{"id":1740,"date":"2021-12-03T08:43:09","date_gmt":"2021-12-03T08:43:09","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1740"},"modified":"2021-12-03T08:43:09","modified_gmt":"2021-12-03T08:43:09","slug":"cardano-ada-competes-with-leading-altcoins","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/cardano-ada-competes-with-leading-altcoins\/","title":{"rendered":"Cardano (ADA) Competes with Leading Altcoins"},"content":{"rendered":"\n<p>After a few days of shaky prices and a deep cut following an upcoming eToro delisting, <a href=\"https:\/\/tradersofcrypto.com\/news\/will-etoros-delisting-change-fortunes-for-cardano-ada\/\">Cardano (ADA)<\/a> seems to be back on track. The most optimistic predictions see the coin catch up to the likes of <a href=\"https:\/\/tradersofcrypto.com\/news\/what-pushes-terra-luna-to-new-peaks\/\">Terra (LUNA)<\/a> and other platform coins, on expectations of building its own set of DeFi and games.<\/p>\n\n\n\n<p>ADA jumped to $1.73 late on Thursday, adding about 6% in defiance of the overall market drop. ADA took over after the new climb of Terra (LUNA), an already more established platform for distributed applications, gaming and decentralized money.&nbsp;<\/p>\n\n\n\n<p>ADA is yet to recover this year\u2019s all-time high just under $3, but the latest price action has re-sparked more extreme predictions. At the same time, ADA is the receiver of multiple criticisms over the years for promising a smart contract launch that failed to materialize in time.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Ok, thats enough. I\u2019m ready for $10 <a href=\"https:\/\/twitter.com\/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ADA<\/a><\/p>&mdash; Dan Gambardello (@cryptorecruitr) <a href=\"https:\/\/twitter.com\/cryptorecruitr\/status\/1465880473637380096?ref_src=twsrc%5Etfw\">December 1, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The recent rally raised expectations ADA may once again return to leading the gains. The past months saw funds flow into a group of projects that managed to increase locked-in value and give support to new decentralized finance hubs.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SOL<\/a> &amp; <a href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BNB<\/a> have (at least temporarily) replaced <a href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&amp;ref_src=twsrc%5Etfw\">#Cardano<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ADA<\/a> as the top <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> major performer this bull cycle. Will it last? <a href=\"https:\/\/t.co\/T9ggzIrVOT\">pic.twitter.com\/T9ggzIrVOT<\/a><\/p>&mdash; Card\u20b3no \ud83d\udc02 Dan \ud83c\uddfa\ud83c\uddf8 \ud83c\uddef\ud83c\uddf5 \ud83c\uddea\ud83c\uddf9 \ud83c\uddf9\ud83c\uddff \ud83c\udf11 ADA (@CardanoDan) <a href=\"https:\/\/twitter.com\/CardanoDan\/status\/1466238976654721029?ref_src=twsrc%5Etfw\">December 2, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>For ADA, the biggest hope remains the launch of smart contracts on the Cardano network, and the proof they can perform as well as other blockchains. The ADA rally may attract new retail investors with the idea that the asset is promising. ADA remains a risky proposition, a blockchain that has gained prominence but still lags in real smart contract deployment and distributed apps.&nbsp;<\/p>\n\n\n\n<p>There is no guarantee ADA will go through another price appreciation cycle, but it may satisfy the demand for actively moving assets as funds flow between altcoins. ADA may also cause some problems with its security status for US-based investors, but for now, it remains traded on the Coinbase exchange with no adverse comments from regulators.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is ADA Overheating<\/strong><\/h3>\n\n\n\n<p>The recent positive days for ADA sparked significant social media hype, with a warning on potentially misleading new investors.&nbsp;<\/p>\n\n\n\n<p>After retreating to $1.69, some traders believed ADA has no energy for a whole new expansion cycle and the recent rally reached its peak.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ADA Supply is Limited<\/strong><\/h3>\n\n\n\n<p>Despite the potential for volatility, the supply of ADA is only partially used for trading. On-chain data show 72% of the coins are staked to support the network.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">72% of <a href=\"https:\/\/twitter.com\/search?q=%24ada&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ada<\/a> is staked. After all the FUD&#8230; 72% of <a href=\"https:\/\/twitter.com\/hashtag\/cardano?src=hash&amp;ref_src=twsrc%5Etfw\">#cardano<\/a> is fucking staked. This is a chain ran by us, the people. OUR SPOs, OUR stakers, OUR devs, OUR community! We don&#39;t need your VC blessings, etoro commercials, cardano 2.0, and you can&#39;t take my fucking slice. <a href=\"https:\/\/twitter.com\/hashtag\/cnft?src=hash&amp;ref_src=twsrc%5Etfw\">#cnft<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/nft?src=hash&amp;ref_src=twsrc%5Etfw\">#nft<\/a> <a href=\"https:\/\/t.co\/NW6DaV0suG\">pic.twitter.com\/NW6DaV0suG<\/a><\/p>&mdash; VivalaCoin (@VivalaCoinBTC) <a href=\"https:\/\/twitter.com\/VivalaCoinBTC\/status\/1466397349320830980?ref_src=twsrc%5Etfw\">December 2, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Building a decentralized economy and smart contracts means a wider potential for coins existing mostly off centralized exchanges, with an incentive to hold onto the assets. ADA has limited acceptance as collateral for DeFi, as it runs on a different blockchain and may require special bridging to other platforms.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is Cardano Getting Attention from Developers<\/strong><\/h3>\n\n\n\n<p>Because building on the blockchain is highly decentralized, not all projects receive the same attention. The announcement for new projects does not translate into successful startups, but there are signs of building on the Cardano blockchain.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A huge wave of new DApps has emerged on the <a href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&amp;ref_src=twsrc%5Etfw\">#Cardano<\/a> blockchain. <br><br>Let&#39;s check out the ecosystem overview below <a href=\"https:\/\/t.co\/1MHvFfNUBc\">pic.twitter.com\/1MHvFfNUBc<\/a><\/p>&mdash; Coin98 Analytics (@Coin98Analytics) <a href=\"https:\/\/twitter.com\/Coin98Analytics\/status\/1463782688502915075?ref_src=twsrc%5Etfw\">November 25, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Despite the hype, most distributed apps only have a handful of users, and very different popularity measures. However, the appearance of Cardano-based projects for now refutes the attacks that the platform is a ghost blockchain with no additional capabilities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Funds Keep Flowing into LUNA<\/strong><\/h3>\n\n\n\n<p>One of the reasons for ADA skepticism is the recent rally of Terra (LUNA). The expanding supply of UST lifted demand for LUNA and helped drive prices even higher, to $69.39 on Friday.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Crypto project <a href=\"https:\/\/twitter.com\/terra_money?ref_src=twsrc%5Etfw\">@terra_money<\/a> ( <a href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LUNA<\/a> ) has surged 50% in the last week to hit a new all-time high even with bitcoin down 5%<br><br>Its algorithmically-backed stablecoin <a href=\"https:\/\/twitter.com\/search?q=%24UST&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$UST<\/a> has become the largest of its kind and keeps picking up Web3 adoption as THE DeFi dollar<br><br>Why that is huge \u2b07\ufe0f 1\/X <a href=\"https:\/\/t.co\/LSUeA9HgO6\">pic.twitter.com\/LSUeA9HgO6<\/a><\/p>&mdash; Zack Guzm\u00e1n (\ud83c\udf84,\ud83c\udf84) (@zGuz) <a href=\"https:\/\/twitter.com\/zGuz\/status\/1466492296183099395?ref_src=twsrc%5Etfw\">December 2, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Because LUNA backs UST, the decentralized dollar-priced stablecoin, a rising price may boost the short-term stability of UST. However, LUNA volatility may prove riskier.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Altcoins Gain More Influence Each Day<\/strong><\/h3>\n\n\n\n<p>Despite expectations for a year-end Bitcoin (BTC) rally, the coin\u2019s dominance dropped to 41%. At the same time, Ethereum (<a href=\"https:\/\/tradersofcrypto.com\/coins\/ethereum\/\">ETH<\/a>) and altcoins hiked to higher valuations and show more funds flowing in, with more assets hitting all-time highs.&nbsp;<\/p>\n\n\n\n<p>The ETH market cap dominance shifted to 20.7%, while the collection of smaller altcoins now makes up more than 20.86% of the market. Another roughly 15% goes to leading altcoins with the highest market valuations.&nbsp;<\/p>\n\n\n\n<p>Former leading altcoins, considered to be blue chips, have diminished due to lack of innovation. The new crop of projects arrives with more well-founded use cases, often branching into tokenized gaming.&nbsp;<\/p>\n\n\n\n<p>In the past, altcoin cycles saw funds flow back into BTC. But this time, altcoin platforms compete to lock in their own value.  <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">Binance Coin (BNB)<\/a> become a ticket to participation in a growing ecosystem of activity, including collectibles and gamified earnings.&nbsp;<\/p>\n\n\n\n<p>Demand for the next big project to repeat the success of Solana (SOL) has also lifted the valuation of Avalanche (AVAX), LUNA, Decentraland (MANA), Gala Games (GALA) and many other platform coins and tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano (ADA) attracted positive attention again, though with some doubts the asset is getting ready for a new peak cycle.<\/p>\n","protected":false},"author":3,"featured_media":1742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,45,157,339],"class_list":["post-1740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-ada","tag-cardano","tag-luna","tag-terra","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1740"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1742"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}