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Cardano (ADA), a prominent smart contract-focused cryptocurrency, has demonstrated a remarkable recovery, marking a significant shift in its market trend. Since the end of the 2021 bull run, ADA has been experiencing a bearish trend. However, closing the fourth quarter of 2023, it has shown a bullish outlook, registering an impressive gain of over 170%.

The renewed interest in ADAs value can be mainly credited to growing liquidity and increased trading on both centralized and decentralized financial (DeFi) platforms. Notably, the open interest in ADA has risen sharply, moving from under $100 million in October to over $300 million recently.

Now, what next? Read on to discover more about your favourite cryptocurrency!

Cardanos goal to challenge Ethereums leading position in the DeFi sector is gaining momentum. By emphasizing the broader adoption of smart contracts, Cardano has secured a Total Value Locked (TVL) of approximately $424 million. Although this is a significant achievement, it still trails behind Ethereums impressive $29.9 billion.

The rising popularity of Cardanos DeFi protocols and meme coins, especially Snek (SNEK), has sparked discussions within the crypto community.

Also Read: Which Altcoin Will Hit $1 in January 2024: Cardano (ADA) or Ripple (XRP)?

Looking at ADAs short-term price trends, technical experts are optimistic. The daily chart shows an ascending triangle pattern, indicating potential bullish movement. Captain Faibik, a respected crypto analyst on the X platform, suggests that if ADA can close above this patterns upper boundary, it might aim for the 80-cent level.

Further supporting this positive view is ADAs weekly Relative Strength Index (RSI), which has surpassed the key level of 70 for the first time since 2021. Additionally, analyzing ADAs weekly chart using the Elliott wave theory suggests that the cryptocurrency is setting up for a third bullish phase, possibly similar to Bitcoins past performance. Considering these technical insights and the evolving market conditions, ADAs future looks promising for many in the crypto space.

Also Read: Top Cryptocurrency Picks for January 2024

Cardanos on fire, but can it dethrone Ethereum? Share your thoughts.

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Cardano Price Analysis: 40% Rally on the Cards, Ethereum to Be Left Behind? - Coinpedia Fintech News

The crypto market was buoyant on the first day of the new year, with Bitcoin breaking above the $45,000 mark the first time in the last 20 months. The price surge came as the market warmed up to the possibility that the US securities regulator could approve a spot Bitcoin exchange-traded fund (ETF) any moment now.

Bitcoin price rose quickly from the $42,000 level on Jan 1, jumping more than 7% in the last 24 hours to $45,373. The OG cryptocurrency now commands a market capitalization of 887.77 billion a more than 7% jump in the past day. Its trading volume over the last 24 hours surged by 54.54% to $25.88 billion. The leading cryptocurrency has appreciated more than 170% year-to-date.

Meanwhile, Ethereum price climbed nearly 5% in the last 24 hours. It last changed hands at $2,382, a 4.86% rise from yesterdays closing price. The 24-hour trading volume also saw a 21% surge to $8.52 billion, with Ether sitting at a total market cap of roughly $286.2 billion.

Other major tokens, such as Tether (USDT) and Binance Coin (BNB), were in the green zone, as of writing, rising 0.02% each in the last 24 hours. At press time, Tethers price stood at $1 while BNBs price stood at $318.

Bitcoins price rally on Jan 1 also fueled a surge in the prices of other altcoins. Solanas (SOL) price rose 0.24% to $111.49 in the last 24 hours, while XRPs price appreciated by 0.07% to $0.634. However, Cardanos (ADA) price was down 0.10% to $0.629 in the past day.

Bitcoins phenomenal 24-hour run along with marginal gains recorded by other major tokens, sent the global crypto market cap soaring to $1.74 trillion, up 5.64% in the last 24 hours.

Meme coin PEPE was among the top gainers in the past day, with the PEPE price standing at 0.0000000001773 at press time. The altcoin has rallied more than 10% in the last 24 hours and appreciated by more than in the last seven days. The 24-hour trading volume surged by a whopping 1345% to $1,656.

The OG meme coin also had a good run in the last 24 hours, surging more than 5% to $0.00001082. The price surge was reflected in the altcoins market cap, which grew by over 5.4% to nearly $6.38 billion. Meanwhile, the 24-hour trading volume stood at $114.02 million, up more than 29%.

The price rally in the SEI token outpaced market heavyweights like Bitcoin, Ethereum, and Solana in the last 24 hours. As of writing, SEIs price stood at $0.755, up more than 30% in the past day.

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Crypto Prices Today: Bitcoin Zooms Past $45K, Ethereum and Pepe Coin Rally - CoinGape

In the world of cryptocurrency, two names that often come up in discussions are Verge (XVG) and Ethereum Classic (ETC). These two digital currencies have gained significant attention and popularity in recent years, making them important players in the ever-growing crypto market. While both have their own unique features and offerings, they share some similarities as well. In this blog, we will take a closer look at Ethereum Classic and Verge and compare their key characteristics, use cases, and potential for the future.

Peeling back the layers of Ethereum Classic reveals a truly unique gem in the cryptocurrency sphere. Its a decentralized platform thats open-source and revolves around blockchain technology, providing smart contract functionality to its users. Its origin story dates back to 2016 when it was forged from the fires of a hard fork of Ethereum, triggered by the infamous DAO attack. Interestingly, Ethereum Classic isnt a new version of Ethereum; in fact, its the other way around. Ethereum Classic is the original Ethereum blockchain, standing tall and proud on the principle that a blockchain should never be changed, embracing the ideology that code is law. This firm belief in immutability is one of the many features that differentiate Ethereum Classic from other cryptocurrencies.

Ethereum Classic is the powerhouse of smart contract functionality, hosting self-executing contracts where the agreements terms are coded into the system. With these contracts, you dont need a third-party middleman, substantially reducing potential fraud risks. Ethereum Classic stands firm on its principle of immutability. Once a transaction enters the system, theres no turning back; its there to stay, solidifying its transparency and trustworthiness. Moreover, it fosters a thriving environment for decentralized applications, or dApps, which operate on a peer-to-peer computer network, promoting a more democratized way of running apps. This amalgamation of distinctive features makes Ethereum Classic a unique player in the dynamic world of cryptocurrency.

Emerging from the shadows of anonymity in the crypto arena, Verge stands as a strong proponent of privacy and speed. It made its debut in 2014 under the alias DogeCoinDark, then underwent a transformation, reemerging with the name Verge in 2016. Unlike many cryptocurrencies that focus on transparency, Verge dances to a different tune, laying emphasis on maintaining user privacy. Its built on the foundational pillars of TOR and I2P networks, designed to shield user identities and their locations, providing a secure platform for those who prefer to keep their transactions under wraps. This insistence on preserving privacy while delivering high speed and capacity places Verge in a unique position within the crypto landscape.

A striking aspect of Verge is its unwavering commitment to privacy and security, an asset to those who prioritize anonymity in their online transactions. What sets Verge apart from many of its contemporaries is the option of choosing between private and public ledgers, a feature seldom found in other cryptocurrencies. However, Verge doesnt stop there; its implementation of Simple Payment Verification (SPV) technology sets it above the rest. This technology bypasses the need for the entire blockchain copy to validate transactions, resulting in faster transaction times. Adding another feather to its cap, Verge utilizes not one, but five different Proof-of-Work algorithms for mining, introducing an added layer of security. This combination of privacy, speed, and security makes Verge a standout contender in the bustling world of cryptocurrency.

In the grand arena of cryptocurrency, Ethereum Classic and Verge stand out as strong contenders, each appealing to a distinct audience. Ethereum Classic, with its unyielding belief in immutability and a powerful platform for decentralized applications, offers immense potential for developers and businesses. Its a testament to the unaltered principles of the blockchain. On the other hand, Verge steals the limelight with its commitment to user privacy, speed, and transaction security. Its unique blend of features is a boon for those who value discretion in their online dealings. Both offer their users an enhanced sense of security; Ethereum Classic through its transparency and immutability, and Verge with its robust privacy features. This comparison underscores the idea that choosing a cryptocurrency is not a one-size-fits-all decision but one that depends on your unique needs and objectives. Whether you prioritize unalterable smart contracts or insist on heightened transaction privacy will ultimately guide your decision between Ethereum Classic and Verge.

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Ethereum Classic and Verge: A comparison of two prominent cryptocurrencies - Medium

Ethereum needs to reignite the cypherpunk revolution that was first envisioned for the blockchain in its early days, says Vitalik Buterin, one of the networks founders.

According to a Dec. 28 blog post from Buterin, Ethereum was initially envisioned as a public decentralized shared hard drive that could leverage peer-to-peer messaging and decentralized file storage, but the vision began to fade in 2017 with the turn toward financialization on Ethereum.

Decentralization, open participation, censorship resistance and credible neutrality are among the cypherpunk values Buterin wants to see firmly return to Ethereums future, and he remains hopeful that non-financial applications can flourish on the blockchain.

He highlighted that rollups, zero-knowledge proofs, account abstraction and second-generation privacy solutions have become more mainstream, which could uphold some of these cypherpunk values.

Cypherpunk refers to a person who uses encryptionto ensure privacy when accessing a computer network, especially from government authorities.

Participating in polls without revealing ones privacy and implementing mechanisms such as quadratic voting and cross-tribal consensus finding to help organizations govern themselves are among the other cypherpunk-like activities that Buterin wants to see more of on Ethereum.

It is very possible to build things within the crypto ecosystem that do not follow these values, Buterin conceded, hinting at certain examples.

For example, building a highly centralized layer secured by multisignature with no plans to change or a nonfungible token ecosystem where the NFTs are stored on a centralized website instead of a decentralized file storage platform like IPFS.

One could build a staking interface that needlessly funnels users toward the already-largest staking pool, Buterin added:

That said, Buterin said hes been impressed with solutions that have come about from some of the industrys biggest problems.

Related:Vitalik Buterin warns against overloading Ethereum consensus layer

He noted that decentralized exchanges have provided a solution to hacks on centralized exchanges, while Cowswap, Flashbots Protect and MEV Blocker have helped limit the severity of sandwich attacks on Ethereum users by maximum extractable value exploiters.

On Dec. 28, Buterin proposed to make the Ethereum proof-of-stake chain lighter and simpler by reducing the number of signatures that validators are required to make to keep the network running.

Magazine: 'Account abstraction supercharges Ethereum wallets: Dummies guide

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Vitalik Buterin wants to 'make Ethereum cypherpunk again' - Cointelegraph