-->The crypto market has experienced a lot of volatility over the past week and today is no different. The market has risen by 1% on average, which means that Cardano is performing below average with an increase of 0.9%. How is ADA approaching this new week?

The Cardano price is currently at $0.5913, which is 7% lower than a week ago. Fortunately, the price has shown an increase of 25.38% over the past month. The coin has a 24-hour trading volume of $350 million and 36.6 billion coins in circulation, which represents 78.82% of the total coins.

The recent surge is likely due to the announcement of Cardano’s Chang hard fork, scheduled for the first half of this year. This hard fork is a crucial step in the development path of Cardano (ADA), which has many people speculating about ADA’s potential in the coming crypto bull run.

Cardano Price Forecast – What will ADA do for the Bitcoin halving

In January, the Cardano price fell from $0.59 to $0.49. The coin has taken a strong position above the $0.51 support level in February, but is experiencing a lot of volatility. What will the price of the currency do in the coming week?

cardano rate chart
Cardano rate chart – TradingView

The Relative Strength Index (RSI) of the ADA price is at 56, which indicates a reasonably neutral momentum. Neither the bulls nor the bears have the upper hand at the moment.

The focus now is on whether the Cardano price can remain above the 30-day moving average of $0.55, a strong support that can slow down declines. As long as the price remains above this level, the currency can still go either way.

Given Cardano’s relatively good performance compared to other popular altcoins such as Solana and Avalanche, expectations are positive for the coin in the upcoming bull run. This is especially true as long as positive news continues to emerge, as the Messari report indicates.

According to the Messari Report: State of Cardano Q4 2023 report, the coin has had a strong quarter. Total Value Locked (TVL) rose 166% in the fourth quarter and 693% for the full year. In the last quarter alone, the coin experienced a 127% increase.

In addition, Cardano continued to make improvements to their infrastructure. Numerous developments and tests took place at SanchoNet, Hydra and Mithril. So overall, the future looks promising for the currency.

Since the coin is among the top altcoins with a total market value of over $20 billion, its price will not rise as quickly as coins with a smaller market cap. More capital is needed to increase the price ($2 billion for a 10% increase).

Below you will find some alternatives to Cardano to further expand your portfolio.

Sponge V2 (SPONGE)

One of the newest tokens on the market is the improved version of the successful Sponge token, Sponge V2. Sponge is a meme coin that was launched last year with great success. The price of the coin rose by more than 100x and it reached a market value of over $100 million.

Now it’s the turn of its improved version, which is not only a meme coin, but also a gaming crypto. The Play-to-Earn game is called Sponge Racer where you race through the streets of an underwater city to collect points for the scoreboard. The higher your rank, the more SPONGE tokens you earn.

sponge v2 stakingsponge v2 staking

Furthermore, Sponge V2 also has a successful staking mechanism where you can stake the coin against passive income from Ethereum (ETH) or Polygon (MATIC). The returns you can earn with it are extremely high with a 188% and 893% APY respectively.

Since the coin has already been launched on various decentralized exchanges, there are several ways to purchase the coin. You can buy the coin via one of the exchanges, or go to Sponge’s website to buy it with ETH, USDT or MATIC. The coin is already up 34.8% since its launch.

Bitcoin Minetrix (BTCMTX)

Another crypto that we expect to be very successful in this bull run is Bitcoin Minetrix. This crypto project is currently still being sold in a crypto presale, but it receives a lot of confidence from the crypto sector. In total, they have already raised more than $11.4 million in equity to further develop the project.

Bitcoin Minetrix is ​​a cloud mining mechanism with the aim of putting the world of Bitcoin mining back into the hands of the ‘little’ man. In 2011, anyone with a laptop and an internet connection could still participate, but nowadays this world is in the hands of a number of large Wall Street companies.

The project lets you stake their BTCMTX token to earn mining credits. You can then surrender these mining credits into the Bitcoin Minetrix system to earn real Bitcoins. A big advantage of this is that you also make a passive income with the Bitcoin Minetrix token.

Bitcoin Minetrix comes at just the right time with the upcoming Bitcoin halving. During this halving, the number of Bitcoins released per mined block is halved. This makes investing in projects like Bitcoin Minetrix even more attractive.

To invest in Bitcoin Minetrix you need to go to the official presale website and connect your crypto wallet. You can then choose whether you want to use ETH, USDT, BNB, MATIC, or a debit card for your purchase. Enter how much of the coin you want, and voilà, you are now the new owner of BTCMTX.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.

Source: https://bitcoinmagazine.nl/nieuws/hayes-noemt-ada-shitcoin-ondanks-pump-wat-gaat-cardano-doen

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