Cardano (ADA) Price Increased 13% in 24 Hours, Here’s Why » Crypto Insiders

The following article is a submitted piece and is not the responsibility of Crypto Insiders. This is not financial advice.

After the crypto market weakened for over a month, some cryptocurrencies embarked on another round of recovery. Among them, Cardano (ADA) is one of the most prominent cryptocurrencies. Recently, Cardano overtook fellow “Ethereum killer” Solana (SOL) to take the fifth position in the crypto top 10, according to CoinMarketCap.

What is Cardano (ADA)?

Launched in 2017, Cardano is labeled as a third generation blockchain, after Bitcoin and Ethereum, the first and second generation blockchains. Cardano intends to compete directly with Ethereum and other decentralized application platforms, claiming that it is a more scalable, secure and efficient alternative.

Cardano (ADA) up 13% in 24 hours

ADA broke out on Jan 16-17 after relatively sustained and stable growth, adding to the confidence and significant momentum behind it. bullish moved. Cardano was up a whopping 13% on January 17, trading at $1.55 at the time of writing. Compared to a week ago, the price is up 44% from a low of $1.07.

What contributed to the launch of cardano (ADA)?

Coinbase fixes withdrawal bug

ADA Price Jumped After Nasdaq-Listed Cryptocurrency Exchange Coinbase error in recording mode. That mistake rocked the cryptocurrency community as many are likely to invest through Coinbase and leave their assets with Coinbase. Sentiment for the cryptocurrency spiked shortly after Coinbase apparently fixed the bug preventing withdrawals.

Improving the Cardano ecosystem

The first useful decentralized finance (DeFi) application in the Cardano ecosystem was recently launched. The app, a decentralized exchange (DEX) called MuesliSwap, saw its total value increase by more than $1 million in two days. Additionally, VyFinance (VYFI), another DeFi protocol, recently made its debut on the network. It is a protocol that aims to Automatic collection of neural networksHedge fund strike without bringing KYC to Cardano.

What can we expect from Cardano (ADA)?

ADA Beats Bitcoin As ETH Alternative: Twitter Poll

Cardano (ADA) overtook Bitcoin as the currency of choice in a Twitter poll published by Ethereum creator Vitalik Buterin about a hypothetical future without ETH. Of the more than 600,000 respondents, 42% said they would prefer ADA to be the dominant currency in the future. Cardano topped 38.4% for BTC, 13.1% for SOL, and 6.5% for USD.

ADA surpasses Ethereum in transaction volume

According to Messari data, Cardano has achieved comparable or higher transaction volume than Ethereum ($5.59 billion and $5.31 billion, respectively) in the last 24 hours. The two rival cryptocurrencies are head to head when it comes to adjusted transaction volume. Notably, Cardano users only paid $75,380 in transaction fees in the last 24 hours compared to Ethereum’s $44 million.

bexplus cardano transactions

By combining the above factors, the price of cardano is likely to increase further.

How to maximize profits in this bull run?

Immediately confinement On the face of it, now may be the time to invest in Cardano (ADA). However, there are still large price fluctuations. If you want to maximize your profit and minimize your risk, futures trading is to take advantage ofor leverage, 100 times highly recommended.

How does 100X leverage work?

With 100x leverage on futures, traders can profit by buying (lung go) or sell (small to go). Furthermore, this tool allows traders to open a position with a required margin of only 1%. For example, if we use 1,000 ADA to open a short contract at the price of $1 and close it when ADA trades at $1.5, then our profit is ($1.5 – $1) * 1000 ADA * 100x / $1.5 = 33,333 ADA, which makes the ROI greater than 3,000%.

More information about Bex Plus

Bexplus is a leading crypto derivatives trading platform that offers 100x leverage on futures on various trading pairs: BTC, ETH, ADA, DOGE, XRP, etc. Bexplus does not require KYC and is popular with over a million merchants worldwide. Also, it is safe to be accredited by MSB (Money Services Business).

Features of Bexplus:

  • 100% bonus on every deposit.
  • Bitcoin wallet with an annualized interest rate of up to 21%.
  • Demo account with 10 BTC for traders to get familiar with leverage.
  • No KYC requirement, sign up with email verification in minutes.
  • Intuitive and complete app on the Apple App Store and Google Play.
  • 24/7 personalized service to solve your problems at any time.
  • Fast withdrawal with no time limit and no deposit.

Join Bexplus and get a 100% deposit bonus!

Bonus Bexplus 100

The above article is a submitted piece and is not the responsibility of Crypto Insiders. This is not financial advice.

Leave a Comment