The crypto market is stabilizing after yesterday’s selloff ahead of the FOMC decision. Sentiments have shifted as Fed Chairman Jerome Powell announced that more rate hikes were unlikely, giving hope to the market that monetary easing could follow soon. Cardano has shown notable resilience in the wake of this announcement, gaining by 5.27% as of 09:00 UTC.
Whales Betting Billions On Cardano
This upward trajectory is bolstered by the growing whale activity on Cardano (ADA). Data from IntoTheBlock, a renowned market analysis firm, reveals that Cardano whales have been doing an average daily transaction volume of $13.84 billion over the past week. This substantial volume places Cardano squarely in the spotlight, signaling a strategic move by seasoned investors.
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Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.
For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM
— IntoTheBlock (@intotheblock) April 29, 2024
Cardano Unveils Ouroboros Leios Whitepaper
The bullish sentiment surrounding Cardano is further reinforced by developments within its ecosystem, notably the unveiling of Ouroboros Leios whitepaper. This cutting-edge protocol represents a milestone in Cardano’s quest for scalability, boasting a near-optimal throughput permissionless L1 protocol.
According to the whitepaper abstract, Ouroboros Leios has been rigorously tested and proven secure under realistic network assumptions, positioning Cardano as a frontrunner in the race for scalability and security.
Ouroboros Leios (Sneak Peak) https://t.co/EXPoZZoLAQ
— Charles Hoskinson (@IOHK_Charles) May 1, 2024
Input Endorsers And Cardano Scaling
Key to Ouroboros Leios’s success is the introduction of Input Endorsers, a novel feature designed to revolutionize transaction processing and block validation. Acting as a form of voting mechanism, Input Endorsers play a crucial role in streamlining the consensus process by separating transaction selection from block production. By leveraging elements of parallelism and concurrency within the consensus mechanism while preserving the linearity of the blockchain, Input Endorsers offer a groundbreaking solution to the scalability problem faced by most blockchain networks.
A paper on Ouroboros Leios will be published soon.
Let’s explain how Input Endorsers can improve the scalability of #Cardano.
Input Endorsers can be seen as a form of voting before a block (ranking block) is appended to the blockchain.
Input Endorsers keep track of all… pic.twitter.com/eb88zuwA8A
— Cardano YOD₳ (@JaromirTesar) May 1, 2024
Per the whitepaper, the implementation of Input Endorsers introduces three distinct types of blocks: Input Blocks (IB), Endorsement Blocks (EB), and Ranking Blocks (RB). Each block type is minted at varying frequencies, with Input Blocks generated every second, Endorsement Blocks every 5 seconds, and Ranking Blocks every 20 seconds. This meticulously crafted system ensures optimal network performance while accommodating the diverse needs of users and validators.
Unprecedented Scaling and Transaction Finality
Cardano Yoda, a prominent figure within the Cardano community, has lauded the potential of Input Endorsers to enhance scalability and transaction finality. By harnessing the power of parallelism and concurrency, Input Endorsers offer a pathway to unprecedented scalability without compromising security or decentralization. As the crypto market rebounds, the introduction of Input Endorsers could propel Cardano to new heights, solidifying its position as a pioneer in blockchain innovation.
Overall, Cardano’s rebound today is a sign of resilience. With Whales betting on its scalability prospects, Cardano is poised for substantial growth soon. In the section below, we predict Cardano’s price to determine how this top cryptocurrency could trade in the day.
Cardano Cryptocurrency Price Prediction
Yesterday’s selloff saw Cardano hit a low of $0.4188. However, after the FOMC decision, bears lost the market, triggering a reversal. Cardano’s market rebound saw it hit a high of $0.457. However, this momentum has declined, and today, Cardano is entering a consolidation phase between $0.450 resistance and $0.4428 support.
If bulls sustain the momentum built up towards the end of the day yesterday, the $0.450 resistance would come into focus. If the bulls push through this resistance, Cardano could easily hit $0.4623 today. Pushing through $0.4623, ADA could see highs of $0.4769 in the day.
However, if trading volumes remain low, Cardano could continue oscillating between the $0.450 and $0.442 support for the rest of the day. On the other hand, if Cardano bears retake the market and breach the $0.442 support, then Cardano could quickly retest the May 1 low of $0.418.
Why The Bullish Case For Cardano Is Stronger
While Cardano could consolidate or turn bearish for the remainder of the day, the case for a bullish breakout is higher. That’s because the broader market is on a rebound now that the FOMC decision has already been priced-in. At the same time, Cardano has big news likely to drive momentum. For instance, Cardano is working on unlimited scaling through Ouroboros Leios. There is also the fact that whales are buying up Cardano, and their activity is likely to help support the price.
Read more: How to Buy Cardano Crypto
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