 led by gains with mire positivity coming from the Upgrade that suggested a potential move to the upside. Cardano news){kind=link}
Key Insights :
- Cardano was the top-performing asset in the last 24 hours among the top 10 cryptocurrencies by market cap.
- Ouroboros Leios of Cardano hit a milestone in advancing the network’s capacity in parallel block working.
- ADA showed recovery as price respected the increasing support line.
Cardano (ADA) led by gains, with more positivity coming from the Upgrade that suggested a potential move to the upside.
Performance of Top 10 Cryptos By Market Cap
The most significant change was achieved by Cardano which was up 3.78% in 24 hours at the time of writing, trading at $0.6852.
Whereas Bitcoin was up 3.09% and Solana was up 2.43%, ADA showed even higher short-term demand. Other notable gainer were XRP at 1.90% and Ethereum at 1.85%.
While there was an overall positive push for green cryptocurrencies in the market, Cardano’s surge pointed toward renewed buying interest and focus on the blockchain network.
Specifically, it became known that since the beginning of the year 2021, over 1.8 million tokens had disappeared in the air, which was 53.5% of all the launches recorded since January 2021.
However, Cardano has been able to retain its place within the top 10 chains in terms of market capitalization despite this mass exodus.
This could be explained by the fact that it received support from a community and was being developed continually.
Nevertheless, performance in the past cannot serve as an indicator for the future. Despite ADA being seemingly quite stable, changes in the market and new entrants could potentially threaten it later on.
Cardano News: Chain Developments
The Ouroboros Leios of Cardano represents a milestone in advancing the network’s capacity in parallel block working.
This shift takes Cardano away from strictly enforced linear execution limits and offers the ability to handle more transactions for the network, all whilst remaining decentralized.
This capability of handling multiple transactions in a single instance also puts the blockchain in a vantage point of dealing with increasing smart contract demands.
Charles Hoskinson said that Ouroboros Leios would be tested on a high-speed testing environment known as Face Melting Net (FMN) under which thousands of agents trading in real-time will be created.
This may position Cardano in a unique place to provide the base layer for AI micropayments.
Cardano aims to build the foundation for the AI internet of the future by integrating the Leios protocol with real-time agent-based interaction.
Though the concept of mass adoption of autonomous bots on-chain is still in its nascent stage, this development can lead to a change in how DLT processes high-frequency transactions based on their low ticket size securely and at scale.
Cardano News: Transactions, Treasury, and Price Action
Cardano also hit 109 million transactions, denoting its steady usage and on-chain live activity. The benchmark further solidified ADA as one of the most used organic growth layer-1 blockchains.
At the same time, its community governance was supplemented by its treasury, which was self-sustaining and exceeded $1 Billion in ADA.
Technically, ADA showed recovery as the price respected the increasing support line.
After a consolidation in a triangle formation, ADA bounced back, trading at $0.6866.
Cardano could move towards the $0.85 target range, with intermediate resistance at $0.74.
But a breakdown of the $0.65 support would render the bullish case redundant. Neutral attitude prevailed until a clear break was established.
Given Cardano’s unique position of decentralization and fiscal sustainability, only few networks were able to achieve.
As much as scalability discussions and smart contract adoption were ongoing, Cardano’s fundamentals may attract more developers and institutional investors in the future.