Cardano

Bitcoin

Ouroboros

After reaching a record high in March, Bitcoin has failed to break through this mark for the past two months running. The decrease in inflation in the US was encouraging. It didn’t take long for crypto bulls to react. Digital currency Bitcoin has gained almost eight percent in the last seven days. Almost all of the increase happened in a single day: on May 15th, BTC instantly gained 7.64%. Recent gains have put the market cap of the cryptocurrency with the largest market share back above $65,000. The US inflation numbers for April are a major contributor to the positive dynamics. They exceeded expectations in terms of quality. A year-over-year increase of 3.4% and a monthly increase of 0.3% were the only changes in the consumer price index (CPI).
Statistics point to a more accommodating stance from the US Federal Reserve, according to the co-founders of the analytics platform Glassnode. Bitcoin has a clear path to $66,000, $69,000, and $84,000. Alright, I guess we’ll find out later. We can state with certainty that Bitcoin has broken through the $66,000 mark, but the $84,000 mark is nearly $11,000 above the $73,794 historical high.
It is worth noting that the growth of Bitcoin has occurred in tandem with the expansion of spot ETFs. May 16th was the best day for analytics platform Santiment’s total volume since March 24th, with $5.65 billion recorded. Experts on the platform subtly point out that big players (whales) no longer exclusively accumulate.
According to Bloomberg senior analyst Eric Balchunas, the BlackRock IBIT fund shatters all 13F records with 414 holders in its first season, which is a crucial metric for exchange-traded funds. Launching a fund with even 20 unit holders is extremely unusual. This is particularly true when contrasting the BTC-ETF with the other January-launched ETFs, which are referred to as the Class of 2024. All US institutional investors with assets under management exceeding $100 million are required to file a special reporting form, 13F, on a quarterly basis.
It is possible to discuss the conclusion of the correction from a technical analysis standpoint. The indicator data and the chart’s growth both corroborate this. The relative strength index (RSI) is rising and has surpassed the 50 level, and the price is once again trading above the blue 50-day moving average. Breaking through the $67,200 resistance level would pave the way for further gains. At $56,500, we have a support level. There was an eight-point increase from last week to this week on the fear and greed index. At the moment, it’s worth 74. This proves that greed is more important than fear.
Ethereum The assault on Ethereum’s blockchain and the subsequent theft of $25 million worth of ETH was the most significant development for Ethereum. James Pepaire-Bueno and Anton Peraire-Bueno were two brothers who stood out from the negative crowd. It only took them twelve seconds to pull off their con. Arrests have been made for both brothers. They could spend the next two decades behind bars.
Since these events demonstrated that a sizable sum can be extracted with due diligence, it is clear that they do not represent Ethereum in a positive light. If this is the case, then those interested in investing in the world’s second cryptocurrency should be wary of doing so due to concerns about its security and practicality.
Meanwhile, first quarter 2024 results informed grant solicitation and distribution by the Ethereum Foundation. Over $11.4 million was allocated to 109 different projects. Cryptography and Zero-Knowledge Proof comes in at number 34, while Community and Education comes in at number 36.
Contrary to Bitcoin, Ethereum investors still lean toward the bearish side of the market when it comes to technical analysis. Price is below blue line representing the 50-day moving average, and relative strength index is below 50, both of which are indicators that point in this direction. The levels of $2,815.2 for support and $3,355 for resistance have not changed from last week. Ethereum token During the week of May 10, 2024, to May 17, 2024, the Cardano cryptocurrency gained approximately 3.5 percent. Even though the previous three days made it feasible to enter the green zone, the first four trading sessions occurred in the negative zone. On May 15th, Cardano’s price action was the most dynamic, rising nearly 6%. Nothing noteworthy has happened this week regarding the ADA cryptocurrency. But inside the Cardano network, development is underway. A new update, featuring the Ouroboros Genesis design, is on the way, according to platform founder Charles Hoskinson. This version of the Ouroboros protocol will expand upon its predecessors. Updated network nodes, particularly those that have recently emerged or returned after an extended absence, will have their security enhanced. Enhanced scalability and resistance should be the primary outcomes of the upgrade.
There have been whispers that the ADA token will be listed separately on the Gemini cryptocurrency exchange. Frederik Gregaard, CEO of the Cardano Foundation, first made the statement: “I would like to see more native Cardano assets listed on public exchanges, so we are in talks with multiple of them.” Gemini outlined the fundamentals of Cardano, including its architecture, consensus algorithm, programming languages, and roadmap, in an article published on its educational platform Cryptopedia.
It goes without saying that this is good news. Investors will have more faith in ADA and its accessibility if more platforms are ready to list it.
As far back as the middle of March 2024, Cardano has been trending downwards according to technical analysis. The situation as a whole remains unchanged since then. Similar to last week, the so-called “death cross” occurred when the blue 50-day moving average crossed the orange 200-day moving average horizontally. There is reason to be concerned, as this is a fairly robust bearish signal. The levels of support are $0.426 and resistance are $0.52246, in that order. In summary It is too soon to declare a new crypto market rally, even though Bitcoin has gained nearly 10% in seven days. Still, Ethereum isn’t expanding, and Cardano’s 3.5% growth following a long decline is very localized.

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