Cardano (ADA) ‘s $1B futures open interest shows ADA is a serious contender

The coin base listing by Cardano (ADA) was a sign that investors have been seriously interested in ADA, and helped to push the open interest of futures contracts above $1 billion.

The coin base listing by Cardano (ADA) was a sign that investors have been seriously interested in ADA, and helped to push the open interest of futures contracts above $1 billion. Cardano (ADA), who had broken the psychological barrier for 1$ and achieved a record high of 1.50$ all-time, had an imposing start to the year.

Cardano(ADA) in 2021

As the network was turned into a multi-asset network similar to that of Ethereum, the impressive 590% increase took place every year. This could well bode for the future of Cardano.

Cardano price, USDT. Source: TradingView

The final rally appears to be linked with the announced listing of Coinbase Pro on March 16, which led, on March 18, to a renewed push for $1.47. With the price of Cardano (ADA) increased, the spot volume and on-line transfers of Cardano (ADA) exceeded Litecoin (LTC). Cardano’s increasing interest in investors has also led to a five-fold increase in future Cardano (ADA) contracts in 2021.

Cardano futures aggregate open interest. Source: Bybt

Don’t be fooled, breaking the $1 billion open barriers to investment is an accomplishment of only (BTC) and Ether. In addition, only three months ago, Ether had an open interest of $2 billion.

There is, consequently, a need to compare its spot volume and chain metrics against other Altcoins to understand whether Cardano really merits the third position in the market capitalization ranking.

Check out Cardano (ADA) Price now!

ADA trading volume and on-chain metrics strengthen

Whatever the price movement, a small user base or lack of newcomers reflects a low trade activity. One should therefore expect that the volume of Cardano will be amongst the top five. 

The transparent exchange volumes from Nomics show that ADA had $97.5 billion in 2021, exceeding Polkadot (DOT), Ripple (XRP) and Litecoin trading volumes. While this is promising, one should also explore online metrics in order to understand whether future open interest and location volume reflect this network activity. 

A more detailed view of network use is provided by daily active addresses. But this information cannot be blindly trusted. The higher the fees, the less stimulus the number has to be inflated.

Cardano Vs Other Top Cryptos

Cardano seems to be definitely disassociating itself from other Altcoins to 85,000 active daily addresses. In addition, the numbers produced seem to be indicative of their growth path, as they appear organic and are consistent with volume activity.

If these addresses were active, transfers and transactions should be assessed or the total value circulating effectively on each network. This time around, the strength of Cardano is fully demonstrated by the average network day to day transactions and transactions of $4.5 billion a day.

VORTECS score vs. ADA price (white). Source: Cointelegraph Markets Pro

That is six times as much as the other competitors at least. The online activity of ADA therefore provides some support for market capitalisation at $45 billion. On March 16, before the recent price rise, VORTECSTM data from the Cointelegraph Markets Pro began detecting ADA’s bullish prospects. 

VORTECSTM’s exclusive score for Cointelegraph is a combination of data, including the sentiment of the market, trading volume, recent prices and Twitter activity, in an analogous comparison of the historical and current market situation.

On 16 March, 12 hours before the announcement of Coinbase, the VORTECSTM score had recorded a high of 66. The cryptocurrency then increased to 1.23$, an 18% gain as the signal appeared.

Cardano can take advantage of the challenges caused by the congestion of the Ethereum network in volume and data in the chain. ADA prices could be declined without actual cases of use involving decentralised applications or bridges to interconnectivity that solve the problems of decentralised financing scaling.

March 19 Daily report: Crypto Interest in Asia is Brewing, Siacoin, Basic Attention Token and Linear (LINA) are soaring, Crypto.com announces partnership with Visa, Ethereum Could Reduce Fees With Batch Transactions and First Token Season With Filecoin

Crypto Interest in Asia is Brewing, Siacoin, Basic Attention Token and Linear (LINA) are soaring, Crypto.com announces partnership with Visa, Ethereum Could Reduce Fees With Batch Transactions and First Token Season With Filecoin

Crypto Interest in Asia is Brewing, Showing Long-Term Optimism in the Market

As the global crypto market capitalization inches closer to the $2 trillion marks, cryptocurrencies are no longer ignored in the financial sector as digital assets are rising in popularity. The Asian continent continues to stamp its authority in the crypto space and showcasing a huge Crypto Interest, as evidenced by the Bank of Japan governor’s remarks that the nation should prepare “thoroughly” for the issuance of its central bank digital currency (CBDC).

Read more on Cryptocurrencies Prices Surge as Global Market Cap Nears $2 Trillion

Siacoin, Basic Attention Token and Linear (LINA) are soaring

Exchange listings, bullish announcements and real-world use cases are driving Siacoin, Basic Attention Token and Linear price higher. Other than the major cryptocurrencies, there are several lesser-known tokens that show potential. While many will fall to the wayside, some of these could become winners of tomorrow.

Crypto.com announces partnership with Visa to accelerate worldwide crypto-adoption

The widespread adoption of cryptocurrencies continues. Today, Hong Kong-based Crypto.com has announced a partnership with Visa, including a principal membership in Visa’s network in Australia. As a Visa principal member, Crypto.com can now issue cards directly and bring world-first products to the market.

Ethereum Could Reduce Fees With Batch Transactions

EIP-3074 could improve Ethereum transaction costs through batching and fee sponsorship. Ethereum developers have created a proposal that could improve support for transaction batching. The feature will add the capacity for fee sponsoring and could reduce transaction fees by up to 20%.

Decrypt Launches Its First Token Season With Filecoin

Decrypt launches its reader token with season partner Filecoin. The partnership helps users become familiar with creating wallets and collecting tokens. Filecoin is a decentralized protocol that enables anyone to rent out spare storage space on their computer. Likewise, anyone can buy storage on the network.

Cryptocurrencies Prices Surge as Global Market Cap Nears $2 Trillion

Overnight, the recovery of Cryptocurrencies accelerated as the global market cap approaches a new historic milestone. New records have been set by Wall Street, too. On the wave of bullish news from institutional investors, cryptocurrencies were emerging yesterday from a patchy recovery.

Overnight, the recovery of Cryptocurrencies accelerated as the global market cap approaches a new historic milestone. New records have been set by Wall Street, too. On the wave of bullish news from institutional investors, cryptocurrencies were emerging yesterday from a patchy recovery.

The global market cap of cryptocurrencies

The global market cap has increased to 4.65%. It’s currently in a $1.85 trillion whisker set last weekend in the previous all-time market. In comparison to the gold market cap, the boom in asset prices also saw digital currencies gain in importance. Today, 25% of the gold market cap is the value of all crypto assets, up from 20% just a month ago.

The bull run of Cryptocurrencies

The main charge is Bitcoin, which is 4.9% more than $5,000 in the last 24 hours. The price was supported by the Chinese news company Meitu, which acquired Bitcoin and Ethereum worth $49 million.

BTC/USD SOURCE: DECRYPT

The acquisition takes the holding of the company to approximately $90 million and was interpreted as a positive signal for Bitcoin’s continued popularity with large companies. Morgan Stanley, who spoke about big corporations, joined the BTC fray, the first large US bank to open access to Bitcoin funds for their wealthy clients.

Bitcoin went on an accusation almost as soon as these stories broke. However, Ethereum’s profits were modest. It has increased its market capital by 1.8% and is firmly within the range of 1,800 dollars.

ADA/USD SOURCE: DECRYPT

Cardano, the rising star of this week, added another 10% to yesterday’s 20% gain. While the project traded places with Binance Coin, former cryptocurrencies taxation who had a late purple patch, Cardano now worth $2 billion more. In overnight trading, Hex and Algorand also increased by more than 10%.

New records on Wall street

After the Fed committed to its policy of aggressively buying assets, Wall Street continues to win over its stock, despite the US economy’s accelerating recovery. For the second time, the S&P 500 and Dow have sprung to record closing highs. 

For a third consecutive session, the Nasdaq increased. The rise is despite the recent gains from the treasury, with the 10-year benchmark rise to an annual high of 1.68%.

NEW HEIGHTS.SOURCE: GOOGLE

Within the $1.9 trillion COVID packages of President Biden, some $242 trillion of stimulus controls have been made in total that flush the US economy with liquidity. Investors wait for the flood of consumer spending that is expected to return to normal once life returns.

Just if you asked what was going on with the /WallStreetBets band of investors, they raised more than $300,000 to help save the gorillas. Aww, for example.

March 18 Daily Report: Grayscale Adds Five New Crypto Investment Trusts, First Major U.S. Bank To Open Investments For Bitcoin, French retail giant will launch Tezos-based stable coin, Kyber Network (KNC) gains 40% and Visa Looking to Enable the Purchase of Bitcoin

In an internal memo distributed Wednesday, the investment bank has disclosed its launch of three funds that would enable bitcoin ownership to individual clients and help in crypto investment.

Grayscale Adds Five New Crypto Investment Trusts including One for Chainlink, Filecoin and Basic Attention Token

Grayscale Investments LLC. crypto asset management company has announced the launch of five new cryptocurrency investment trusts. The new trusts include Grayscale Livepeer Trust, Grayscale Filecoin Trust, Grayscale Decentraland Trust, Grayscale Chainlink Trust, and Grayscale Basic Attention Token Trust.

Morgan Stanley Becomes First Major U.S. Bank To Open Investments For Bitcoin

In an internal memo distributed Wednesday, the investment bank has disclosed its launch of three funds that would enable bitcoin ownership to individual clients and help in crypto investment. This is great news for the crypto community at large: a major financial institution, in particular a banking institution, is now accepting bitcoin as an emerging asset class.

French retail giant will launch Tezos-based stable coin

The new coin is named after a god in Irish mythology and will go by the ticker symbol EURL. Groupe Casino, a 120-year-old retail company headquartered in France, will reportedly be launching a stable coin pegged to the Euro. In addition, one of PwC’s former partners said it would be releasing a stable coin pegged to the New Zealand dollar early in 2021.

Kyber Network (KNC) gains 40% as its 3.0 network launch approaches

Excitement for the upcoming release of Kyber 3.0 is helping to boost KNC price by 40% as new governance features and lower Ethereum fees excite investors. One project that has continued to work on expanding the capabilities of its ecosystem is the Kyber Network (KNC), an on-chain liquidity protocol that aggregates liquidity from multiple sources to enable instant token swaps on any decentralized application (DApp).

Visa Looking to Enable the Purchase of Bitcoin on its Credentials, Says CEO Al Kelly

Visa CEO, Al Kelly revealed the company’s plans to enable the buying of bitcoin using its credit cards during his recent podcast with Fortune’s ‘Leadership Next’. Kelly explained that the company plans to do two things. Firstly, Visa plans to work with Bitcoin wallets to allow users to buy bitcoin on Visa credentials. Secondly, the company also wants to enable the bitcoin to fiat conversion feature, supporting bitcoin payments at over 70 million merchants.

Elon Musk turns down $1 million for the tweet he was selling as an NFT

Billionaire Elon Musk, one of the wealthiest men in the world, has turned down $1 million for a tweet he sold. This comes after SpaceX’s founder and Tesla said he was selling a song “NFTs as an NFT.” On the NFT platform, Sina Estavi, the Chairman and CEO of Bridge Oracle, borrowed $1.12 million from Valuable.

Elon Musk’s tweet about NFT

The eccentric billionaire Elon Musk has just turned $1 million away from his tweet, which he was selling as a non-fungible token (NFT), which, according to Bloomberg, is now worth $175 billion, for the world’s second-richest man. Musk tweeted on 16 March that he “sells this NFT song as NFT.” 

A two-minute video with an electronic dance track with the NFT topic was added to the tweet. The tweet, the video, the title and the NFT on ‘Valuables’ were later listed, a platform published by Cent — an on-blockchain social media network. Sina Estavi, the chief executive officer of Bridge Oracle, is the highest offer of 1.12 million dollars.

Elon Musk on Twitter: “I’m selling this song about NFTs as an NFT… “

The tweet, the video and the title were then listed as an NFT on the “Valuables,” a platform that is released by Cent – a blockchain social network. And Sina Estavi, the chief executive officer of Bridge Oracle, has the highest offer of 1,12 million dollars. But Elon Musk seems his mind has changed. 

“It doesn’t really feel right to sell that, actually. Elon Musk told another March 16 tweet, “Will pass.” The flourishing of Musk’s announcement activity has, according to CNBC, distracted his Twitter followers from the news that Tesla and the ongoing Federal Sample have changed their staff to Tesla, the last week’s Tesla crash in Detroit, USA.

What are NFTs?

Non-fungible tokens or NFTs are a particular kind of digital device but are different from digital currencies. You cannot exchange them for the same value with each other or divide them down as most currencies in small values. There is no equal to two NFTs. They are distinguished by their unique qualities and authenticity—a sort of collector’s item.

The founders of SpaceX and Tesla are only the latest ones to sprinkle into the NFT car. NFT-based consumer goods and services are also generated by global brands like Nike and Louis Vuitton.

According to a 2020 report from the tech tracking firm L’Atelier BNP Paribas, the NFT market is estimated to be $250 million. And the creators of NFT earn big dollars. Musk’s partner, a Grimes name musician, sold his WarNymph digital collection in less than 20 minutes for 5.8 million dollars.

Why NFT is worth millions of dollars?

The non-flamboyant tokens or NFTs are hotter now in May than a barbeque. This is why the world in the last month was NFT-crazy. NFTs are a class of cryptocurrency assets, however, in which each item or token is completely distinct. As a currency, they are useless but very useful for other things.

In recent months, NFTs have once been an obscure component of blockchain technology thanks to the spread of most corners of art, entertainment and the media. They are used by the NBA for the sale of videos. 

Artists sell digital works with them. Musicians retain royalties with them. The CEO of Twitter even uses tweets to sell them. The excitement is driven to a large extent by an idea that cannot be fully appreciated: ownership of a digital asset or a sense of ownership at least.

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Cardano price begins 48% liftoff, Digital asset investment products hit a record $4.2B, Altcoins spike to new highs, Polkadot cross-chain asset platform Konomi closes $5M raise and VeChain Targets Highs

Cardano price begins 48% liftoff to new all-time highs

Cardano price has surged by more than 48% in the last 24 hours. The rally occurred in spite of the lethargic upward price action in the market, coupled with the broad-based declines at the beginning of the week. The potentially massive breakout eyes a new all-time high at $1.6.

Digital asset investment products hit record $4.2B inflows already this quarter

Bitcoin dominates but Ethereum is growing in popularity for institutional investment products. Crypto asset investment funds closed on Friday, March 12 with a record $55.8 billion in assets under management following bullish price action for the week, the report noted.

Altcoins spike to new highs while Bitcoin bulls aim to recapture $57K

Terra (LUNA), Basic Attention Token(BAT) and Cardano spiked to new highs as Bitcoin and Ethereum attempted to recover from their recent correction. Several altcoins saw their prices breakout on Tuesday as partnership announcements and exchange listings have proven to be effective price movers.

Polkadot cross-chain asset platform Konomi closes $5M raise ahead of IDO

Konomi Network, a full-suite asset management solution for cross-chain crypto-assets, today announced it has successfully closed a $5M raise in three rounds of investment to deliver on its product roadmap for improving lending, trading, and asset management in the Polkadot ecosystem.

VeChain Targets Highs After Increased Profit-Taking

VET has reached a new all-time high of approximately $0.08 as it continues on its quest to $0.56.  Although investors took advantage of the rising price action to book profits, VET’s uptrend remains intact. As long as this cryptocurrency holds above $0.07, the odds will favor another upswing to $0.09.