer to its vision of decentralized liquidity across the DeFi multi-chain ecosystem. The funding will be utilized to propel Swing’s development and expansion of teams.
The Future of DeFi: A Big Stride Towards Cross-Chain Infrastructure For The Internet
The total value locked (TVL) in the DeFi space, a measure of the number of assets staked in a specific protocol, quadrupled in 2021 alone bringing its TVL to USD 201.55 Billion in 2022. The DeFi space has witnessed a boom of decentralized exchanges (DEXs) and protocols, the issue of sporadic liquidity is ever persistent. Further, DEX Aggregators find themselves restrained to connecting liquidity pools on the Ethereum chain thereby, limiting possibilities of multi-chain liquidity aggregation.
While Ethereum is one of the most prominent chains for building protocols, it is no revelation that its network congestion and stark lack of scalability have resulted in high latency and soaring gas fees.
It is vividly clear that blockchain interoperability is the need of the hour to resolve the issue of liquidity fragmentation on DEXs. This is why Swing is building an efficient cross-chain infrastructure for the internet which will compose and aggregate liquidity across blockchains and thereby, move assets across multiple ecosystems with minimum slippage. This is said to become an indispensable part of the DeFi ecosystem.
By enabling cross-chain transactions, the project aims to bring in a new era of decentralized trading. With these features and offerings, Swing aims to be the Stripe for cross-chain transactions. Much like how Stripe enables websites and apps to take payments over their websites, Swing will simplify cross-chain swaps and transfers for developers and businesses with its much-awaited API product.
By enabling cross-chain transactions, the project aims to bring in a new era of decentralized trading. By offering a cross-chain asset exchange and decentralized liquidity protocol that uses Layer 2 chains and major EVM networks, DeFi traders, investors & developers can use Swing to move crypto capital efficiently across blockchains. AMM dexes, yield farms, lending/borrowing and staking protocols will greatly benefit from Swing’s cross-chain bridging solution. Swing navigates across top protocols and exchanges on Layer 1 and 2 chains with its cross-chain bridges and intelligent algorithms to beat and match market swap prices.
Swing is currently compatible with Ethereum, Polygon, Binance Smart Chain, Harmony, Avalanche, xDai, Moonriver, and Phantom and is said to expand to Solana, Harmony, Polkadot, Cardano, Optimism, and Near soon.
Concluding Thoughts
The coexistence and interoperability of multiple blockchains is a necessity for the continued growth and survival of the DeFi industry. In this light, the search for an efficient and simple cross-chain trading and liquidity aggregator is more important than ever. This is where Swing’s offering to go the last mile for crypto liquidity has become a critical part of the whole crypto infrastructure.
Swing will be a one-of-a-kind gamechanger to empower developers, investors, and users all over the world to move crypto assets effortlessly using blockchain smart contracts, relayers, and cross-chain bridges.
The future is multi-chain! Think multichain, Think Swing!
Cardano DeFi Development is in Full Swing
The market dip has hit DeFi tokens particularly hard. @cryptopigmedia noted that the biggest loser to date is Curve Finance, whose CRV token has dropped 93% since its peak.
“DeFi darling” Yearn Finance hasn’t faired much better, with the YFI token losing 61% from its ,183 high.
Defi Death Mission pic.twitter.com/UvGP8OcLqu
— Cryptopig (@cryptopigmedia) October 4, 2020
Despite that, and the subsequent fall in yields, Nicolás Arqueros, CTO at EMURGO, believes this is a temporary setback. Drawing on the example of the tech bubble at the turn of the century, he sees DeFi recovering.
“most of the technologies, sometimes they can start like… they can be too hot and turn into a bubble. But, for example, we have the bubble in the 2000s with all the tech companies, and we saw that Amazon was a bubble at that point. Yes, at that point it was a bubble, but now the value and the price in the stock market even higher.”
With that in mind, EMURGO is continuing unphased in its development of DeFi on the Cardano chain.
Cardano Looking to Improve on Ethereum
Ethereum, as the biggest provider of DeFi services, is the platform every blockchain wants to emulate.
But Arqueros states that EMURGO has examined what Ethereum does and built a smart contract framework which he believes is superior.
UTXOs refers to a transaction output that can be used as input in a new transaction. Under this model, the UTXO defines where each blockchain transaction starts and finishes. This contrasts with the account/balance model employed by Ethereum.
Arqueros expands on how the UTXO model will run on Cardano by saying:
“we’re avoiding most of the unncessary operations on the chain. For example, you no longer have to interact with that many smart contracts. Instead what you can do is verify that information was signed by some specific private key after the usage of its public key.”
He also mentions that scalability is much easier to achieve on Cardano, due to the parallel UTXO architecture employed. The upshot of this is cheaper and faster transactions.
“UTXO is like a better way to play nice with other technologies that we see as required for a blockchain to scale up.”
Not only that, but during the interview, Arqueros also spoke of cheaper on-ramping into stablecoins, developing a network of oracle providers, and perhaps most pertinently, encouraging decentralized exchanges.
“[on decentralized exchanges] definately we want to have a few on Cardano, and we multiple organizations working on multiple proposals… you can expect to see most of the same applications that you see on Ethereum and other blockchains.”
Given the frustrations of using the Ethereum blockchain, some projects are looking to port over to Cardano. SingularityNET was the first big name to action a move away from Ethereum.
But the question is, will developments at Cardano see a mass exodus from Ethereum?
Arqueros said that Cardano has been in contact with a number of developers looking to port over. However, he remained tight-lipped on specific names.
Cardano ADA daily chart YTD with volume. (Source: tradingview.com)