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Cardano (ADA) Price Likely to Rise against Bitcoin, Crypto Analyst Says

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Tue, 11/26/2019 - 14:51
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  • A crypto analyst believes that ADA is going to test a further resistance level, while Cardano’s founder says Cardano will be “a beast” in 2020

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Altcoins’ prices have been declining following the Bitcoin quotes’ fall. For a brief moment, Cardano went up to push out Tron from its spot 11 on CoinMarketCap. Later on, though, the coins returned to their previous positions.

At press-time, Cardano (ADA) is trading at $0.0.35, which is about 490 Satoshis.

ADA price CMC
Image via CoinMarketCap

A likely ADA growth

A crypto analyst @CryptoMichNL believes that ADA is likely to start growing and reach the 530-540 Satoshi level.

Should the coin’s price break below the 480 Satoshi level, it is likely to lose more value, he says.

‘Cardano will be a beast in 2020’

A while ago, the Cardano founder Charles Hoskinson posted a tweet saying that next year Cardano is going to bring to the market the newly developed protocols and blockchain solutions.

He stated:

“Cardano in 2020 will be a beast.”

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Weiss Ratings says Cardano is ‘vastly superior to EOS’

Recently, U.Today reported that Weiss Ratings rated Cardano blockchain much higher than the EOS  ledger. Previously, in the summer this year, the agency downgraded EOS over centralization concerns.

Speaking of EOS, the platform has been having congestion problems since around November 1 due to the EIDOS dapp that has made transaction fees very high – of about 100 EOS required to be staked.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
Contents

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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