As a seasoned researcher who has navigated through the tumultuous waters of the cryptocurrency market for years, I must admit that watching Cardano (ADA) dance to the tunes of Bitcoin’s price movements is both fascinating and exhilarating. My experience tells me that the crypto market can be as unpredictable as a game of dice, but it never fails to surprise me with its resilience and adaptability.
Over the past day, the digital currency Cardano, ranked as the 11th largest by market value, experienced a nearly 5% rise. This uptick coincides with Bitcoin rebounding and trading over $61,000 on Friday.
The value of cryptocurrencies dropped after it was revealed that the U.S. Consumer Price Index (CPI) for September indicated more inflation than anticipated. This finding appears to have dashed expectations of a further 0.5% reduction in interest rates by the Federal Reserve during the upcoming month.
During a Thursday trading session, Bitcoin dipped below $59,000, while Cardano hit a low of $0.331. These declines followed a three-day downward trend, but both cryptocurrencies later showed signs of recovery.
cardano has experienced a recovery from its $0.331 low on Thursday, climbing by 4.10% in the past 24 hours to reach $0.348. This rise coincides with an increase in significant transaction volume, suggesting that whales were actively transacting approximately $5.8 billion worth of assets in the last day, equivalent to about 17.23 billion ADA when measured in cryptocurrency terms, according to data from IntoTheBlock.
Cardano ecosystem keeps growing
For this week, Input Output Global (IOG), the architect behind Cardano, disclosed key developments from the previous September month.
On September 27th, Input Output announced that there were 1,376 projects built on the Cardano platform. Additionally, the count of delegated wallets grew by approximately 1,000. The Plutus script count saw an increase of 13,611, bringing the total to 88,340. Furthermore, the number of token policies went up by 13,064, and the issuance of native tokens rose by a significant 80,000.
Transaction volume increased by approximately 1.34 million over the past month.
In the past month, an update called Lace v.1.16 was rolled out, offering enhanced wallet functions, quicker management of multi-delegation addresses, and upgraded message signing features. Simultaneously, the Hydra team introduced version 0.19.0, transitioning the ledger to the Conway epoch while ensuring it remains compatible with transactions from the Babbage era.
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2024-10-11 20:37