Cardano will never lack funding to work on its technical development
Yesterday, the ETCDEV announced that they were closing down due to funding issues. The sustained crypto bear run has taken a toll on their finances. But Ethereum Classic (ETC) is not the only crypto that is facing difficulties. Many other teams are under pressure since prices for most altcoins are down by over 90%. One altcoin that stands out is Cardano (ADA). Though it is still a work in progress, Cardano (ADA) is assured of funding stability until the IOHK team completes its work in 2020. In one of his AMA’s in August, Charles Hoskinson was asked about the issue of funding. To this, he answered,
“We are very smart with the bitcoin that we got. We divested it and are fully funded until 2020.”
This means that Cardano’s project funding is in no way affected by the crypto market bear of 2018. As such, Cardano investors can rest easy knowing that Charles and his team are fully focused on the tech, and don’t have to deal with any inconveniences that may arise out of lack of funding.
The best part is that even after the roadmap is complete and the IOHK contract comes to an end, Cardano is well positioned to sustain all future technical developments with ease. That’s because, as per the Cardano Monetary Policy, it will have a treasury that will be funded with Cardano (ADA) transaction fees. Below is a more detailed explanation of the Cardano treasury as presented in the Cardano monetary policy.
Cardano will have a treasury going forward. This treasury will be endowed via some portion (yet to be defined), of newly-minted Ada and transaction fees. The treasury will be governed by Ada holders.
MINIMAL FEE (CURRENT CALCULATION)
Note: Fee calculations and incentives are areas that are currently being researched and their development is in progress.
1 ADA = 1,000,000 Lovelaces
1 Lovelace = 1/1,000,000 Ada
Ada has six decimal places.
1.000000 = 1 ADA
This treasury makes Cardano (ADA) a self-sustaining eco-system that will always remain functional in spite of market cycles that will always recur, with bull and bear cycles.
As such, Cardano investors can judge this project fully on the basis of its potential for adoption. On this front, Cardano (ADA) is well positioned for growth too. That’s because Cardano is a solution to most of the problems affecting most blockchain platforms today.
For instance, Cardano takes care of the inefficiencies of Proof-of-Work. It solves this through Ouroboros, a revolutionary Proof-of-Stake algorithm that gives Cardano the security of Bitcoin (BTC) while at the same time eliminating the need for huge energy requirements that come with POW mining. Cardano also solves the problem of scalability, since it is designed for scalability from the ground up. This places it in a good position for growth in the long-run. This is a high-value project that is set for growth in coming years.
Charles once said that he is building Cardano to be a trillion dollar crypto. With its technical capabilities, there is no reason why Cardano can’t hit this valuation in the next decade.
Bulls Honk the Horn for Cardano; Might Affect Intraday Trading
Cardano is trying to move upwards, but it looks like that it trades under bear pressure. In the coming time, ADA coin is anticipated to deal with significant momentum. The coin is dealing at the 1,166,766,151 USD Market Cap. The circulating supply of Cardano is at 25,927,070,538 ADA.
ADA to USD Price Comparison
Yesterday, Cardano opened at $0.04540457. ADA price dropped in the opening hours to $0.04501 by 0.86% drop. Further, it picked up the pace and recovered by 1.14%. Cardano price counters changed from $0.04499 to $0.04550. The day closed with another escalation of 1.33%. This time, ADA price shifted from $0.04520 to $0.04580. The intraday progression was of 0.88%. Today, the coin opened with a slight upsurge. Later, ADA price fell tremendously to $0.0450 from $0.0458 by 1.87%. Cardano has yet again started improving and it could take the price up.
Cardano Price Prediction
ADA price chart is indicating that coin is currently moving towards the recovery. Yesterday, the coin touched a high at $0.045795 and a low at $0.044963. The volume marked on September 13, 2019, was $38,257,028. However, today, the 24hr volume of Cardano is marked as $40,107,089.
The improvement in the ADA price has given us hope that there could be a slight possibility of an upsurge. The traders are speculated to book huge returns in the future. The year would end around $0.52 in Cardano. As per the current scenario, traders are recommended to diversify the investment in cryptocurrencies to deteriorate the risk.
Cardano Stands Tall by Adding 4.5% in One Day
- Cardano gains 4.5% in one day and reached $0.048.
- The next resistance is likely to come at $0.049.
Cardano has shocked the market with a 4.5% hike since yesterday. The current ADA price has again started racing against $0.050. Out of the four swings of the coin, there were gradual hikes.
Cardano Price Statistics-
|Cardano (ADA)||September 10, 04:54 UTC|
|ROI (Return on Investment)||121.50%|
|Coin Circulation||25,927,070,538 ADA|
|Market Cap||1,242,722,736 USD|
|Value in USD||0.048009 USD|
|Value in BTC||0.00000465 BTC|
|Yesterday’s Volume||64,445,050 USD|
ADA to USD Price Comparison-
Cardano price gets a blow in terms of its first swing between 00:27 UTC and 07:52 UTC, which took $0.001530 away from the value and placed the coin at $0.045259. This was followed by a hike of 4.35% between 07:52 UTC and 13:39 UTC, this swing added $0.001 to the coin. The third swing happened between 16:45 UTC and 22:46 UTC and this variation placed the coin at $0.046967 by 22:46 UTC. The last swing started at 00:03 UTC today and in the next 4 hours and 46 minutes, the coin added $0.0014 to reach $0.048116.
ADA Price Prediction-
ADA coin is gaining when all other major altcoins are struggling, this proves that Cardano is never prone to sudden fluctuations in the market. The coin may have resistance at $0.049 next. The details of the next resistance and support levels are given below.
|Cardano (ADA)||Support And Resistance Levels|
|1st Support Level||$0.045884333|
|2nd Support Level||$0.044837667|
|3rd Support Level||$0.044174333|
Cardano News Today
- Cardano ADA surged by 5.62% within 24 hours.
- Analyst suggests that the price of Cardano ADA may move higher in the coming weeks.
Cardano News Today – Cardano ADA, just like every other cryptocurrency in the market, has fallen significantly against the USD. At the beginning of the year, Cardano ADA enjoyed a bull run that took the price above the $0.1000 level. At the time, analysts said that the surge in price was due to anticipation regarding the Cardano Shelley upgrade. Cardano Shelley is the long-awaited upgrade that is going to make the Cardano blockchain 100 times more decentralized than Bitcoin. This is expected to be the last upgrade that will set the stage for Cardano to be a more ideal option than Ethereum.
Cardano ADA Rises By 5.62% Against The USD Over 24 Hours
Yesterday, the price of Cardano ADA increased by 5.62% during the day. It reached $0.047 for the first time in a while. The cryptocurrency analyst on International Cryptocoin claims that the price of Cardano will reach higher highs near-term. The analyst suggested that ADA will reach the $0.0517 level before the end of the week. Over the last 48 hours, Cardano has formed resistance at $0.04800 and support at $0.04423. The analyst also suggested that the highest price for ADA near-term is $0.08911. Reaching the $0.1000 now appears like a long-term goal.
Cardano (ADA) Price Today – ADA / USD
Last week, as reported by smartereum.com, the founder of Cardano, held an emergency AMA session where he tried to convince the Cardano community that the Cardano Shelley upgrade on the main net will hold as scheduled. However, members of the community were not satisfied because the price of Cardano ADA was falling significantly despite the buzz surrounding Cardano Shelley. Because the Cardano ADA token is down by more than 47.26% over the last 100 days, it’s not a surprise that the community is upset with the Cardano development team.
At the time of writing, the price of Cardano ADA was $0.046395. This means that it is down by 1.11% against the USD and up by 1.55% against the price of BTC. Yesterday’s bullish momentum could not be maintained because the price of Bitcoin fell yesterday, dragging the rest of the market, including Cardano, along. Right now, Cardano is following Bitcoin’s lead. If the price of Bitcoin can rise against the USD before the end of today, it will most likely carry Cardano and other altcoins along.