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Cardano (ADA) Price Reacts Poorly To Vasil Hard Fork

The Cardano Vasil hard fork had been expected for months, and finally, it is a reality. The hard fork had proceeded according to schedule, and by Thursday, September 22nd, the hard fork was live on the network. It was received amid much fanfare from the community, but the network’s native token, ADA, had not reacted as well.

Cardano Vasil Hard Fork Completed

The Cardano Vasil hard fork was targeted toward making the network more efficient than it is already. In turn, this would make it a better platform for developers to build upon. It is the most important upgrade that has been carried out on the blockchain, and its completion is a call for celebration for the community.

With the upgrade, the already inexpensive transaction fees of the Cardano blockchain will become even cheaper. It adds more space, which increases the size of each block, making it able to save higher amounts of data. 

ADA trending at $0.45 | Source: ADAUSD on TradingView.com

Transactions will be even faster with the upgrade. The increased block size also plays into this, as the increased data storage space means an increase in speed. So not only will users get faster transactions, but they would also be paying below $0.16 per transaction on the network. 

ADA Price Doesn’t React Well

The completion of the Cardano Vasil hard fork has not had a positive impact on the price of its native digital currency, ADA. There had been an uptick in the price of the digital asset, but it had been unable to exceed a 6% growth in a 24-hour period.

ADA’s price had jumped upon the completion of the hard fork, rising close to $0.5, but it was unable to hold this point. It subsequently dropped back to the $0.45 level it had been trending at before the upgrade was completed, normalizing around this price point.

This came as no surprise, though, given the price movements of the cryptocurrency over the last couple of months. A report from Messari in the month of August showed that the event was already priced into the price of ADA, meaning there was no significant change in price expected for the digital asset.

Vasil, which was named after mathematician Vasil St. Dabov who was an active member of the Cardano community, had been postponed twice in the past. By the time a finalized date was announced, the hype had already died down, and ADA had taken its price in tandem with the current bear market.

Featured image from Analytics Insight, charts from TradingView.com

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Crypto

Bitcoin Blows The Highest Daily Candle Since Last 24 Days

After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.

For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the $20,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.

Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.

Bitcoin Closes Daily Candle Above $20K

The $20K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.

Bitcoin has finally closed a daily candle higher than $20,000 for the first time since September 17. This new feat strengthens the token positively, hovering between $18,000 and $24,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.

This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.

At the time of writing, BTC is trading at around $20,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.

Bitcoin Surpasses The $20,000 mark l BTCUSDT on Tradingview.com
Most Altcoins Gained With GMX As Top Performer

The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.

Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.

GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around $55.27 at the time of press.

The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.

The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.

Featured image from Pixabay and TradingView.com

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Crypto

Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
NEAR price trades in a range as the price looks set for a retest of key support areas.
The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart
Weekly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image From zipmex, Charts From Tradingview

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Crypto

Bitcoin Shocker: Lightning Network Capacity Reaches 5,000 BTC

The Bitcoin Lightning Network has marked another tremendous milestone. The total public capacity had surpassed more than 5,000 BTC for the first time in history, continuing along with the growing trend of 2022. This new milestone pushes further the capability and promise of the Bitcoin Lightning network. Just like always, there was a reason behind the big push.

Bitcoin Development Ramping Up

The continuous development of the bitcoin network has been a big part of why the digital asset remains so valuable today. Being the largest decentralized network in the space, there are always developers looking for new ways to leverage the offerings of the bitcoin network and push it further into the mainstream.

Lightning Labs is a development firm that continues to focus heavily on bitcoin development and was behind the new all-time high Lightning network capacity. The developer had expanded the channel capacity of River Financial and Loop, allowing for the network to be able to accommodate even more BTC. It also follows the introduction of the new Taro Protocol, whose code was posted for public dissection last week as Lightning Labs continue to expand the capabilities of the bitcoin network.

Lightning network reaches new milestone | Source: Arcane Research

The Bitcoin Lightning network is also becoming increasingly popular among BTC users. MicroStrategy, which holds a large investment position in BTC, made the news when it posted a job offer seeking a full-time lightning network engineer. Apparently, the firm is looking to build a Lightning network-based SaaS platform for e-commerce and enterprise use cases.

Taro Protocol, mentioned above, is working towards making it possible for developers to mint, send, and receive new tokens on the bitcoin blockchain. Take the Ethereum ERC tokens as an example. It will also expand the possibilities of NFTs on the bitcoin blockchain, as well as allow for the creation of stablecoins that are based on the bitcoin blockchain. 

BTC price settles above $20,000 | Source: BTCUSD on TradingView.com

The Lightning Network is also increasingly featured in crypto payments services due to its speed. El Salvador had adopted the Lightning network to make it easier to pay with BTC in the country, and digital payment provider Strike raised $80 million in September to expand its Lightning network-based payment solutions for merchants.

Layer 2 solutions like the Lightning Network are also expected to be more important to the bitcoin network going forward. Cardano founder Charles Hoskison recently revealed that he expects the majority of BTC will likely exist outside the bitcoin network in the next five years and be wrapped in these Layer 2 solutions.

Featured image from Coindesk, charts from Arcane Research and TradingView.com

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