Cardano

Why is Cardano (ADA) price up this week?

ADA price had gained nearly 80% in a month and data suggests the rally could continue.

Cardano (ADA) recorded an impressive 43% gain in the seven days leading up to Dec. 14, reaching its highest level since May 2022. The rapid increase to $0.64 has pushed Cardano’s market capitalization to $22.7 billion, an interesting point to note, as it matches the valuation of Danske Bank (DANSKE.CO), Denmark’s largest bank, which serves over 5 million retail customers.

While ADA’s market cap is quite impressive, it’s essential to recognize that decentralized protocol valuations differ significantly from traditional financial assets. Traditional assets rely on generating revenue to cover expenses, including financing costs and operational overhead. On the other hand, Cardano is a decentralized protocol, so its market capitalization does not depend on sales and earnings. Nevertheless, it’s important to analyze the potential reasons behind ADA’s price increase to determine if further gains are possible.

Constructing a narrative for Cardano’s recent success is relatively straightforward, but pinpointing the specific events responsible for the 70% gain in December is more challenging. For instance, a post on the social network X by user @matiwinnetou brilliantly highlights the driving factors behind this bullish momentum.

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Why is Cardano price up today?

Cardano price continues its rebound move in December, with ADA price up 75% already as altcoins catch up to Bitcoin’s rally.

The price of Cardano (ADA) jumped over 19% to $0.64 on Dec. 9, its highest level in 18 months. It’s up 75% in December alone. 

Cardano’s recent gains did not accompany any groundbreaking fundamentals. Instead, they appeared on the cryptocurrency market catching up to Bitcoin (BTC) this month.

Notably, Bitcoin’s crypto market dominance has declined 3.5% from its Dec. 6 local peak, indicating that many traders have been rotating capital out of the Bitcoin market to seek profit opportunities in altcoins. That has benefited Cardano, whose market share has jumped over 46% since Dec. 6.

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US regulators doing ‘good job of alienating’ crypto sector — Cardano founder

Charles Hoskinson took a jab at the perceived inconsistency in applying decentralization standards by the U.S. SEC.

The United States’ approach to cryptocurrencies could do more harm than good, and it risks losing major players by the time they “get their act together,” Cardano founder Charles Hoskinson has said.

“When you look at some of the U.S.

Charles Hoskinson speaks with Cointelegraph Arabic journalist Hermi De Ramos at the Abu Dhabi Finance Week. Source: Cointelegraph

He took a jab at the perceived inconsistency in applying decentralization standards by the U.S. Securities and Exchange Commission, stressing that Cardano did not conduct an initial coin offering (ICO) and saying ADA (ADA) vouchers were sold in Japanese territory with no U.S.

“I guess, apparently, that’s under U.S.

Hoskinson also pointed out that Ethereum, which he said conducted an ICO for its Ether (ETH) token without implementing mandatory Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, and Bitcoin (BTC) were labeled non-securities for “some reason.” He said:

“There are a lot of facts and circumstances that are insanely ambiguous, and it seems like it’s just the monster of the week. And if they can’t have success with a layer 1, like Ripple, then they go hit the exchanges… That’s not really a well-formed policy.”

On Nov. 20, the SEC filed a complaint in a federal court, alleging that crypto exchange Kraken commingled customer funds and failed to register with the regulator.

Hoskinson contends that the registration process with the SEC is vague, as “it’s not possible to actually operate these systems in a reasonable way.” He argued:

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Bitcoin price sets up for an explosive move as ADA, XLM, AAVE and CFX turn bullish

BTC’s tight trading range hints at an eventual breakout, and ADA, XLM, AAVE and CFX could follow.

The long weekend has not produced any fireworks in Bitcoin (BTC) price, which continues to trade inside an ever-narrowing range. Bitcoin is on track to form a third consecutive Doji candlestick pattern on the weekly chart. This suggests that the Bitcoin bulls and the bears are not clear about the next directional move.

It is not only Bitcoin that is stuck inside a range. On April 7, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, tweeted that the S&P 500 Index had been stuck inside a range for the past nine months and a breakout was due “sooner or later.”

Crypto market data daily view. Source: Coin360

Bitcoin’s failure to break above the $30,000 level has attracted profit-booking in several altcoins but a few have witnessed shallow pullbacks. This indicates that traders are holding on to their positions expecting a move higher.

Let’s study the charts of select altcoins that may turn up and start an uptrend if Bitcoin breaks out to the upside. What are the resistance levels above which these five cryptocurrencies turn bullish?

Bitcoin price analysis

Bitcoin has been trading inside a tight range for the past two days, indicating indecision among the bulls and the bears. Usually, tight ranges are followed by an expansion in volatility.

BTC/USDT daily chart. Source: TradingView

The 20-day exponential moving average ($27,500) is flattening out and the relative strength index (RSI) has gradually been slipping toward the center. This suggests a balance between supply and demand.

If the price tumbles below the 20-day EMA, several short-term stop losses may be triggered and the BTC/USDT pair may dive to the breakout level of $25,250.

Conversely, if the price rebounds off the 20-day EMA with strength, it will suggest that the sentiment remains positive and traders are buying the dips. A rally above $29,200 could enhance the prospects of a rally to $30,000 and subsequently to $32,500.

BTC/USDT 4-hour chart. Source: TradingView

The 20-EMA is flattening out on the four-hour chart and the RSI is just below the midpoint. This does not give a clear advantage either to the bulls or the bears. This uncertainty is unlikely to continue for long, and a directional move could soon start. However, it is difficult to predict the direction of the breakout.

Therefore, it is better to wait for the breakout to happen before establishing directional bets. The important level to watch on the upside is $29,200 and on the downside is $26,500. A breach of either level could start a short-term trending move.

Cardano price analysis

The bulls are not allowing Cardano (ADA) to dip below the 20-day EMA ($0.37), indicating demand at lower levels.

ADA/USDT daily chart. Source: TradingView

The upsloping 20-day EMA and the RSI in the positive area suggest that the path of least resistance is to the upside. The ADA/USDT pair could first rise to the neckline of the inverse head-and-shoulders pattern. A break and close above this resistance will signal a potential trend change. The pair could then rally toward the pattern target of $0.60.

If bears want to prevent the up-move, they will have to quickly yank the price back below the 20-day EMA. The pair may then drop to the 200-day simple moving average ($0.35) and later to $0.30.

ADA/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the bulls have pushed the price above the 20-EMA and will next try to overcome the barrier at the downtrend line. If they do that, it will suggest that the pullback may be over. The pair may then climb to the neckline where the bears are expected to mount a strong defense.

Contrarily, if the price faces rejection at the downtrend line, it will suggest that bears are active at higher levels. The selling could accelerate below $0.37 and the pair may plunge to the 200-SMA.

Stellar price analysis

Stellar (XLM) turned down from the overhead resistance of $0.12 and the price is nearing the 20-day EMA ($0.10). The bulls are likely to buy the dips to the 20-day EMA.

XLM/USDT daily chart. Source: TradingView

If the price rebounds off the 20-day EMA, the bulls will again try to clear the overhead hurdle. If they succeed, the XLM/USDT pair will complete a bullish rounding bottom pattern. That could signal the start of a new up-move. The pair may first rally to $0.15 and thereafter march toward the pattern target of $0.17.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that bulls are losing their grip. The pair may then drop to the 200-day SMA ($0.09). This is a make-or-break level for the bulls because if it cracks, the pair may plummet to $0.07.

XLM/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the pair is correcting inside a falling wedge pattern. The price has bounced off the support line and the bulls will next attempt to propel the pair above the wedge. If they manage to do that, the pair could rally to $0.11 and subsequently to $0.12.

On the other hand, if the price turns down and plummets below the support line, it will suggest that the selling has intensified. There is a small support at $0.10 but if that cracks, the decline could extend to the 200-SMA.

Related: SushiSwap approval bug leads to $3.3 million exploit

Aave price analysis

Aave (AAVE) has turned down from the overhead resistance of $82, indicating that the bears are fiercely protecting this level. They have pulled the price below the immediate support at the 20-day EMA ($75).

AAVE/USDT daily chart. Source: TradingView

The AAVE/USDT pair could next slip to the 200-day SMA ($73), which is close to the uptrend line. Buyers are likely to defend this level with vigor. If the price rebounds off the uptrend line and breaks above the 20-day EMA, the pair could reach $82.

If bulls overcome this barrier, the pair will complete an ascending triangle pattern. This setup has a target objective of $100. This bullish view will invalidate if the price continues lower and breaks below the uptrend line. The pair may then slide to $68 and later to $64.

AAVE/USDT 4-hour chart. Source: TradingView

The bears have pulled the price to the 200-SMA on the four-hour chart. The 20-EMA has started to turn down and the RSI is in the negative territory, indicating that bears have the upper hand.

If the 200-SMA gives way, the pair could decline further to the uptrend line. This is an important level for the bulls to defend because a break below it will further strengthen the bears.

On the upside, a break above the 20-EMA will be the first sign that the bulls are making a comeback. The pair may then rise to the overhead resistance at $82.

CFX price analysis

Conflux (CFX) has been in a corrective phase for the past few days but a minor positive is that the bulls are trying to defend the 20-day EMA ($0.36).

CFX/USDT daily chart. Source: TradingView

If the price rebounds off the current level, the CFX/USDT pair could reach the downtrend line. This is an important level for the bears to guard because a break above it could open the doors for a possible rally to $0.44 and then $0.49.

Conversely, if the price plunges and sustains below the 20-day EMA, it will suggest that the bulls may be rushing to the exit. That could attract further selling, pulling the price toward the next support at $0.30. The bulls are expected to buy the dips to this level.

CFX/USDT 4-hour chart. Source: TradingView

The four-hour chart shows that the bears are trying to keep the price below the 20-EMA. That could pull the pair to the 200-SMA, which is likely to act as a major support.

If the price rebounds off this level, the bulls will again try to drive the price to the downtrend line. This is the key level to keep an eye on because a break above it will signal that bulls are back in the game.

On the downside, a break and close below the $0.30 support could attract further selling, sinking the price to $0.25.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Charles Hoskinson: Cardano delays due to betting on wrong tech, ambitious roadmap

Cardano founder Charles Hoskinson is optimistic about the future of crypto despite the setbacks, and anticipates a high rate of Cardano adoption in Africa this year.

Charles Hoskinson, the co-founder of Ethereum and founder of Cardano, joins Elisha Owusu Akyaw on episode 14 of Cointelegraph’s Hashing It Out podcast to discuss the current state of crypto and take a deep dive into Cardano. Hoskinson gives his perspective on the recent happenings in the industry,  crypto adoption in Africa and more. He also addresses issues surrounding Cardano, including delayed updates. 

The show begins with Hoskinson’s explanation of why there was a need to create Cardano. Hoskinson explains that even though creating a new network involves rebuilding the network effect, it allows you to have an unadulterated vision, which is necessary for what Cardano intends to do. On the current state of the network, Hoskinson acknowledges that it takes time to get things done, with about 85% of the initial roadmap completed:

“It took seven years for Cardano to grow from an idea to an ecosystem. We have already seen some huge wins like the NFT sector.“

The founder of Cardano acknowledges the multichain nature of the industry. Hoskinson says everything is going multichain, even if it starts on Ethereum or Cardano. He believes that to stand out among the various blockchains, you need the right product-market fit, great user experience and a “softer” onboarding process.

Cardano has come under some criticism for continued delays and network updates over the years. Hoskinson attributes these setbacks to “betting on the wrong technology and being a bit ambitious with the roadmap.“

Another area of interest for most followers of the project has been the partnerships and collaborations between Cardano and projects in Africa. Hoskinson elaborated that there are several lessons to be learned after dealing with corruption and geopolitical tensions.

The founder of Cardano said he has concluded that it is more reasonable to deal with companies and individuals rather than governments. He plans to expand Cardano’s reach on the continent from East Africa to West Africa, with Ghana as a prime focus.

Related: Africa: The next hub for Bitcoin, crypto adoption and venture capital?

Catch the latest episode of Hashing It Out with Charles Hoskinson on Spotify, Apple Podcasts, Google Podcasts, or TuneIn. You can also check out Cointelegraph’s complete catalog of informative podcasts on the Cointelegraph Podcasts page.

How to stake Cardano (ADA)

Users can earn staking rewards by delegating the staking process to Cardano staking pool operators via reputable exchanges.

Founded in 2015 by Ethereum co-founder Charles Hoskinson, Cardano is a proof-of-stake (PoS) blockchain that is often referred to as the “Ethereum killer,” owing to its superior technology and high level of security and sustainability.

Much like Ethereum, Cardano also allows users to stake its native cryptocurrency, ADA, to earn staking rewards. Cardano allows individuals to stake via staking pool operators and pool their tokens with other users or run their own Cardano staking pool.

Staking pools are frequently operated by those with technical experience and the appropriate hardware for effectively staking on the Cardano network, although anyone can become their own staking pool operator. Users also have complete autonomy to decide which pool they’d prefer to join and can assess each based on pool size, uptime and past performance.

Cardano divides periods of time into epochs, a measure of time used to specify when events in the network are set to occur, such as incentive distribution or validator transaction assignments.

On Cardano, each epoch consists of 432,000 slots, smaller units of time further divided into one-second intervals. One Cardano epoch lasts approximately five days. After each epoch concludes, a snapshot records the distribution of staked ADA tokens. This is used to calculate the rewards each staker will receive.

Users who wish to participate in staking will enter a pool through delegating, which allows coins to be unstaked and restaked multiple times with various pools, provided that user wait for the current epoch to pass before relocating their assets.

Steps to stake Cardano (ADA)

Below is a step-by-step guide on how to stake Cardano:

Find a reputable cryptocurrency exchange

The first step is to find a cryptocurrency exchange that supports ADA trading and staking, such as Binance and Coinbase. There are other options for staking ADA, which will be discussed in greater detail later on.

After creating an account with a cryptocurrency exchange, users must deposit ADA tokens in their exchange wallet. This can be done by buying Cardano coins directly from the exchange or transferring existing ADA holdings into their exchange wallet.

Select the staking option

The next step is navigating to the “Staking” page on the exchange platform’s interface and selecting “Cardano.” Most platforms will provide the option to select the staking duration, which will determine the amount of time one’s holdings will be locked away.

After selecting the desired stake duration, users have to decide how much ADA they wish to stake. Exchanges usually charge a small fee for staking services, so this must be considered when deciding the amount to be staked.

Research staking pools

Once the appropriate stake duration and amount of ADA coins have been selected, it is time to research staking pools. Exchanges offering staking services usually list recommended staking pools from which users can choose. Staking pools are usually ranked based on key information, such as the total number of blocks produced, overall performance in block creation, expected returns on investment and more.

While the most attractive pools based on these indicators are usually ranked on top, users can still choose staking pools based on their own criteria. Before selecting a pool to join, assessing factors such as pool size, uptime, liquidity and past results is essential. Depending on the platform, users can view important details about each staking pool, such as:

  • Return on staked ADA or interest rate
  • The cost to join (divided into a tax percentage and a fixed rate)
  • The size of the staking pool in terms of how much ADA is in it and how close to capacity it is
  • How much money the staking pool operators have delegated to the pool
  • The number of blocks that have been minted in the pool’s history.

Some users may also choose to consider off-protocol factors when selecting what staking pools to join, such as how certain pools align with their personal advocacies. These include considering whether a pool is operated by a non-government organization or is running on green energy, and the like.

Delegate your ADA tokens

After finding a suitable staking pool, users can then delegate their ADA tokens to the chosen pool. This is done by entering the password to one’s wallet and clicking “Delegate.” Once completed, the user’s assets will have been successfully staked in the pool.

Where can I stake my Cardano?

Here is how to stake one’s Cardano crypto asset holdings on various platforms.

How to stake Cardano on Coinbase

Coinbase offers an annual percentage yield, or APY, of 3.75% for Cardano staking. According to the platform, users’ ADA remains in their account at all times, and they can opt out anytime. To stake ADA, users must:

  1. Create an account on Coinbase.
  2. Select their desired Cardano staking pool and review the corresponding staking amount required.
  3. Buy Cardano on Coinbase or deposit the tokens from an external wallet into their Coinbase wallet.
  4. Add their ADA to their selected Cardano staking pool and approve the corresponding fees and minimum lock-up period.
  5. Wait for their Cardano staking rewards to arrive every five to seven days after the initial holding period of 20–25 days.

How to stake Cardano on Binance

According to Binance, users can stake Cardano on the exchange and earn up to 6.1% APY. Users can also receive weekly staking rewards and unstake them anytime to access their funds without waiting for an unstaking period. To stake on Binance:

  1. Create an account on Binance.
  2. Visit the Binance “Staking” homepage.
  3. Ensure that there are adequate funds in your Binance spot wallet.
  4. Choose ADA from the list of tokens listed on the page.
  5. Read and follow the prompts on the screen about first-time staking on the platform. Click “Next.”
  6. A “Stake Crypto” pop-up will appear. Enter the desired amount for staking or choose the percentage of total assets to be staked.
  7. To restake token rewards automatically, select “Auto Restake.” This will compound your staking rewards automatically. To have staking rewards deposited to your wallet, select “Disable Auto Restake.”
  8. Click “Preview Stake.” Review the details and click “Confirm.”
  9. The user will receive a “Staking Successful” confirmation in a pop-up window. To complete, click “Understood.”

How to stake Cardano on eToro

EToro offers its users convenience by automatically staking supported cryptocurrency holdings, such as ADA and Ether (ETH), on behalf of users. As such, no extra steps are involved in staking ADA on eToro. Once a user has created an account and stored ADA in their eToro wallet, they can automatically earn staking rewards.

EToro retains a small percentage of the reward, or “fee,” for all operational and technical costs. The reward percentage of the monthly staking yield that each user can receive will depend on their membership status on eToro:

  • Bronze members and all users in the United States: 75%, with a holding period of nine days.
  • Silver, Gold and Platinum Club members: 85%, with a holding period of nine days.
  • Diamond and Platinum+ Club Members: 90%, with a holding period of nine days.

How to stake Cardano on Yoroi

Yoroi offers up to 4.62% APY on Cardano staking. Yoroi is a noncustodial light wallet for Cardano where users can send and receive transactions and stake their holdings to enjoy returns. To stake Cardano on the platform:

  1. Download the Yoroi plug-in from the Yoroi website.
  2. Enter payment information to be used when purchasing assets through Yoroi.
  3. Select between the platform’s hot wallet or cold wallet options.
  4. Follow recovery set-up prompts on the screen.
  5. Purchase ADA through Yoroi or transfer existing holdings to your Yoroi wallet.
  6. Select a Cardano staking pool and delegation icon.
  7. Add desired funds to the selected pool and review the corresponding fees.
  8. Confirm and start earning returns on ADA.

What are the risks of staking Cardano?

Staking Cardano is an attractive way to generate passive income, but there are still some risks that users should consider. A potential risk of staking ADA is a high transaction fee. As such, it’s essential to research each pool’s fees and rewards before committing funds.

Additionally, since staking pools must remain online 24/7, they remain potentially vulnerable to cyberattacks. Users risk losing their funds if the pool operator is not security conscious.

Finally, Cardano staking rewards depend heavily on market prices. So, if the price of ADA depreciates, users may experience lower returns than expected. As with any investment, it’s essential to research and understand any associated risks before staking ADA on the Cardano network.

ADA-backed algorithmic stablecoin ‘Djed’ launched on Cardano

After its successful security audit, the algorithmic stablecoin, Djed, from DeFi service provider COTI, deployed on the Cardano mainnet.

Since the fall of the TerraUSD (UST) algorithmic stablecoin in May 2022, many users in the crypto space have developed a weariness toward that particular asset class. The market for algorithmic stablecoins has declined 10x from its all-time high before the Terra collapse.

However, this has not stopped Cardano network developers from pushing forward with the launch of the ecosystem’s overcollateralized stablecoin on Jan.31. The new algorithmic stablecoin, Djed (DJED), launched on the Cardano mainnet and is pegged to the United States dollar and backed by Cardano’s native cryptocurrency, ADA. It uses the Shen (SHEN) token as its reserve coin.

According to the announcement, the new token recently completed a successful security audit and was under development for over a year. DJED is a product of Coti, a decentralized finance (DeFi) solutions developer on the Cardano blockchain, as a means for new DeFi and payment opportunities.

Cointelegraph reached out to the developers for further comments on the launch. 

Prior to the launch of the new Cardano stablecoin, the idea of bringing another algorithmic stablecoin into existence caused tremors among the online crypto community.

Related: Buterin: How to create algo stablecoins that don’t turn into ponzis or collapse

This is one of the latest in a series of recent updates coming out of the Cardano network, which included an announcement from co-founder Charles Hoskinson on Jan.12 that the ecosystem will expand via custom-built sidechains.

On Jan. 23, due to an anomaly, 50% of Cardano nodes disconnected and had to restart, which caused a network outage. This was only one week before the launch of the new algorithmic stablecoin.

At the beginning of 2023, Bloomberg reported that the risk assessment firm Moody’s Corporation is developing a scoring system for stablecoins, including an initial analysis for up to 20 digital assets.

5 reasons why the Aptos (APT) rally could still have wings

Aptos’ star-studded founders and the market’s disbelief in the rally could further fuel the rise in APT price.

Aptos’ APT reached a new all-time high of $20.39 after posting gains exceeding 400% since the start of 2023. While the rally could just be a pump-and-dump event due to the perception of weak fundamentals, increasing negative sentiment toward the token will likely fuel the prices in the short term.

Let’s explore some of the factors that could be propelling the Aptos price rally.

A rich history and strong investor backing

Aptos is a byproduct of Facebook’s attempt with the Libra blockchain, which regulators forcibly shut down. Two of Libra’s leadership team members, Mo Shaikh and Avery Ching, later found Aptos, a decentralized version of the abandoned blockchain project.

The project is based on the Move programming language and introduces a new class of layer-1 blockchains that will compete against the likes of Solana and Cardano. The primary reasons behind the tailwinds for the APT token include investors’ hope for a technological breakthrough that could finally provide a scalable, secure, decentralized blockchain.

Aptos raised $350 million in 2022, which included a $200 million seed round led by Andreessen Horowitz and a $150 million Series A funding round led by FTX Ventures and Jump Crypto. Later, Binance made a follow-on strategic investment to help boost the Aptos ecosystem.

FTX Ventures’ prominence induces the risk of a sell-off from the defunct entity. In this regard, some investors might be reassured by the involvement of other venture capitalists like Multicoin Capital, Blocktower Capital and Coinbase Ventures. High-volume exchanges like Binance could also soften the blow dealt by FTX and Alameda Researc.

Steady ecosystem development

The Aptos blockchain was launched in October 2022 and is still in the nascent stages of ecosystem development. There are few decentralized finance or nonfungible token projects on the blockchain, and smart contract activity is currently limited. More than 94% of the blockchain transactions are for APT transfers, showing negligible decentralized application activity.

Aptos transaction volume by purpose of transactions. Source: Pinehearst

Development activity has been around average on the blockchain. The number of active developers on Aptos is more than Avalanche and Tezos but behind Solana, Polkadot, Cardano and Ethereum.

Number of active developers working on blockchains and dApps. Source: token terminal

Aptos is not the first project to build a hefty market capitalization without significant on-chain activity. Cardano and Polkadot are prominent examples, where the rise in their native token’s price is primarily led by the superior technology narrative.

However, even in this respect, the total size of the Aptos community is smaller than top layer-1 projects. Cardano and Polkadot have more than 1.3 million Twitter followers on their accounts. At the same time, Avalanche has over 855,600 followers, and Tezos has more than 470,000. Aptos is lagging behind, with a 364,500 follower count.

Moving forward, the efforts of the business development team of Aptos and the performance of the blockchain will likely catalyze future price movements.

Traders’ disbelief could push APT price higher

Given the lack of activity and limited ecosystem growth, the rally in APT has taken the market by surprise. It is not difficult to find tweets hinting at the overblown market capitalization of the token.

However, going against the trend can be risky for sellers. The short-side trade for APT perpetual swaps is getting crowded, as the token has surpassed its October 2022 peak of around $15, which is evident in the negative funding rate for APT.

Funding rate for APT perpetual swaps. Source: Coinglass

It provides an opportunity for buyers to hunt sellers’ liquidation levels by pushing the price up. And in crypto markets, the short squeeze of short orders is realized more often than not.

The sell pressure on APT is limited

APT’s tokenomics limits the selling pressure on the token for the first year from its launch in October 2022. The release schedule of APT delays investor unlocks until October 2023, after which there will be a steep rise in the circulating supply of APT tokens. Until the unlock begins, the only source of inflation is from staking rewards, which is 7% for staked tokens.

Initially, the foundation distributed 2% of the supply to early users and developers. In all probability, users who wanted to sell their APT would have already sold in the three months since its launch.

Kimchi premium

Significant buying interest for APT is coming from the South Korean won trading pair on the UpBit crypto exchange. The exchange constitutes nearly 40% of Aptos’ trading volume. The price of APT on Upbit is trading around 1%–3% higher than the market price, which indicates high demand in the region — hence, the same Kimchi premium.

Aptos spot trading data. Source: Coingecko

There’s a chance that the volumes of Upbit are inflated from wash trading, or it could be an attempt to manipulate the markets. The exchange’s owners have come under the purview of regulators many times in the past. Nevertheless, the buying pressure will likely persist until the Kimchi premium resolves.

While the prices may have started due to a broader positive trend in cryptocurrency prices, it’s taking the shape of a disbelief rally by proving sellers wrong. Until the negative sentiment and Kimchi premium dissolve, the chances of Aptos moving higher are considerable.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cardano recovers from an outage on 50% relay and block-producing nodes

An anomaly apparently caused around half of Cardano’s nodes to disconnect and restart over the weekend, with the root cause still under investigation.

Cardano stake pool operators (SPO) and users have been reporting at least half of the nodes for the network briefly went offline over the weekend. 

According to a Jan. 22 post shared on the Telegram SPO for Input Output Global, the engineering and research fintech behind the Cardano blockchain, an anomaly caused 50% of Cardano nodes to disconnect and restart. 

“This appears to have been triggered by a transient anomaly causing two reactions in the node, some disconnected from a peer, others threw an exception and restarted,” the post said, explaining the sudden disruption.

Despite a momentary degradation, the Cardano network recovered without external intervention. As explained in the post, “such transient issues” were considered in the node design and consensus and “the systems behaved exactly as expected.”

During the anomaly, which happened between block 8300569 and 8300570, block production reportedly kept going but was slowed for a few minutes and the “impact was low, akin to the delays that occur during normal operations.”

“Most nodes automatically recovered, depending on the SPO of choice.”

At the time of writing, the root cause of the anomaly and resulting node disconnections and restarts are still under investigation. 

“We’re now investigating the root cause for this anomalous behavior and implementing further logging measures alongside our regular monitoring procedures,” stated the official announcement.

Related: Cardano to launch new algorithmic stablecoin in 2023

Tom Stokes, the co-founder of Node Shark and a Cardano SPO, reported in a Jan. 22 post that more than half of the listed nodes were affected.

He also shared a chart showing where the network sync fell from 100% to slightly above 40% for over 300 reporting nodes.

According to Stokes chart, the network sync recovered back to around 87% after the drop but did not immediately return to its previous level at 100%. 

Another SPO reported similar issues to Stoke in a Jan. 22 post, but declared “Some SPOs saw no impact.”

“Others had relays and BPs restart. SPOs, Devs, and IOG are in Discord debugging atm. No root cause yet,” they said.

Top-five most Googled cryptocurrencies worldwide in 2022

Bitcoin remains the most-searched cryptocurrency in 2022 by far thanks to its top-brand status and being in a league of its own when it comes to decentralization.

Cryptocurrencies have suffered immensely in 2022 from the onslaught of a hawkish Federal Reserve and the implosions of crypto platforms FTX, Terra, Celsius Network, and others.

What were the most-searched cryptocurrencies in 2022?

Notably, the market valuation of all the cryptocurrencies combined has dropped 70% year-to-date (YTD) to nearly $770 billion, signifying massive capitulations by traders and investors alike.

The waning demand has also pushed the internet requests fo6r the keyword “buy cryptocurrency” to their lowest since February 2020, according to Google Trends.

Interest in the the keyword “buy cryptocurrency” over the past five years. Source: Google Trends

Nonetheless, the latest Accenture’s 2022 Global Consumer Payments report shows that retail interest in cryptocurrencies remains high despite 2022’s market crash. The reasons given by responders include long-term investments (28%), curiosity (22%), short-term speculation (21%), and others.

Meanwhile, separate research by personal finance portal DollarGeek dwells into 2022’s most-searched cryptocurrencies worldwide, thus presenting a rough outlook on what retail players may invest in heading into 2023.

Top 10 cryptocurrencies based on U.S. and global monthly searches. Source: DollarGeek

Bitcoin remains most-googled by far

Bitcoin (BTC) has emerged as the most googled cryptocurrency in 2022 in DollarGeek’s research, attracting 28.41 million monthly searches worldwide.

The interest remains relatively high as experts assess its quality compared to other crypto assets in the industry. For instance, venture capital investor Tim Draper thinks weaker coins will become relics amid the ongoing crypto winter to Bitcoin’s benefit.

Related: Tim Draper still positive on $250K Bitcoin price prediction in 2023

BTC’s price is down nearly 65% YTD with some analysts predicting it would fall further toward $10,000. But internet searches over the past 12 months reveal that most people have searched for buying Bitcoin, not selling it, which suggests that most people have still never owned Bitcoin. 

Interest in the keyword ‘”buy bitcoin” (red) and “sell bitcoin” (blue) over the last 12 months. Source: Google Trends

Elon Musk’s favorite Dogecoin bags the second spot

Dogecoin (DOGE) is the runner-up to Bitcoin, attracting an average of 5.85 million monthly searches worldwide in 2022.

The meme-cryptocurrency was in the news mostly due to Elon Musk who purchased Twitter and teased his followers with the idea of integrating DOGE payments for in-app payments. However, it also gained traction after getting listed on Robinhood, a U.S.-based commission-free trading platform.

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These events helped Dogecoin record temporary surges in internet searches, as shown in the Google Trends chart below. For instance, Musk’s eventual Twitter buyout in late October coincided with Dogecoin internet trends rallying to a perfect 100 score.

Interest in the keyword “Dogecoin” over the last 12 months. Source: Google Trends

So wile DOGE’s price is down roughly 55% YTD, the internet search data suggests that its potential pool of buyers could be relatively higher in number than sellers, similar to Bitcoin.

Interest in the keyword “buy Dogecoin” (blue) and “sell Dogecoin” (red) over the last 12 months. Source: Google Trends

Shiba Inu comes third but beats Dogecoin in US

Shiba Inu’s (SHIB) monthly internet searches globally came at 4.43 million. Nonetheless, the meme-coin has beaten its top-rival Dogecoin in the U.S., with 1.29 million monthly searches versus DOGE’s 729,000.

That is despite Shiba Inu’s weaker price performance in 2022 compared to Dogecoin. SHIB is down roughly 75% YTD, but staying in the news due to its foray into the metaverse and the potential launch of Shibarium, Shiba Inu’s Ethereum layer-2 blockchain.

In addition, the internet searches for Shiba Inu also spiked due to Crypto.com, a crypto exchange with the largest SHIB position as of November 2022. The market feared that Crypto.com would become insolvent, which will prompt it to sell its SHIB holdings.

Interest in the keyword “Shiba Inu”  over the last 12 months. Source: Google Trends

However, Crypto.com CEO Kris Marszalek clarified that their mounting SHIB reserves are due to customer buying.

Merge assists Ethereum in securing the fourth position

Ethereum is the fourth most-googled cryptocurrency worldwide with 3.84 million monthly searches in 2022 despite Ether (ETH) price losing 67% YTD.

The second-largest blockchain by market cap stayed in the news throughout the year due to its switch to proof-of-stake (PoS) from proof-of-work (PoW) via the Merge. Notably, interest in the keyword “Ethereum” and related terms like “Ethereum 2.0” and “Merge” peaked in September when the PoS switch happened.

Interest in the keyword “Merge” over the last 12 months. Source: Google Trends

Ethereum’s internet searches may have also gained traction due to concerns that it has become a security after the PoS upgrade. Recently, crypto platform Paxful removed support for ETH citing similar reasons.

Cardano pump brings in the fifth-highest internet queries

Cardano (ADA) has attracted 1.47 million monthly internet searches on average in 2022, becoming the fifth-most googled cryptocurrency worldwide.

The Cardano trend picked up momentum specifically in January 2022 when ADA outperformed Bitcoin and Ether in price. Later, however, searches have been declining despite the Vasil hard fork in September failing to produce a spike in interest.

Interest in the keyword “Cardano” over the last 12 months. Source: Google Trends

Other honorable mentions of the most-searched cryptocurrencies in 2022 include Avalanche (AVAX), Litecoin (LTC), XRP (XRP), SafeMoon (SAFEMOON), and Nexus (NXS). 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.