T-Rex Group has filed for exchange-traded funds (ETFs) that aim to leverage the daily performance of Microstrategy Incorporated (MSTR). The proposed ETFs will take 2x long and 2x inverse positions in MSTR, magnifying its daily stock performance by 200%. T-Rex Group Files for Microstrategy ETFs, Dubbed the ‘Ghost Pepper of ETF Hot Sauce’ T-Rex Group, […]
Bitcoin News
Foundry Unveils New Hardware Suite Targeting Institutional Bitcoin Mining
Foundry Digital LLC has launched a new suite of products aimed at enhancing institutional bitcoin mining operations. Dubbed Foundry Hardware, this initiative introduces specialized equipment designed to improve mining system efficiencies and reliability. Foundry’s New Suite Aims to Optimize Institutional Cryptocurrency Mining Foundry Hardware‘s offerings include power supply units, immersion optimization kits, and control boards […]
Bitcoin News
Indian Authority Busts Cryptocurrency Fraud Ring Targeting Foreign National
India’s Enforcement Directorate (ED) has cracked down on a cryptocurrency fraud ring targeting a foreign national. The accused persuaded the victim to transfer 0,000 to a cryptocurrency account set up using unauthorized remote access. The ED seized digital evidence, froze fixed deposits, and confiscated jewelry connected to the case. The investigation is still ongoing. ED […]
Bitcoin News
New York Cracks Down on Crypto Pyramid Schemes Targeting Immigrants
New York Attorney General Letitia James has sued Novatechfx, AWS Mining, and their founders for orchestrating crypto pyramid schemes that defrauded over 11,000 New Yorkers out of more than a billion dollars in cryptocurrency. These companies targeted vulnerable immigrant communities, particularly Haitians, with false promises of high returns. NYAG Letitia James Takes Action Against Crypto […]
Bitcoin News
US Authority Seizes 70 Crypto Scam Sites Targeting Russian Community
The Brooklyn District Attorney’s Office has seized 70 domains used to scam the Russian community. The scam involved deceptive Facebook ads featuring a deepfake of Tesla CEO Elon Musk. Over 20 Brooklyn residents and additional victims nationwide lost a total of million. 70 Crypto Scam Domains Seized The Brooklyn District Attorney’s Office announced Thursday […]
Bitcoin News
Bitcoin Technical Analysis: Bulls Poised for Next Leg up, Targeting $70K
Over the past hour, bitcoin’s price has ranged from ,915 to ,121, with an intraday spread between ,440 and ,305. The 24-hour trading volume for bitcoin (BTC) is .02 billion, indicating robust market activity. The market capitalization of bitcoin remains strong at .36 trillion. Bitcoin Bitcoin’s daily chart highlights a major uptrend starting in early […]
Bitcoin News
Study: Crypto Losses 28% Lower in May; Attackers Primarily Targeting Defi Platforms
In May, cybercriminals were less successful in their attacks on decentralized platforms, resulting in losses attributed to hacks and fraud incidents amounting to approximately .4 million. During the same period last year, digital assets worth .3 million were lost to similar attacks. Gala Games, which incurred a loss of million, and Sonnefinance with […]
Bitcoin News
X Launches ‘AI Audience’ for Advertisers, Promises Precision in Targeting
The business account for the social media platform formerly known as Twitter, now referred to as ‘X,’ announced a new artificial intelligence (AI)-enhanced feature for advertisers called “AI Audience.” This feature enables advertisers to define their target audience in brief descriptions, after which X’s AI systems will quickly generate a relevant user pool for that […]
Bitcoin News
HSBC Launches Tokenized Gold Product Targeting Hong Kong Market
HSBC, the London-based financial institution, launched the first bank-backed tokenized gold product for its customers in Hong Kong. HSBC Gold Token will allow retail investors to purchase tokenized gold from their smartphones using the bank’s online app, democratizing access to these gold contracts for retail customers and leveraging distributed ledger technology. HSBC Debuts Tokenized Gold […]
Bitcoin News
Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH
Cardano (ADA), currently positioned as the 9th largest cryptocurrency by market capitalization, has encountered a downward trend following the prevailing bearish sentiment in the crypto market. Bitcoin (BTC), the market leader, has led the way in price corrections for top cryptocurrencies.
Despite ADA’s recent retracement of nearly 20% in the past week after reaching a 22-month high of .810 on March 14, there are indications that a potential trend reversal is on the horizon. This shift in momentum could potentially drive ADA towards reclaiming the mark, which it hasn’t reached since April 2022.
Bullish Momentum Building For ADA
Crypto analyst “Trend Rider,” who shares his insights on the social media platform X (formerly Twitter), has highlighted ADA’s market shift from bearish to bullish trends. Looking at the two-week chart, key moving averages are realigning, signaling a transition to a bullish framework as indicators move from red to green.
According to the analyst, this pattern is similar to a previous occurrence observed just before ADA embarked on a significant bull run.
If history repeats itself and mirrors the April 2021 bull run, where ADA rose from .133 to its current all-time high (ATH) of .168 in less than a year, posting gains of over 2000%, a similar uptrend could easily take ADA past the mark.
If another 2000% price surge materializes, it could push Cardano’s native token to reach the .6 level, marking a significant quadrupling of its all-time high milestone.
While the market correction continues, Trend Rider has identified crucial support lines that must be held back to maintain the bullish structure. According to the analyst, the trend support for ADA is anticipated to range between .45 and .52.
Key Cardano Metrics Soar
Cardano has shown significant progress in key metrics, as indicated by data from Token Terminal. The figures reflect a significant increase in market capitalization, trading volume, and fees, highlighting the adoption of the Cardano blockchain ecosystem.
According to Token Terminal data, Cardano’s fully diluted market capitalization is approximately .80 billion, representing strong growth over the past 30 days. This figure indicates the total value of all ADA tokens, including those not yet in circulation.
Furthermore, the circulating market capitalization, which factors in only the tokens currently available for trading, has also experienced a notable increase, reaching around .35 billion.
Moreover, Cardano has witnessed a significant surge in trading volume over the past 30 days. The trading volume has soared to approximately .96 billion, reflecting an increase of 117.5%. This surge indicates heightened market activity and a growing demand for ADA tokens.
Another noteworthy aspect revealed by Token Terminal data is the substantial growth in fees generated within the Cardano network. Over the past 30 days, fees have amounted to approximately 6.07k, demonstrating a significant increase of 36.5%.
When annualized, the fees generated by the Cardano blockchain reach an estimated .16 million, reflecting a notable growth rate of 5.2%. This signifies the expanding usage of the Cardano network for various transactions and applications.
ADA is trading at .603, down 2.6% in the last 24 hours.
Featured image from Shutterstock, chart from TradingView.com