Although the cryptocurrency ADA does not always show strength and is trading at around $0.31, there is some news for the Cardano network that could boost the price. In addition, the pre-sale phase 2 for the new IMPT cryptocurrency ends today. If you still want to buy the token at a preferential price, you have to hurry.
Midnight Privacy Protocol: Confidentiality for Smart Contracts on Cardano
Probably the most exciting news for the Cardano community is the new Midnight data protection protocol. Cardano co-founder Charles Hoskinson gave some insights into the technical development of the web. In an interview with crypto influencer on YouTube, Hoskinson said that this privacy-oriented protocol aims to create a network of secrecy for the smart contracts on the blockchain.
The protocol could succeed in improving data protection and privacy on the one hand while at the same time meeting the disclosure requirements specified by the regulatory authorities. Hoskinson stressed that blockchain cannot actually be reconciled with common data protection requirements, such as those specified in banking secrecy or the General Data Protection Regulation. In regulated transactions, there is always a real need for users to disclose some personal data. On the other hand, however, there would be data protection, which is intended to protect personal information.
Hoskinson sees resolving these apparent contradictions in the blockchain, as the Midnight data protection protocol has to do, as a major challenge. In comparison, the development of the Cardano network was child’s play, the founder continued. Market watchers see Midnight as another important development for the Cardano ecosystem, following several recent technical advances.
The number of ADA wallets and Cardano users is increasing
In any case, the need for an improved data protection protocol seems dire, as the latest network usage figures show. The number of Cardano wallets is constantly increasing. In the last few months alone, 133,000 new wallets are said to have been added. Statistics also show that there has been a significant recent increase in the number of non-fungible tokens (NFTs) on the blockchain. According to media reports, there was an increase of more than 25 percent within one day.
Monthly transactions on the Cardano network are also showing a recovery. In November, for example, they rose by more than 5 percent compared to the previous month and reached the highest level since April 2022. In addition, the number of daily active users on the blockchain the highest level since May 2022 and they rose more. in November compared to October was 15 percent to over 75,000.
Cardano capitalizes on interest in decentralized crypto exchanges
In addition, Cardano’s activities in the field of decentralized exchanges are increasing, as shown by the example of Miniswap, a popular DEX service on the blockchain. According to DappRadar, the volume increased by almost 19 percent within a week. This growth has a direct impact on Total Locked Up Value (TVL). This metric describes the total value of all crypto assets locked in Decentralized Finance (DeFi) protocols through smart contracts. Here the total for the Cardano blockchain is now more than 60 million dollars.
An important reason for the increase is probably the crash of the crypto exchange FTX, which destroyed a lot of trust in centralized exchanges. While market leader Binance can continue to maintain its supremacy, decentralized crypto exchanges have recently become popular as users no longer want to entrust their money to a central authority.
Despite all the good numbers, the number of on-chain activities on the Cardano blockchain has recently decreased. Volume was 142 million within a week after being 224 million the previous week.
Binance US launches ADA/USDC trading pair
However, the news that Binance US, the American subsidiary of the world’s largest crypto exchange, has also launched a new trading pair with ADA tokens. From now on, ADA can also be traded against the USD coin. The USDC coin is one of the most well-known stablecoins on the market and is very popular on the Coinbase trading exchange. Recently, Coinbase even recommended its users to convert their holdings from Tether (USDT) to USDC and made the transfer free of charge. With a market capitalization of around $43 billion, USCD is already the second stable coin behind Tether.
As early as September 2022, Binance US started supporting the stake on the Cardano network. Additionally, ADA buyers can now use the crypto exchange Bitmex after the exchange has listed the cryptocurrency.
ADA Price Forecast: An expected return of 1,850 percent
Despite the much good news, the ADA/USD rate is still close to its lows. At the time of publication, ADA was trading at about 0.31 dollars, but about 5 percent above the low for the year in November of this year. However, analysts expect the price to rise soon. Digital Coin Price estimates that ADA can reach prices of more than 80 cents in 2023. That would be an increase of about 150 percent compared to the current listing.
However, this should only be the beginning of a year-long rally for the Cardano token. According to the price forecast of 2024, the ADA course will rise above 1 dollar and may rise to 1.13 dollars. In 2028 the price should already reach more than 2 dollars before hitting an all-time high by 2029. Within the next decade, Digital Coin Price sees the price rising to more than $6. Buying LFC would yield around 1,850 percent based on current levels. Almost $10,000 could be made from an investment of $500 if the analysts are correct in their forecast.
IMPT Signal: Last Chance for Presale Price
Another great investment opportunity for buyers of cryptocurrencies could be the new IMPT project on the Ethereum blockchain. The vision behind the new ecosystem is to combine investment opportunities with climate protection. This gives buyers of the IMPT token, the native cryptocurrency, carbon credits to trade with. You are contributing to CO2 neutrality. “In this way, every member of society can help the planet simply by regularly buying IMPT tokens,” the founders wrote in their white paper.
In addition, buyers of IMPT tokens naturally benefit from rising prices for the new cryptocurrency. This is still in presale and is available for only $0.023 per token. However, buying IMPT is likely to become more expensive soon. The pre-sale phase 2 is already coming to an end today. The token could soon be listed on trading exchanges and the price should rise accordingly if demand is high.
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