- Following the introduction of smart contracts on the Cardano network through the Alonzo upgrade, dozens of international developers have launched projects on the blockchain.
- Cardano has a total TVL of $67.49 million, with Minswap, SundaeSwap, and WingRiders at the helm.
The Cardano (ADA) network will raise the bar as institutional investors proliferate the blockchain and cryptocurrency market. Market strategists led by ‘ADA Whale’ predict that the Cardano network will be in beast mode as international big tech corporations enter the industry. Moreover, the Cardano network has integrated complex yet user-friendly scalable smart contracts through recent upgrades.
Nonetheless, Cardano (ADA) coin is trading around $0.4, 80 percent down in the past year. With a market capitalization of approximately $14,076,564,923, ADA has recorded a 24- hour trading volume of around $508 million, according to the latest market data.
“Tech giants will enter crypto. AppleCoin will have amazing smart contracts and offer regulated financial products. Most crypto will be competing with them. By then, Cardano will be fully P2P decentralised and self-governed. Out of anyone’s grasp and a different beast altogether,” Cardano whale tweeted.
The commentator had earlier called for more regulation in the industry which could drive mass crypto adoption. A lack of clear regulation in the new class asset has restricted entry largely for institutional investors.
While the bear market sustains despite the recent crypto price pumps, big tech companies like Google are adopting blockchain technology to remain profitable. Moreover, most DeFi and blockchain protocols use cloud-based technology provided by traditional tech companies.
They’re going to get their heads stuck so deep up Big Tech’s behind that they will become indistinguishable from it. Again, I’ve been predicting and explaining that this would happen since the moment I started tweeting. Now sit back and watch it all play out
— ADA whale (@cardano_whale) November 5, 2022
A closer look at Cardano price and market outlook
Following the introduction of smart contracts on the Cardano network through the Alonzo upgrade, dozens of international developers have launched projects on the blockchain. According to statistical data from DeFiLlama, Cardano has a total TVL of $67.49 million, with Minswap, SundaeSwap, and WingRiders at the top helm.
Notably, most of the decentralized financial platforms on the Cardano network majorly focus on DEXes, lending, and staking. Others include Revuto, a payment service platform that provides customers with virtual debit cards.
As a big-cap market, Cardano (ADA) network is likely to follow other top digital assets in significant price actions. Moreover, most crypto assets capitalize on the speculative aspect.
From a technical standpoint, the Cardano (ADA) market is still trapped in a multi-week bear market, which began earlier this year. While other digital assets like BNB have broken out of the bear market, more losses are likely to occur in the Cardano market.
The selling pressure in Cardano has been sustained for months. However, Cardano continues to enjoy a vibrant online community with 325,604 ADA holders, according to Tokenview.
The success of the Cardano network cannot be defined without the mention of the Cardano Foundation, Emurgo, and IOHK. The three help the Cardano network bank the unbanked globally.