- Binance coin replaced Cardano as the third-largest cryptocurrency.
- Over 70% of ADA supply remains staked.
- With institutional investment flows to Cardano, proponents expect ADA market capitalization to recover.
- Cryptocurrency analysts expect Cardano to outperform Bitcoin and Ethereum based on ADA price trends.
Charles Hoskinson, Cardano founder, made an effort to dampen Cardano's negativity and uncertainty and the cryptocurrency ecosystem. Hoskinson broadcasted from South Africa and shared potential opportunities for the Cardano Foundation.
Analysts expect Cardano to outperform Bitcoin with updates in the ecosystem
In his recent broadcast from Africa, Charles Hoskinson shared how the rising uncertainty in cryptocurrencies puzzled him. Hoskinson believes that Cardano has met every single milestone on its roadmap.
The Cardano network has never suffered an outage, and the founder reassures users about ADA's current plans. Cardano is focused on enhancing scalability.
Brief Update https://t.co/9Tw2zPtVxm
— Charles Hoskinson (@IOHK_Charles) October 18, 2021
The Plutus Application Backend (PAB) launch is set to ensure scalability on the network. It is scheduled for later this month. Once Cardano improves scalability, more users are expected to join the network.
Cardano is working on another exciting development in the roadmap, layer-2 scaling solution Hydra. Alongside Plutus, Mamba Pool, Atala Prism and Mithral, Hydra's development is underway.
Fourteen teams are working on different elements within the Cardano ecosystem. Hydra is expected to process transactions on the Cardano network in an efficient manner. Since most transactions will be processed off-chain, Hydra will use the Cardano blockchain to secure settlement.
The Hydra protocol is currently under extensive testing.
Despite the upcoming updates in the Cardano ecosystem, ADA's market capitalization dropped, and the altcoin no longer ranks among the top three cryptocurrencies. The percentage of ADA tokens staked remains stable above 70%; analysts are bullish on the altcoin as supply under circulation remains relatively low.
There is a spike in institutional investment in ADA. Over $3 million capital flowed to ADA-based funds in the past week, according to a Coinshares report.
Austin Hilton, a cryptocurrency analyst and YouTuber, has set a $15 target for ADA price. Hilton states,
Cardano could hit $15 by the end of this bull run that we are all looking at. It's set to end in kind of February-March time frame.
FXStreet analysts have evaluated the ADA price trend and predicted that the altcoin's price is bound for profit-taking. Analysts set a target of $1.70 for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?