Cardano has taken center stage on an exciting day in the cryptocurrency market, marked by Bitcoin’s brief flirtation with the $35,000 level. The eighth-largest digital asset by market capitalization, ADA, is once again sparking optimism among investors as it edges closer to the coveted $1 price point.
This resurgence in ADA’s price comes on the heels of persistent rumors surrounding the potential approval of a Bitcoin exchange-traded fund (ETF), which has injected over $100 billion into the entire crypto sector’s market capitalization within a single day.
Cardano (ADA) Sees Promising Surge Amidst Crypto Market Enthusiasm
After months of consolidation, Cardano’s price has finally confirmed a breakout from a descending wedge pattern. This pattern typically emerges at the tail end of a downtrend, signifying a period of equilibrium where bullish and bearish forces struggle on relatively level ground.
A move above the upper descending trendline typically validates the onset of an uptrend, often accompanied by a substantial surge in trading volume. Traders employing this pattern commonly position their buy orders slightly above the trendline, anticipating a breakout equal to the distance between the pattern’s widest points, as illustrated on the daily chart.
As of the latest data from CoinGecko, ADA is currently trading at $0.281246, having experienced a marginal 0.1% dip over the past 24 hours. However, a more extended seven-day rally has propelled ADA’s price by an impressive 13.7%.
The possibility of ninth-biggest crypto in terms of market cap returning to the $1 milestone is not far-fetched, especially considering the cryptocurrency’s history of trading above this price point for a significant portion of the bullish market in 2021, even reaching as high as $3 on a few occasions.
ADA market cap currently at $9.835 billion. Chart: TradingView.com
Community-Driven Changes To Network Staking Parameters
In a significant development for the Cardano community, the Cardano Foundation has announced pivotal alterations to the network’s staking parameters, reflecting the project’s commitment to democratic governance.
As a result of the SPO-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ada.
— Cardano Foundation (@Cardano_CF) October 23, 2023
According to an official announcement made on X by the Cardano Foundation, the community’s active participation led to substantial modifications in the network’s staking parameters.
“As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA,” the statement read.
These changes, driven by community engagement and transparent decision-making, demonstrate the crypto’s commitment to fostering a decentralized and inclusive blockchain ecosystem.
As ADA continues its upward trajectory and the crypto market evolves, Cardano enthusiasts eagerly await further updates and developments in this dynamic space.
Featured image from Money