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Cardano Price Shows Good Growth β€” Will the Latest Upgrade Mean a Spike for ADA?

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  • Jack Thomas
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    πŸ”₯πŸ“ˆ Cardano is on the brink of its next stage – Cardano 1.5 – and perhaps this positive news is the reason why ADA is up?πŸ“Œ

Cardano Price Shows Good Growth β€” Will the Latest Upgrade Mean a Spike for ADA?
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Cardano is one coin that is showing decent growth amongst a sea of small losses today. Is it because project Shelley is on the horizon, thanks to Cardano 1.5, an improved consensus protocol, that the price of its token, ADA, is on the move?

Cardano is an interesting project, and it is one that has been focused on quality, by its own admission. It has been rather slow with its upgrades: it has been three years now, and after active research and trailblazing, the testing of Cardano 1.5 marks the end of the Byron development phase as project Shelley makes its way through the door.

This is an important milestone for Cardano that allows for proper consensus protocol transition from Ouroboros BFT to Genesis designed for Shelley. But the question that needs to be asked is, will this upgrade of the project lead to good growth for ADA?

A focus on quality

What has become evident in terms of cryptocurrency investing, especially with altcoin projects, is that there have been positive reactions to good news, as well as positive advancements in the projects.

One clear proponent of that is Binance Coin. The native token of Binance is flying in the first quarter of 2019 thanks mostly to the fact that Binance, as an exchange, is performing well and advancing its own work in a positive manner.

There have been boosts for tokens such as Litecoin and EOS as they have posted good news about their own adoption and advancement as projects, and now, with Cardano doing the same, the positivity is having an effect.

Good growth in a red market

In general, the cryptocurrency market has been trading mostly flat, with some incremental growth over the last seven days. However, today marks a day of mostly red numbers, although they are predominantly small losses.

ADA is, however, up 2.5 percent, and looking across the last seven days there has been steady growth – the kind of growth one expects from good work within the project rather than just speculative investing.

Cardano charts

 

About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    JohnΒ Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
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Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

β€œI doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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