Today, we’ll look into some of the various different things that are going on in the Cardano and blockchain networks. There’s a lot of movement that’s been happening and we’ve got some big updates for you today. And we all know about the market crashes as well so we’ll dive into that and see if it’s something to panic about.
So let’s get into the tons of Cardano updates and Cardano news, and then we’ll see why did Cardano fall this weekend.
So as we all know, this week has been really crazy. We saw a lot of different movement in cryptocurrencies, we saw lots of dip in Cardano, and then we saw a swing back, which we then saw level off. It’s obviously been a crazy week overall, and we’ve seen some really big movements on a lot of different markets.
Ultimately, we saw the price fall and it kind of stays settled on the fall. And we’ve seen some really interesting speculations around this. Some are speculating that Bitcoin whales may be planning to sell a short notice as BTC price action struggles around 47,000.
The on-chain analytics firm CryptoQuant’s warned on its daily QuickTake market update on December 5 that large volume movements on exchanges were increasing again. CryptoQuant deduced that major Bitcoin investors were taking no chances when it comes to short-term price action.
Before Saturday’s dip to $41,900, the metric stabbed through the peak 0.95 level. And as of Monday, it is now back in the same territory.
So, we’ve seen a lot of different speculations around this, and we think this is what caused the overall price drop.
Now, couple of the really interesting new pieces starts with Cardano as it hits 1 million delegated Cardano wallets. This is certainly a big milestone for Cardano but more importantly than this number is the comparison of how quickly we came to this number. Cardano has reached this milestone probably faster than any other cryptocurrency out there. This ultimately gets very interesting, as people are getting educated on the different blockchain technology and options, Cardano becomes a clear winner here.
The next update with Cardano are the Decentralized Applications, or DApps, and when they’re going to hit. Surprisingly, we’re seeing a lot of them starting to hit and a lot of the 20 million transaction milestone that Cardano achieved a few days back came from these different network applications that’ve started to come. So it’s already here and we’ll only have to wait for more DApps to come at a fairly faster pace.
Overall, we think Cardano is in a really strong position. With a market cap of over 51 billion, Cardano is the 6th largest cryptocurrency on Earth, and for good reason. It aims to compete with Ethereum to attract user-created autonomous programs called decentralized applications or DApps. Additionally, Cardano boasts better speed, capability, and scalability than its larger rivals.
DApps dramatically increase the potential of blockchain technology outside of just storing and transmitting the value. They enable use cases ranging from decentralized cryptocurrency exchanges to financing platforms that allow investors to borrow and lend their cryptocurrency holdings.
Cardano’s DApps use the network’s native token, Ada, to interact and pay fees on its network, so they have a direct impact on demand for the assets and its valuations. Cardano also enabled smart contracts, self-executing programs used to create DApps, through its Alonzo upgrade in September. However, it may take several years for the platform to boast a well-developed DApp ecosystem like its larger rival Ethereum, which is home to over 3000 projects. Although that’s the case, Cardano aims to close that gap by offering superior functionality, and I believe that’s gonna take a lot less than 3 years.
And if you’re interested in building a DApp, here are 3 reasons why now is the best time to build DApps!
Unlike Ethereum, which uses a cumbersome proof of work protocol in which miners solve puzzles to validate transactions, Cardano uses a proof of stake system called Ouroboros. Here, the authority to validate transactions come from ownership of Cardano’s tokens. Cardano’s miners update the blockchain using existing coins, which is faster.
It can now also process 257 transactions, compared to Ethereum’s 15 to 20, which we haven’t actually seen it hit even 15 in a long time. And here are 4 reasons why Cardano is better than Ethereum.
Proof of stake being less environmental harmful than proof of work systems, Ethereum plans to eventually switch to a proof of stake protocol but it’s unclear so far when that will happen. This ultimately makes Cardano a compelling platform for DApp developers that prioritize speed and scalability.
One final thing that we’ll move through is that Cardano recently increased the size of its transactions. So, the blocks actually just moved up and we’re now seeing larger transactions available. It was over a 12.5% increase and the block size transactions moved from 8kb to 72kb. Now, there’s well over 2 million Cardano wallets in use. And the traffic has reportedly grown over 20 times in a year!
It’s crazy to see growth at such a great pace. And we believe we’re going to see this grow even more than 20 times over the next year as DApps continue to become more useful. Thank you for sticking with me to the very end. We hope this has been valuable information to your journey to skyrocketing with Ada. You can keep track of our blog or YouTube channel to stay updated about Cardano every day. And as always, make sure to keep your kids protected with CleanRouter and CleanPhone. This lets you have the ultimate parental controls with how your kids use their phone 🙂
If you’d like to learn more about these updates, kindly check out the video below: