Blockchain

Ethereum prices might be stagnant at spot rates, weaving around the $1,540 and $1,560 zone, looking at technical charts. However, amid this period of consolidation and holders worrying about Ethereum’s prospects, Kaiko notes that the coin’s open interest has been gradually rising since September 2023.

Ethereum Open Interest Rising: What Does It Mean?

As of October 10, Kaiko observes that there are more than 2.2 million contracts, and the number has been rising steadily over the past few trading weeks. With increasing open interest, it can hint that bulls are in the equation, which may support prices now that prices are under immense pressure.

In crypto trading, open interest is the total number of outstanding derivative contracts of a given coin. Meanwhile, derivatives are contracts that derive value from the underlying asset, in this case, Ethereum. Herein, the total open interest data is accrued from ETH options, futures, and perpetual futures from platforms where traders can use leverage. 

There can be different interpretations of open interest depending on the market state. Since open interest includes long and short positions at any time, gauging the directions of how market participants are posting trades can be challenging. 

Even so, rising open interest indicates that more traders are opening positions, which can be seen as bullish, especially if prices are expanding. Conversely, falling open interest suggests that traders are exiting, which means waning momentum and bearish sentiment. 

ETH Consolidates Even After Ethereum Futures ETF Approval

Based on this, Ethereum remains in a critical position and support. Notably, the coin is moving sideways with low trading volumes. 

From the daily chart, ETH is around the $1,500 and $1,550 primary support. Though buyers appear to be in control, since prices are boxed inside the June to July 2023 trade range, any break below the support zone may trigger more losses.

The general optimism explaining rising open interest could be due to the recent approval of Ethereum Futures exchange-traded funds (ETFs). The United States Securities and Exchange Commission (SEC) approved multiple Ethereum Futures ETFs for the first time. 

This decision saw Ethereum prices edge higher in early October. Though prices have since contracted, institutional investors can now find exposure in Ethereum via structured and regulated products approved by the stringent regulator.

It is unclear whether the rising ETH open interest signals strength and if the coin will recover going forward. From the daily chart, ETH has strong liquidation at around the $1,750 level and remains consolidated.

On-chain data shows Ethereum whales have sold around 12 million in the cryptocurrency within the past year and have shown no signs of slowing down.

Ethereum Whale Holdings Have Been In Constant Downtrend Since 2020

In a new post on X, analyst James V. Straten has discussed how the Bitcoin and Ethereum whales have shown some stark contrast in their behavior.

Here is the chart that the analyst has shared, which compares the trends in the holdings of these humongous holders for the two assets over their entire history:

For defining what a “whale” is, the analyst has chosen the 1,000 tokens cutoff for both assets. The graph shows that the holdings of the Bitcoin whales have been in an overall uptrend throughout the asset’s history.

Some deviations have been from this upward trajectory, like during the 2021 bull run, where these investors participated in some profit-taking. However, such deviations have only been temporary as the whales have eventually resumed their accumulation.

However, a deviation that is yet to be reversed fully is the drawdown observed around the FTX collapse in November 2022. Nonetheless, the whales have participated in some accumulation since the start of the year; more is needed to retrace the aforementioned plunge.

The Bitcoin whales have seen their holdings move sideways in the past couple of years. The Ethereum whales, on the other hand, have participated in a steep selloff during the same period.

Since 2020, these holders have shed 20 million ETH from their combined holdings, worth about $31.6 billion at the current exchange rate. In the past year alone, they have sold about 12 million ETH ($18.9 billion), an astonishing figure.

As highlighted in the graph, the Ethereum whales showed a temporary deviation phase when they bought at the bear market lows. Nevertheless, this accumulation was quickly reversed as the indicator resumed a sharp plunge soon after.

Something worth noting here is that the size of the whales isn’t the same between the two assets. Due to the difference in the prices of the coins, 1,000 tokens of each have vastly different weightages. Based on this cutoff, Bitcoin whales would hold at least $27.4 million worth of the asset, while the ETH whales hold just $1.58 million.

A more fair comparison may be made by looking at the holdings of the ETH entities of comparable size to the BTC whales. As displayed in the chart below, the Ethereum whales with between 10,000 to 100,000 ETH ($15.8 million to $158 million) have shown accumulation over the years. Still, this cohort has also sold massive amounts this year.

However, the mega whales on the network ($158 million+) have shown behavior more in line with the aggregate 1,000+ ETH group, as they have distributed heavily since 2020.

Ethereum’s situation looks bleak, at least in terms of the holdings of the whales. The fact that these humongous holders have shown no signs of a turnaround so far may be the most concerning, as they lack interest in accumulating the asset. This differs greatly from the sentiment around the Bitcoin whales, who have been participating in net buying this year.

ETH Price

Ethereum has registered some decline recently, as the coin’s price is now retesting the same lows as back in August.

Trader Joe’s, a well-known supermarket chain in the United States, has taken legal action against a decentralized exchange (DEX) platform named Trader Joe, alleging that it has violated federal trademark laws. 

The DEX platform, which operates under the domain name traderjoexyz.com, not only shares the same name as the supermarket but, according to recent reports, also appears to be trying to leverage the supermarket’s established brand and reputation. 

US Supermarket Giant Locks Horns With Trader Joe DEX

Trader Joe’s has gained popularity in the digital realm by initially launching on the Avalanche (AVAX) network and later expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH). 

It currently holds over $77 million worth of tokens across various chains and has processed trades amounting to $25 million in September alone. 

However, its success has been overshadowed by a heated dispute regarding the origin of its brand and allegations of fraudulent attempts to misrepresent its origins.

Trader Joe’s supermarket chain has grown increasingly frustrated by the lack of response to its requests to cease the misuse of its trademark. As a result, the matter has escalated internationally, and a complaint was filed with the World Intellectual Property Organization (WIPO) in May 2022 to force the crypto entity to relinquish its domain name.

Furthermore, recently filed court documents in the US District Court for the Central District of California shed light on the proceedings at WIPO. According to these documents, the defendants presented a false narrative that distorted the true origins of “Trader Joe’s.” 

They claimed that the platform was named after the co-founder’s brother, a claim that Trader Joe’s supermarket chain has vehemently denied.

JOE Token Plummets In Value Amidst Legal Battle

Trader Joe DEX has recently seen notable variations in several critical metrics, with shifts in trading volume, market capitalization, revenue, and total value locked.

Over the past 24 hours, Trader Joe’s experienced a decline of 1.68% in its performance. This short-term dip in value has been reflected in the platform’s seven-day performance, with a 3.85% decrease. 

However, despite these recent setbacks, the DEX has managed to maintain relative stability over 30 days, with a modest decline of 1.04%.

According to Token Terminal data, one of the most striking figures is the platform’s 180-day performance, which shows a significant drop of 60.82%.

Nevertheless, when considering market capitalization, Trader Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence within the DEX ecosystem. 

Moreover, the platform has shown a positive trend, with a recent increase of 2.26%. Total value locked (TVL) is another crucial metric used to assess the health and popularity of a DEX platform. Despite the recent market fluctuations, Trader Joe DEX continues demonstrating a TVL of $78.66 million. 

However, it experienced a decline of 4.54%, suggesting a potential shift in user participation and liquidity within the platform.

Finally, trading volume, an essential measure of a platform’s activity, has witnessed a significant annualized decrease of 18.45%, amounting to $7.61 billion. This decline in trading volume raises concerns about engagement and participation on the Trader Joe DEX platform.

Featured image from Shutterstock chart from TradingView.com 

Israeli law enforcement launched an operation targeting crypto addresses associated with the terrorist group Hamas. The country suffered an attack this past Sunday, leading to deaths and many civilians disappearing.

Binance And Israel Work Together To Freeze Crypto

A local news media Calculist report confirmed an operation led by the Israeli Police Department and the National Counterterrorism Headquarters, part of the Ministry of Defense. The operation was supported by the world’s largest crypto exchange, Binance.

During the operation, the law enforcement agencies discovered funds raised by the terrorist group via crypto donations. The investigation led the cyber unit from the Israeli Police to the crypto trading venue.

The terrorist group launched the campaign in the past few days. The law enforcement agencies claimed that Hamas used the attention from Sunday’s attack to raise money from radicals and supporters worldwide.

The terrorist group, the report claims, turned to social media platforms to launch the campaign. A spokesperson for the law enforcement agencies told Calculist the following regarding the events:

As the war broke out, Hamas launched a fundraising campaign on social networks, asking the public to deposit crypto into its account. The cyber unit and the NSC have been working immediately to locate and freeze the accounts, assisted by the Crypto Exchange (Binance), to freeze the funds (…).

The report claims that Binance has been aware of Hamas’s operation on its platform. In a separate report from CoinDesk, some data suggests previous cooperation between Binance and Israeli law enforcement.

The company helped Israel to freeze almost 200 accounts connected to Hamas and other terrorist groups. A spokesperson for the crypto exchange told CoinDesk:

Over the past few days, our team has been working in real-time, around the clock to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work.

Following the events of the past Sunday, the conflict between Israel and Hamas escalated. The nation-state declared war on the terrorist organization and appeared to be preparing to increase its offensive on the Gaza Strip in response to the terrorist group.

In this context, the cooperation between Binance and local enforcement seems likely to increase. Israel will fight Hamas across all sectors, including the nascent industry and its related companies and tools.

Cover image from Unsplash, chart from Tradingview

With tens of thousands of altcoins circulating the market, crypto investors can easily miss out on the next 100x coin due to it not being on their radar. This is often not the fault of the investor as it can be hard to keep track of so many coins. As a result of this, a Santiment analyst has presented a total of 6 overlooked altcoins that could be primed for a rally.

Crypto Analyst Presents Altcoins Using Network Activity

As pointed out by the crypto analyst in the Santiment post, the altcoins outlined were picked due to an uptick in their network activity. These tokens have been able to stay under the radar but their activities spread across transaction volumes, network growth, and large transaction numbers, among others, have caught attention.

“The extra juicy opportunities lie with projects that maybe haven’t seen any special price decouplings recently, yet have a surge in network growth, or whale transactions and accumulation.” He further added that these projects are “at minimum, likely to have some increased volatility due to extra activity that hasn’t existed on their respective networks in quite some time.”

1 – Bancor (BNT) Emerges Top Of Altcoins List

As outlined in the post, the Bancor Network, a permissionless protocol that caters to open-source DeFi protocols, has seen a notable rise in its network metrics. This spans across high transaction volumes, active addresses, network growth, whale transactions, exchange inflows, and age destroyed (Consumed). This could be a predecessor to a rise in the BNT price.

2 – Cartesi (CTSI)

The application-specific rollups Cartesi network which features a Linux runtime has also seen a rise in metrics similar to Bancor that could signal a rise in its native CTSI token. This also spans “High Transaction Volume, Active Addresses, Whale Transactions, Age Destroyed (Consumed)” as pointed out in the post.

3 – Holo (HOT)

Holo (HOT) on the Holochain allows for Peer-To-Peer (P2P) applications and has made it to this list mainly due to its whale transactions. The Santiment post shows a rise in whale accumulation among addresses holding between $100,000 and $1 million, as well as high whale transactions, exchange inflows, and age destroyed (Consumed).

4 – Powerpool (CVP)

The Powerpool (CVP) protocol is a governance-facing protocol that has seen similar trends to Holo (HOT) above. Just like Holo, there has been accumulation among whales holding $100,000 to $1 million. “High Active Addresses, Network Growth, $100K-$1M Whale Accumulation, Age Destroyed (Consumed),” the analyst writes.

5 – Storj (STORJ)

The Storj (STORJ) project is one that aims to provide cleaner storage services, allowing organizations to cut down their carbon footprint as well as reduce their cloud storage costs. But this under-the-radar altcoin has made it into the list. The analyst points to “High Transaction Volume, Active Addresses, Network Growth, Whale Accumulation, Age Destroyed (Consumed)” as shown in the chart.

6 – UniLend (UFT)

Unilend (UFT), a protocol that brings all decentralized finance (DeFi) trading to offer in one place, making them accessible through smart contracts, has seen a rise in activity as well. Coming up as the 6th altcoin on the list, Unilend’s growth spans “High Transaction Volume, Active Addresses, Network Growth, Whale Transactions, $100K-$1M Whale Accumulation, Exchange Inflow.”

Altcoins: Exercise Caution With These Cryptos

Although these assets have seen a lot of increase in their network activities, the crypto analyst warns that “It appears that 4 out of these 6 highlighted projects are likely getting hot network activity BECAUSE of the price pump. For the other 2, there are no guarantees that a pump is around the corner.”

However, as always, crypto investors are urged to “make your own assessments, research these and the many other projects that show similar hot network activity on this model in weeks to come.”

The Ethereum price saw a notable price plunge on Monday when the Ethereum Foundation reportedly started selling coins. This plunge, in turn, triggered a series of liquidation events that have seen ETH traders suffer massive losses in the last day.

Ethereum Liquidation Volumes Cross $30 Million.

By Tuesday, October 10, the Ethereum liquidation numbers triggered by the price crash ramped up quickly to cross the $32 million market. As expected, long traders suffered the majority of the losses with Coinglass data pointing to 87.61% of all ETH liquidation volumes coming from long traders.

This meant that of the over $32 million in liquidation volumes recorded for the asset in the past day, $29.56 million were from long positions. This meant that only $2.91 million in short positions were liquidated.

Ethereum also snagged the crown for the largest single liquidation event for the 24-hour period. The trade was placed on the Binance crypto exchange across the ETHBUSD pair with a total value of $4.53 million by the time the liquidation occurred.

Ethereum’s volumes also put it ahead of Bitcoin for the same time period when Bitcoin usually tends to lead liquidation volumes. In the 24-hour timeframe, Bitcoin liquidation volumes came out to $19.28 million compared to $32.48 million for Ethereum. But just like ETH, the vast majority of the liquidation volumes for BTC were from long traders.

Over 20,500 Crypto Traders Suffer Losses

The liquidation volumes over the last day have been nowhere near the highest for the year but that does not make it any less significant. CoinGlass’s data shows that as of the time of writing, 20,525 crypto traders have been liquidated for a total of $56.42 million.

Of this figure, long traders have accounted for $44.9 million in losses, and short traders for $11.48 million. Besides Bitcoin and Ethereum, the other assets that saw notable volumes were Bitcoin Cash (BCH) with $3.59 million, XRP with $2.77 million, and Solana (SOL) with $2.75 million.

The Binance exchange accounted for the largest volumes at $24.86 million, followed by the OKX exchange with $17.16 million. Next on the list is ByBit with $6.90 million, Huobi with $5.8 million, and the CoinEx exchange which rounded off the top 5 with $1.05 million.

If there continues to be any large swing in prices like what was witnessed on Monday, then the liquidation volumes are expected to continue. The only way these volumes will remain low is if assets in the market continue to trade in a tight range.

Tether (USDT) has continued to move into exchanges recently. Here’s why this can be a positive development for Bitcoin.

Tether Supply On Exchanges Is Now Highest In 7 Months

According to data from the on-chain analytics firm Santiment, $9.99 billion worth of USDT is now on exchanges. The indicator of relevance here is the “supply on exchanges,” which keeps track of the total amount of a cryptocurrency being stored in all centralized exchanges’ wallets.

The interpretation of this metric can differ depending on the type of asset that’s being discussed. In the case of Bitcoin, for example, the exchange reserve may be considered a measure of the potential selling pressure, as one of the reasons investors may deposit the coin is for selling-related purposes.

Thus, the cryptocurrency’s supply on exchanges going up could be a sign that selling is increasing in the sector, and hence, the asset’s price may be heading towards a bearish outcome.

In the context of the current discussion, BTC’s supply on exchanges isn’t the one of interest, but rather the metric for Tether is. USDT is a popular stablecoin (the largest one based on market cap) that always has its value pegged to the US Dollar.

Here is a chart that shows the trend in the supply of exchanges for Tether over the past few years:

Usually, an investor may want to hold their capital as a stablecoin like USDT to keep it away from the volatility associated with other assets in the cryptocurrency sector.

However, many such stablecoin holders use these assets as a temporary safe haven, as they eventually wish to return to the volatile market.

When these investors finally find the time to jump back into cryptocurrencies like Bitcoin, they swap their USDT for them. These traders may use exchanges to make this shift, so a rise in the supply on exchanges of the stablecoin can be a sign that investors are looking to swap into volatile coins.

Such buying using Tether can naturally cause a bullish effect on the prices of BTC and others. So, in this way, the exchange supply of the stablecoin can be considered the opposite of the metric for BTC.

The above graph shows that the indicator’s value has increased in the last few weeks. “The $9.99B worth of Tether sitting on exchanges is the highest level of buying power for crypto’s top stablecoin in approximately seven months,” notes Santiment.

It should be kept in mind that the rise in the Tether supply on exchanges only implies an increase in the available dry powder. Whether Bitcoin would benefit from a boost depends on whether this dry powder is used to buy the asset or not.

BTC Price

Bitcoin has declined in the past couple of days as the asset now trades around the $27,600 level.

Although the XRP price has witnessed a decline along with the overall crypto market since the beginning of October, recent price action shows XRP is consolidating in the $0.5 support level, suggesting the early stages of a rebound may be brewing. In addition to this, on-chain data has revealed some whales are expanding their holdings in preparation for the rebound.  

Large XRP Transactions Hint At Accumulation

Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be accumulating XRP tokens.

According to data from Whale Alerts, a crypto whale tracking service, 50 million XRP worth $24.8 million was recently transferred from Crypto.com to a private wallet. 

50,000,000 #XRP (24,894,598 USD) transferred from #CryptoCom to unknown wallethttps://t.co/f2Zrx9pLf3

— Whale Alert (@whale_alert) October 9, 2023

Whatever the reasons, massive XRP transactions like this are worth paying attention to as they can either increase or decrease buying and selling pressure.  

60,000,000 #XRP (30,985,299 USD) transferred from #Ripple to unknown wallethttps://t.co/VNiAX1u5mI

— Whale Alert (@whale_alert) October 9, 2023

While there have been other whale movements from private wallets to exchanges, data from the crypto analytics platform Santiment points to an accumulation tactic from XRP whales. A metric that follows the balances of wallets holding between 100,000 to 1 million XRP has significantly increased since the beginning of the month. 

In this last 7-day timeframe, the net cumulative balance in these wallets increased by 60 million XRP tokens from 3.77 billion to 3.83 billion. XRP is currently trading at $0.499, putting the net increase of these whales at $29.9 million.

What’s Next For XRP Price – Potential Impact

Interest in the XRP price is now at one of its highest levels, and according to financial analysts, the cryptocurrency is leading the charge in upending the conventional payments sector. The number of XRP holders has also steadily been on the rise, as news about Ripple and the SEC has continued to generate attention for XRP. 

Data from Santiment below shows this measure is now at 4.8 million wallet addresses:

The XRP price is down by 2.11% in the past 24 hours, but trading volume increased by 56.53%. Higher volume means there is more activity and interest in an asset, which can indicate a price spike. However, bulls have failed to hold the $0.50 support zone, and XRP might continue to move down if it breaks below $0.488. 

With whales accumulating, key support levels holding, and the SEC lawsuit progressing in Ripple’s favor, there might be a bullish reversal for XRP. According to one analyst, XRP could rise 1137% to a new to a new all-time high of $5.85.

Bitcoin analysts eagerly scrutinize the charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been significant for the cryptocurrency market, as BTC usually gains value, affecting other coins. 

According to crypto analyst Miles Deutscher, November promises to be a pivotal month for Bitcoin enthusiasts and investors.

Bitcoin’s Ongoing Sideways Trend Hints At Potential Bullish Shift In November

Market experts suggest that Bitcoin’s stagnant price movement might transition to a bullish trend in November. According to them, this could occur if it behaves similarly to past cycles before a halving event. 

For instance, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between Bitcoin’s recent patterns and those observed in earlier cycles.

#Bitcoin’s recent price action is still mirroring the last 2 cycles.

This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.

November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc

— Miles Deutscher (@milesdeutscher) October 10, 2023

He added that around November 21, the price of Bitcoin usually starts going up a lot, getting ready for the next halving event. This date holds significance as a turning point in Bitcoin’s price trajectory.

For instance, in 2015, when Bitcoin’s price was ranging for about six months, it began to go up in November. Similarly, in 2019, the price of Bitcoin didn’t change much for most of the year, but then it started to increase towards the end of the year.

Other Crypto Analyst Predicts Similar Price Projections

Another prominent crypto trader and analyst, Mags, noticed something interesting in Bitcoin’s chart. According to the analyst, Bitcoin’s price is about 60% lower than the highest price it ever reached. This happened around 200 days before its previous halving, just like in 2015 and 2019.

The analyst wrote:

In 2016, BTC was -65% below its ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently -60% below its ATH. So, even if it seems like Bitcoin’s price isn’t moving much, it’s following a similar pattern to previous cycles.

Another crypto analyst, Galaxy Trading, posited a similar prediction for Bitcoin’s price move. The analyst drew attention to 2018-2019 when Bitcoin’s price hit a significant bottom. He noted that Bitcoin could dump or bottom around Nov 10-15 this year if we see a similar price move.

Additionally, lead researcher at Matrixport, Markus Thielen, said that Bitcoin’s price might go up massively by the end of 2024. However, he thinks it will happen for different reasons than what we’re seeing now.

He drew attention to some critical areas in August 2012, December 2015, May 2019, and August 2020. According to him, the bullish market commenced within 12 to 18 months in each case.

However, the Bitcoin halving is around six months away and might occur in late April or May, depending on your countdown timer.

The analysis from different observers is signaling a positive outlook for the price of Bitcoin before the next BTC halving. Meanwhile, today, October 10, BTC trades at $27,568, indicating a slight gain in 24 hours with a volume of $12,189,678,605.

Cardano (ADA) has been grappling with maintaining its position above the recently reclaimed $0.26 threshold, signaling the possibility of a bull trap. The cryptocurrency’s price has retraced below this critical level, raising concerns of accelerated selling momentum that could potentially drive ADA toward the multi-month support level at $0.2. 

As of the latest data from CoinGecko, the current ADA price stands at $0.249, reflecting a 2.1% decline over the past 24 hours and a 3.5% dip in the last seven days.

According to a price analysis report, ADA could experience a further 5.5% loss before finding support at the next significant level of $0.24. This downturn follows a noteworthy upturn observed toward the end of September when ADA surged by 12% from its base at $0.24. 

However, the recent geopolitical tensions stemming from the Israel-Hamas conflict in the Middle East have draped an ominous cloud over the world of finance. Like an unexpected thunderstorm on a sunny day, these tensions have caught investors off guard, leading to a profound dip in both stock and cryptocurrency markets.

ADA Bounce Back: From Deflated Sentiment To Potential 15% Upside

The sudden change in events has made investors cautious due to uncertainty, reminding everyone that the financial world can be as unpredictable as the weather. Even experienced investors are being careful in these uncertain times.

Looking at historical data and the altcoin’s pattern, ADA’s support at the $0.2 level has consistently acted as a springboard, indicating its potential to catalyze another upward shift. The report highlights the possibility of a rebound from this juncture, which could potentially propel ADA’s prices by approximately 15%, targeting the $0.28 mark.

In the midst of these price fluctuations, Cardano has achieved a significant milestone with the completion of its decentralized funding initiative, Project Catalyst. The 10th iteration of this initiative set impressive records in key metrics, underscoring the growing enthusiasm within the ADA community for blockchain-based projects.

Discover the incredible journey of #ProjectCatalyst in #Fund10 with @danny_cryptofay.

Over 400,000 votes, 1500+ ideas, and 192 projects chosen by YOU. Your votes, your vision!

Watch the full show here: https://t.co/N2dHW1HUxY #CardanoCommunity #Cardano #Cardano360 pic.twitter.com/i8tH9m6Riq

— Input Output (@InputOutputHK) October 9, 2023

Cardano Community: 2 Million+ Voters Shape Catalyst’s Future

During Fund 10, which marked the latest iteration of Cardano’s incubator Project Catalyst, more than 400,000 ADA enthusiasts actively participated in voting for promising projects on the blockchain. 

When combined with the participation from the previous nine rounds, the total number of voters exceeded an impressive 2 million, indicating the growing engagement and commitment of the Cardano community in shaping the future of the platform.

Cardano (ADA) faces a challenging period as it grapples with maintaining its position above $0.258, with potential bearish signals looming. However, the recent success of Project Catalyst and the enthusiastic participation of ADA holders in shaping the Cardano ecosystem reflect a strong foundation for the cryptocurrency’s long-term growth and development.

Investors will closely monitor the market dynamics to see how ADA navigates through the current price turbulence.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CryptoGlobe