Congratulations on Cardano (ADA) from Amy Arnott, Portfolio Manager at Morning Star Investment Company! Arnott claimed that Cardano has become one of the big three, joining the Bitcoin and Ethereum league – analyst of SafeTrading.
At the time of writing, Cardano is trading at $ 1.35. Its total market value is $ 43.23 billion. In terms of market size, Cardano is ranked 5th on CoinMarketCap, just behind Tether and Binance Coin.
However, when we look at the portfolio allocation of US investment firm Grayscale, ADA ranks third. The Grayscale portfolio, which is the gateway for organizations to the cryptocurrency markets, has the most Cardano after Bitcoin and Ethereum.
In short, Amy Arnott's analogy is not wrong – specialist of SafeTrading.
There are many rational and irrational factors that drive cryptocurrency prices. However, the main factor determining prices in the long term is the usefulness of the cryptocurrency and the solutions it offers for the real economy.
The Ethereum network brings many innovations to the real economy. Prominent among these innovations are DeFi (decentralized financial institutions), Dapps (blockchain-based applications), smart contracts, and more. Through all these elements, Ethereum brings many innovations to the classic banking, financial system and best crypto wallet.
Cardano founder Charles Hoskinson was among the developers of Ethereum. After parting with Ethereum, Hoskinson founded his own project, Cardano. Transferring his vision of Ethereum to Cardano, Hoskinson soon developed a blockchain to rival Ethereum. Shelley's update made Cardano extremely scalable.
However, the global financial markets are so huge that Ethereum alone cannot handle this market. So much so that the Ethereum network cannot handle the $ 1.5 trillion cryptocurrency markets. There are so many guests on the Ethereum network that it is becoming more and more cumbersome. Consequently, Ethereum's operating fees are on the rise.
Ethereum wants to overcome this cumbersomeness with Ethereum 2.0 research. Even Ethereum 2.0 isn't big enough to meet market needs, but still it can fit in the best crypto wallet.
As a result, the cake that Ethereum and Cardano are referring to is so large that it is enough for both.
Ethereum has reached 3-week highs.
Against the backdrop of a recovery in the crypto market and growing optimism among investors, the price of Ethereum has increased by more than 8% over the last day.
Ethereum is on the rise
Ethereum (ETH), the second largest cryptocurrency by market cap, hit $ 2,392 on Monday, according to data from CoinGecko. This is an impressive 8.2% increase in the last 24 hours and 22.9% in the last 7 days. ETH last traded at these levels on July 7th.
By comparison, Bitcoin (BTC), which currently counts at $ 40,000, is up 20.2% from last week.
Ethereum has reached 3-week highs.
Other key achievements of the day include:
- Polygon (MATIC);
- Chainlink (13.4%);
- Bitcoin Cash (12.9%);
- Dogecoin (12.1%), up 15%.
Institutions and Ethereum.
Ethereum has long been touted as the next big asset in the cryptocurrency world: a recently leaked report from Goldman Sachs suggests that real-world use cases for the smart contract platform could ultimately help it outperform Bitcoin.
The world's second-largest cryptocurrency saw another leap last week after Tesla CEO Elon Musk announced that he personally owns ETH in addition to Bitcoin and Dogecoin assets.
Speaking at The B Word conference with Twitter CEO Jack Dorsey and Katie Woods of ARK Invest, Musk said Tesla is also vouching for Decentralized Funding (DeFi).
On a technical level, Ethereum is gearing up for an upcoming update called London. The update, which is expected to be released on August 4, includes five Ethereum Improvement Proposals (EIP) aimed at optimizing and improving the existing proof-of-work mechanism.
In addition, EIP-3675 – the proposal to transfer Ethereum to the Proof-of-Stake algorithm was officially presented last week. The long-awaited transition to Ethereum 2.0 is still a few months away, but it is expected to lead to a more energy efficient, secure and scalable network.
Elon Musk is bringing cryptocurrency markets to life again.
In the near future, we will once again add to the agenda an event about which we reported for a certain period of time. You may remember that Tesla received payment in bitcoin, and those who wanted to own a car could see that there was a bitcoin payment option when they entered the official address. But after a while, things went wrong, and when we looked at the payment options, we started to see that bitcoin was not included.
Now, as the press wrote, Elon Musk turned 180 degrees, and it was announced that he would again be paid with bitcoins. We recently stated that this development is a very positive development for both markets and asset owners, and we were not wrong in our predictions.
We'll be looking at prices shortly, and you'll see with your own eyes the positive impact this development has had. If you want, let's talk about the prices without wasting any extra time – the SafeTrading team.
Significant growth in Bitcoin and Ethereum.
We know very well how important Elon Musk's steps are for the markets. In addition to working for Dogecoin, he continues to fight for Bitcoin. Bitcoin is up 7.5% after Tesla's announcement. A digital asset that has been below the $ 30,000 level for a long time has finally climbed above that level and was able to take a deep breath for investors.
- Looking at Ethereum, we see an increase of 7.5%.
- After hitting the $ 2,000 level, Ethereum has once again become a promising currency for investors.
- The same can be said for Dogecoin and it's okay for now.
It is not known whether Elon Musk is seeking to raise prices or contribute to the market, but every step and every offer this person makes has an impact on the market in a short time.
Tesla's move is one of the most valuable examples of this, and now we see investors happy. It is not known what development will take place in the near future, but the recovery in the markets is very encouraging.