Cardano Price Prediction: ADA Coin's Bullish Surge Continues

Cardano Price Prediction: ADA Coin’s Bullish Surge Continues – Time to Dive into BTC20?

Updated: 11 August 2023

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Cardano continues its bullish surge despite a marginal decline in the last 24 hours. Meanwhile, investors are contemplating investing in another eco-friendly asset – BTC20. The Ethereum-based crypto presents a different rendition of Bitcoin and will be available to buy on Uniswap at 3 pm UTC today.

🚀BTC20 on Uniswap at 3pm UTC Today!

Following the complete sale of $BTC20's available supply in the #Presale, with the rest reserved for #Staking, holders are invited to add liquidity on @Uniswap from TODAY at 3pm UTC.

Contribute to the BTC20/WETH pool and earn a share of the… pic.twitter.com/fdFBsuvdbK

— BTC20 (@BTC20Token) August 10, 2023

Cardano Price Dips a Little

The Cardano price has dipped by 0.42% in the last 24 hours. This little decline has done nothing to dampen its bullish surge that it achieved on July 13 after Ripple’s partial victory over SEC.

ADA’s market capitalization in the last 24 hours has decreased by 0.42%, while its trading volume has dropped by a massive 17%. At 4:21 am EST, the token was trading at $0.29.

Cardano’s Experience Massive Increase in Blockchain Activity

While the interest in ADA seems dampened in the latest price charts, Cardano’s blockchain activity has seen a significant uptick.

In the second quarter of 2023, Cardano saw a rapid increase in transactional volumes and locked value. The reason behind increased activity can be attributed to a series of upgrades. Charles Hoskinson, Cardano Founder, stated that the “organic methodical real adoption drive by a decentralized community” is helping Cardano get more advanced as the days go by.

Organic methodical real adoption driven by a decentralized community, not an astroturfed pay to play centralized curator, Cardano is growing and every day getting more advanced https://t.co/VdiSWD0yht

— Charles Hoskinson (@IOHK_Charles) August 10, 2023

Leading the rally behind Cardano’s blockchain activity is Minswap, a decentralized exchange. Input Output, Cardano’s primary developer, showed that Minswap and other dapps (decentralized applications) are also behind Cardano’s growth.

However, despite an uptick in Cardano’s transaction activity, there has been a 4% decline in its user base. The recent red candles in ADA’s price chart might be because of that. That said, the report indicates increased user activity. Messari provides other key-growth insights into Cardano’s blockchain that showed:

A 49% increase in dapp transaction Quarter on Quarter
A 198.6% YTD (year-to-date) increase in Total Value Locked (TVL)

Other recent upgrades also contribute to Cardano’s increase, such as the June upgrade revamped its “epoch transitions.”

Epochs are periods; one epoch is equivalent to spanning 423,000 slots, and each space is a second.

Cardano is staked within these epochs, which leads to the creation of more blocks for the network.

In March 2023, Cardano introduced a new bridge called Milkomeda which connected blockchains to EVMs. This feature has let users use EVM smart contracts on any Cardano wallet.

ADA Price Analysis

Cardano has performed volatile since it experienced a 66% sure on July 13. The regulatory tug-of-war between Ripple and SEC and other developments behind the scenes have mobilized its price action.

Since that surge, Cardano has taken a downward trend, with a few green candles to keep it afloat above its psychological support of $0.28.

If the token trends down further, it might lose that support, which will prompt it to establish a foothold around the $0.25 mark. But a reversal can upend this bearish outlook and push this token past its $0.31 resistance (0.618 fibs).

That said, the token’s RSI is in the middle, and its MACD is negative, indicating a lukewarm reception by the community. It suggests that the current volatile action may persist in the coming days.

BTC20 – A Cardano Alternative

Cardano emerged to provide a layer 2 solution to the Ethereum blockchain and a greener asset that consumed less energy. The sustainable element of its ethos is also adopted by BTC20 – an Ethereum-based Bitcoin that recently ended its presale and will now go live on Uniswap.

BTC20, or a Bitcoin, an ERC-20 token, has the same tokenomics as the original crypto and followed Bitcoin’s 2011 offering, where 6.05 million tokens were offered at just $1 per token.

The difference, however, lies in how BTC20 has implemented its operations. Running on a proof-of-stake blockchain, BTC20 has introduced a Stake-to-Earn program that closely follows Bitcoin’s mining mechanic. But instead of mining to get rewarded with a block worth of Bitcoin, users can stake their BTC20 tokens to earn a set APY. Through this approach, BTC20 plans to distribute liquidity-locked tickets over the next 120 years.

For those who have bought the tokens during the presale, the stake-to-earn option is not open on btc20.com.

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