There’s no other way to describe this labor market than strong, especially when analysts were expecting a number around +250k – but certainly not more than double that number at +528k. All risk-on markets were in the green before the jobs number dropped, and when it did, crypto dropped with it.
In today’s Litepaper, we’re going to look at why Cardano might be a sleeping giant, Voyager’s ok to let cash withdrawals occur, and a deep dive into our past Technically Speaking analysis to see what has occurred since their publishing.
Here’s how the market looked at the end of the trading day:
Cardano (ADA)
$0.51
1.80%
Binance Coin (BNB)
$314
0.71%
Bitcoin (BTC) $23,357 1.57%
Dogecoin (DOGE)
$0.069
2.53%
Ethereum (ETH)
$1,678
4.35%
Polkadot (DOT) $8.50 5.07%
Solana (SOL)
$40.23
1.06%
XRP (XRP)
$0.365
2.97%
Altcoin Market Cap
$623 Billion
2.06%
Total Market Cap
$1.06 Trillion
2.27%
Is Cardano A Sleeping Giant?
“The only thing bearish about cryptocurrency is the current price action.” – that phrase perfectly describes Cardano’s current fundamentals related to its current price.
From a fundamental perspective, there are practically zero bearish conditions for Cardano. Cardano has never been hacked, interrupted, or shut down – unlike Ethereum ($ETH.X) or Solana ($SOL.X).
If you want to talk about supply and demand, then let’s look at the supply available to purchase. I have no idea how much ADA is available on all the exchanges, but I know that the percentage of the total ADA staked is over 71%, which leaves slightly less than 30% of the total unstaked.
And according to Coinbase ($COIN), Cardano is hodled longer than any other top 20 cryptocurrencies. I went through the top 100 and couldn’t find a single cryptocurrency that was held longer than Cardano. Bitcoin ($BTC.X) was the longest at 133 days, after Cardano at 156 days.
That brings us to demand. The number of Cardano wallets passed 3.5 million. There were 2.5 million ADA wallets in December 2021 and 3 million in February. One of the ugliest bear markets in crypto history failed to dissuade half a million new wallets from being created.
What’s the ‘bad’ data? The Vasil hard fork was delayed again. But for Cardano’s development team, this is par for the course. Few development teams are more strict and critical of their updates.
Finally, the development of Cardano’s network continues to expand. According to on-chain analytics giant, Santiment, Cardano was already the most developed and active blockchain in 2021 and is continuing that trend into 2022.
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