Cardano Flips Litecoin Ahead of Shelley Mainnet Launch as Bitcoin Whales Count Increase; Will More Firms Use Ethereum to Sell Bonds?
- Bitcoin is treading at November 2017 levels, as the number of BTC whales increase
- Ethereum adoption is on the rise
- Cardano’s IOHK has signed a custody agreement with Coinbase
- TikTok used to pump DOGE
Crypto Trending News: Bitcoin, Ethereum, Ripple, Libra, Cardano, Dogecoin
Bitcoin prices may be stagnant, but for the optimistic, it should be noted that Bitcoin is trading at around its November 2017 levels. It also took less than three weeks before BTC peaked at $20,000.
Although chances of BTC prices spiking to record levels remain low, as the markets are well developed with the derivatives market being the main playground for traders, bear attempts to push BTC below $9,000 have been encouragingly futile.
At the same time, the fact that holders have been profitable 94 percent of the time means hanging on and stacking Sats going forward is profitable than holding stocks or cash.
Supporting this argument are reports that the number of Bitcoin whales has risen two percent after halving. Said to be a Bitcoin hardening as the network re-adjusts its emission rate, the resulting scarcity could increase prices in weeks ahead, as history shows.
According to GlassNode, the number of Bitcoin whales—that is, individuals with more than 1,000 BTC, rose to 1,884. This was the level last seen in November 2017.
The U.S. Securities and Exchange Commission (SEC) approved the Arca U.S. Treasury Fund, which will allow the trading of Treasuries. Based on Ethereum, Arca will trade shares of ArCoin, a token based on a protocol derived from the popular ERC-20 standard.
ArCoins are digital securities that can be easily transferred via blockchain and represent a share in the Arca U.S. Treasury Fund. Per the press release, ArCoin holders will receive accrued interest every quarter.
Ripple will have to contend with Facebook and their ambitious project of rolling out the Libra stablecoin.
According to Julien Le Goc, Libra’s Director of Policy, the project will be rolled up albeit with few tweaks to its original design. In the new framework, it incorporate ideas from the IMF’s special drawing fund.
Le Goc reckons that the fund bears an important design feature, as she spoke during the Global Digital Finance Virtual Summit on July 8, 2020.
Meanwhile, Cardano (ADA) will upgrade to the Shelley Mainnet later this month. Ahead of the scheduled launch, ADA—the native currency of Cardano, has flipped Litecoin (LTC) to seventh. IOHK—the technical wing of the blockchain project, has also signed a custody agreement with Coinbase.
It has also emerged that TikTok users are deliberately pumping DOGE with the hopes of dumping the coin once it reaches $1. So far, the coin is trading at $0.0044, up 92 percent in the last trading week.
Cardano (ADA) Price Analysis
ADA has been one of the top performers in the top-10. Adding 33 percent in the last week, the coin has outperformed both Bitcoin—gaining 31 percent, and Ethereum—adding 25 percent, respectively. It is now lodged at seventh ahead of Bitcoin, spurred mainly by fundamentals ahead of the Shelly Mainnet launch.
From the daily chart, candlestick arrangement points to a strong bull momentum. Noticeably, candlesticks are banding along the upper BB and diverging away from the middle BB—or the 20-day moving average. The main resistance (now support) level at $0.092 has been broken at the back of high trading volumes. Zooming out to the weekly chart, the main June 2019 resistance level has also been broken.
Combined, this points to bulls and the path of least resistance is upwards. As such, technically, every dip should be a buying opportunity going forward and ahead of the Mainnet launch scheduled for July 29, 2020.
If buyers continue to flow, the first target should be July 2018 highs of $0.20.
Technical Chart courtesy of Trading View.
Disclosure: This is not trading or investment advice, but the opinions of the author. Do your due diligence.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.