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ADA on the rise: Cardano loses its Ghost Chain status

Mon 17 Jul 2023 ▪ 4 min of reading ▪ by Mikaia A.
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The nickname “Ghost Chain” was bestowed on Cardano in 2021, when there was very little activity. Three years on, things have changed: Cardano is gradually establishing itself as a flagship blockchain. ADA’s recent performance has been a great help.

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ADA propels Cardano into the spotlight

In June, some analysts predicted the end of ADA. The death cross they spotted on trends at the time led them to believe in a long-term decline for Cardano’s native crypto.

Against all expectations, ADA has performed well in terms of statistics.

First of all, the cryptocurrency recorded an increase in market capitalization yesterday, July 14. Finbold reported that it had risen from $10.11 billion to $12.21 billion in just 24 hours.

In other words, ADA’s market capitalization saw an addition of $2.1 billion, an increase of 20%.

Next, let’s talk about the price of Cardano’s token. As the French celebrated their 143rd year of independence, the ADA community jubilated against the backdrop of a consequent rise in their favorite crypto.

Here is some data, taken from CoinMarketCap, justifying their joy:

up 20.72% on a 24-hour scale, to trade at $0.36 a coin;

up 23.52% over the last 7 days;

26.59% over 1 month.

At the time of going to press, ADA was trading at $0.33.

The number of long-term crypto wallets with ADA has risen by 180,000 in just two months. Yesterday, there were 2.48 million wallets, compared with 2.3 million on May 14.

XRP and domino effect

In the eyes of the SEC, ADA is also one of the “unregistered securities” for which it has planned legal proceedings.

A view not shared by legal expert Bill Morgan. Drawing an analogy with the development of the smartphone market in June, he argues that manufacturers release information about their products to show off their improvements. This is how smartphones become competitive.

Cardano, who allegedly did so was seeking competitiveness with the ADA. But the SEC simply wanted to turn a blind eye to efforts to add functionality to the shadow blockchain.

Now, Bill Morgan’s thesis has been confirmed by Judge Torres, who has just ruled that XRP is not a security.

Hence this deduction from a leading cryptocurrency analyst: “if XRP is not a security, neither are ETH, ADA, MATIC and others”.

Crypto analyst Dan Gambardello already predicted in early July that ADA will soon see a bright future. Nor are internal efforts to make blockchain even more powerful.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.