Binance Crypto WODL Answers: Demystifying the World of Digital Assets

 Mon, 06/06/2022 - 11:01

According to Binance data, cryptocurrencies have recovered 

in the last 24 hours, wiping out daily and weekly losses 

while adding 5.47% to the overall market valuation.

Courtesy: Binance  

According to CoinMarketCap data, Cardano's ADA increased 

by up to 12%, leading gains among the top cryptocurrencies. 

BNB Chain's BNB increased by 3.6 percent in the last 24 hours, 

Solana's SOL increased by 11.2 percent, and XRP increased by 

2.95 percent. Bitcoin (BTC) and Ether (ETH), the two most popular

cryptocurrencies, gained nearly 5% and 7%, respectively, 

during the recovery.

                                                                           Courtesy: coinmarketcap

Following the previous sell-off, traders may have viewed cryptocurrencies 

as oversold and purchased assets; for example, Bitcoin has reclaimed the 

$31,000 level after nine weeks of losses.

Whale accumulation, network development, and positive expectations 

surrounding the upcoming Vasil Hard Fork may appear to be fundamental 

triggers for Cardano's recent price movement.

Santiment, an on-chain analytics firm, reported over the weekend that large whale transaction counts have begun to appear on the ADA network. It cited an example of ADA rising nearly 28 percent the last time this happened.

Cardano is getting ready for Vasil HFC.

According to IOHK's most recent weekly development update, preparations for the Vasil Hard Fork are nearing completion, with the team's attention now shifting to tracking weekly milestones that will drive the next steps.

According to IOHK, the plan for this week is to launch a new Vasil developer testnet and collaborate closely with a large group of developers on final testing to ensure ecosystem partners (including developers and third-party component providers) have enough time before hard forking the main Cardano testnet.

IOHK also provided a graph depicting network growth. Cardano now has 992 projects under construction, up from 986 previously. Cardano has recently launched 89 projects, bringing the total number of NFT projects to 5,796. Cardano native tokens have also surpassed the 5 million mark.

At the time of publication, ADA was trading at $0.6268.

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DISCLAIMER

The author's or anyone else's views or opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading in crypto assets carries a financial risk.