- Cardano’s co-founder Charles Hoskinson recently reminded the ADA skeptics that major network upgrades will propel its adoption exponentially.
- The ongoing crypto bearish outlook has pushed ADA price against the US dollar to further losses, with a major rebound on the horizon.
Cardano (ADA), a legacy layer one (L1) blockchain with vibrant web3 development, has attracted more than $225 million in total value locked (TVL) and over $18 million in stablecoins market cap. However, the Cardano network has faced stiff competition from other L1 blockchains led by Telegram-backed Toncoin (TON), which recently dethroned ADA among the top ten most valuable digital assets.
Additionally, the Cardano network has been outstripped by other smart contract-oriented blockchains such as Solana (SOL), BSC, Ethereum (ETH), and recently Ripple-backed XRPL. However, Hoskinson recently reminded the Cardano skeptics that tons of community Dapps are growing rapidly and reiterated that ADA is here to stay.
Voltaire Era of Cardano on the Horizon
Since its inception, the Cardano network has undergone four stages of its development roadmap including Byron, Shelly, Goguen, and Basho. With the notable development of the scalability infrastructure to optimize the interoperability of its web3 projects, the Cardano network is now preparing for its development phase dubbed Voltaire, which is a needed piece to ensure a self-sustaining system.
According to a weekly Cardano update on network developments, some improvements to the SanchoNet resources page, including updated links to diverse reference materials were made available.
Meanwhile, the Cardano development team continues to work on the Ouroboros Leios, Ouroboros Genesis, UTXO-HD, and LSM. In addition to notable developments on the Mithril networks, the Cardano network is more than ready for the next phase of mainstream adoption.
Is ADA Ready for Spot ETF Approval?
Following the recent approval of spot Ethereum exchange-traded funds in the United States, market experts are confident of an inevitable approval of an ADA spot ETF. Moreover, the demand for digital assets to hedge against the ever-rising global fiat inflation has placed ADA in a better position to attract institutional funds.
The Cardano ecosystem has, however, faced immense criticism for lagging in emerging markets such as meme coins and inscriptions.
The final verdict of the Cardano adoption by institutional investors will be its ability to tokenize real-world assets (RWA), such as bonds and stocks.
Market Picture
Amid the ongoing crypto market correction led by Bitcoin (BTC) that dipped below $66k in the past week, ADA price has dropped over 10% in the past week to trade around 40 cents on Monday, June 17, 2024.
From a technical standpoint, ADA price against the US dollar has been forming a macro megaphone, which signals further downside pressure ahead before an inevitable rebound. If the bearish sentiments persist in the coming weeks, ADA price is likely to find a support range between 36 cents and 38 cents, which coincides with the 1.618 daily Fibonacci Extension.
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