Crypto roundup: Cardano (ADA) makes a move as cryptocurrency market eyes off $2 trillion
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Cardano (ADA) is on a tear today, and it’s not the only one. Bitcoin, Ethereum, Polygon and a good deal of the crypto market have been either surging, or on cruise control taking in the green surrounds.
On the back of a Justin Sun-like midweek “announcement of an announcement” from Cardano founder Charles Hoskinson, Ethereum’s closest smart-contract rival is having a double-digit green day.
At the time of writing, ADA is up 19.1% since this time yesterday and trading at US$1.87, the highest level it’s been since May 19. The token’s all-time high is US$2.45, achieved on May 16.
The update in question was simply Hoskinson letting his YouTube subscribers know that the project will be making another announcement this Friday (Saturday AEST). So, in actual fact, he went one better than the Tron leader’s favoured MO. This one was an announcement of an announcement of an announcement.
On Friday, Cardano’s patient holders will learn the exact date of the project’s hard fork combinator event (HFC), which will set its smart-contract capability free at last and into the wild, ready for dApp-building and true utility for the network.
The date is expected to either be on the last day of August, or a few days after.
Should we make them donate to nambla? https://t.co/idLEChOy5N
— Charles Hoskinson (@IOHK_Charles) August 11, 2021
Whether or not the price action sustains or ends up having a “buy the rumour sell the news moment”, it’s still big stuff for Cardano and its three-pronged development entities of IOHK, the Cardano Foundation and Emurgo. And it’s big for Cardano’s huge community of fans and HODLers, too.
Hmm, wonder if they’ve made a Cardano dog-meme coin…
— Crypto Messiah ☁︎🌞 (@1goonrich) August 10, 2021
We’re not ones to make bold crypto predictions here at Stockhead. That’s for the YouTubers.
That said, we’re happy to highlight good influencers who make tentative calls based on seemingly endless hours of technical or fundamental analysis.
#Cardano ready for $5 after a big breakout?
Check it here:https://t.co/gMpCszUXVu
Don't forget to subscribe and like the video!
— Michaël van de Poppe (@CryptoMichNL) August 11, 2021
At the time of writing, the entire cryptocurrency market cap had crept back above $US2 trillion for the first time since May 19, before falling just slightly below it again.
Bitcoin (BTC) was up 2.71%, as you can see from the Coin360 chart above. Sitting above its 200-day moving average and claiming $45.2K support yesterday, has pleased analysts. The OG crypto also continues towards a possible “golden cross” within the next couple of days, with a potential move above US$48K on the cards if things continue to go well.
Ethereum (ETH), the perennial number two by market cap (until the “flippening”, right Ethereans?) is meanwhile is up 4.19%, while Ripple (XRP) is well into double-digit territory, looking to bounce up off a “double bottom” bullish chart pattern. It’s up 14% and changing hands for US$0.941.
Besides Cardano and XRP, other notable top gainers in the top 100 today include: IoTex (IOTX), which is up an insane 174.3% in the past 24 hours and 332% over the past week; Holo (HOT), a “distributed cloud-hosting marketplace for P2P applications”, up 32.3%; Ravencoin (RVN), +28.7%; Helium (HNT), +20.1% and Polygon (MATIC), also up 20.1%.
The decentralised “Internet of Things” platform IoTex is set to be listed on Coinbase Pro, hence its pump this week. The old Coinbase exchange-listing news pump is alive and well, then. Just watch out for the potential exchange-listing news cool-off that can sometimes come not long after.
Outside of the top 100, some other notables were double-digiting, including: Request (REQ), up 104.2% in the past 24 hours; Yield Guild Games (YGG), +40.1%; and Illuvium (ILV), up 20.3%.
Aussie P2E (play-to-earn) NFT gaming project Illuvium hit another all-time high today of US$470.65. It’s currently resting at US$452.
Maybe it’s got something to do with this little land-based nugget of info… The project’s co-founder, Kieran Warwick, knows all about the value of digital land.
The council will soon be deliberating on the most important IIP to date. Not just because it’s a land sale, but because if it passes, anyone staking ILV can take sILV in rewards – which you can use to purchase land plots.
— Kieran.eth (@KieranWarwick) August 11, 2021
And, if all this seems like way too much bullish crypto news for one day, then you can always follow gold bug and 60 Minutes favourite Peter Schiff.
Here he is, commenting on Kevin “Mr Wonderful” O’Leary’s recent movements into the cryptoverse.
In their relentless effort to pump #Bitcoin, a @CNBC anchor referred to @kevinolearytv as being a long-time crypto proponent. That's a lie. He was a long-time crypto skeptic, who recently changed his tune after getting involved in crypto related companies. He's just a paid shill.
— Peter Schiff (@PeterSchiff) August 11, 2021
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) August 11, 2021