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Cardano's (ADA) Growth Is Completely Different Following Release of DJED, Here's Why


u.today 03 February 2023 17:35, UTC
Reading time: ~3 m

Both cryptocurrency and traditional markets are ending the week on a high note, with most assets showing positive performance and even building some foundation for the continuation of the rally next week. However, it's important to stay cautious as the current state of the market is far from predictable.

Cardano's solid growth

Cardano, the smart contracts platform and cryptocurrency, is on the rise with the release of its new Djed stablecoin. The new addition to the Cardano ecosystem could be the key to unlocking a new level of growth for the asset.

ADA chart

For years, Cardano has been lacking a constant source of funding, but the introduction of the Djed stablecoin may fundamentally change that. The stablecoin offers a new use case for Cardano, providing a steady stream of revenue and interest in the asset. This, in turn, could help to boost the platform's value, leading to a more solid performance on the market.

With the launch of the Djed stablecoin, Cardano's developers aim to provide a stable, decentralized alternative to traditional fiat-pegged stablecoins. The new addition to the platform is designed to be more stable, transparent and secure, offering a number of benefits for both investors and users.

Fantom's explosive performance

Fantom (FTM) has seen a significant boost in value, with a gain of over 74% after a large accumulation of whale-tier addresses on the network following the release of Andre Cronje's 13 reasons to choose FTM. This remarkable performance has made FTM one of the strongest performers on the cryptocurrency market since the beginning of the reversal rally in January.

Fantom is a smart contract platform that leverages the power of directed acyclic graphs (DAG). With its innovative consensus algorithm, the platform offers DeFi solutions to developers in a swift and efficient manner.

At the core of the platform lies its native token, FTM, which is the key to its vision of tackling the challenges faced by traditional smart contract platforms. One of the key pain points that Fantom aims to resolve is the speed of transactions.

Fantom's recent success on the market is a testament to its potential as a leading player in the DeFi space. As the crypto market continues to recover, investors are becoming more aware of the potential of high-risk assets like FTM, and its recent gains serve as evidence of its growing risk tolerance among investors.

Ethereum's long-term perspective

Ethereum, the second largest cryptocurrency by market capitalization, has recently gained a significant foothold above the important 200-day moving average technical level. This milestone could lead to the occurrence of an important "golden cross" signal, which is a cross between the 200- and 50-day moving averages and is considered the main indicator of an upcoming long-term reversal on the market.

The golden cross is often seen as a bullish sign for the crypto market, as it indicates that the short-term trend is gaining momentum and the long-term trend is shifting in favor of the bulls. For Ethereum, a golden cross could mean a significant increase in the price of the asset over the next few months, as investors become more confident in the overall market outlook. However, yesterday, Ethereum failed to break out and quickly reversed after reaching the $1,700 price level.

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