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Did Cardano’s Founder Code Its Genesis? Hoskinson Breaks Silence

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The Cardano community sparked the spotlight on the origins of the prominent cryptocurrency project. In a recent query posted on social media platform X, the user asked if Charles Hoskinson, one of the founders of Input Output Hong Kong [IOHK], had ever personally coded for Cardano during its inception phase. Adding intrigue to the discussion was Hoskinson’s response.

The Cardano founder shed insights into the early days of the blockchain’s development and how he played a pivotal role in shaping the original architecture and research agenda. Hoskinson also took on the product manager role for key components of the project, including Daedalus, the official Cardano wallet, and the Ada Voucher Vending Machine.

Additionally, he was involved in the conceptualization and management aspects. However, Hoskinson clarified that he was not a professional engineer. As a result, none of the code directly linked to him made its way into the production phase of the project.

“I designed the original architecture and research agenda and was also the first product manager for Daedalus and Ada Voucher Vending Machine. I’m not a professional engineer, so none of the code around these things directly connected to me ended up in production,” he stated.

Overall, the conversation surrounding Cardano’s origin story provided a valuable opportunity for community members to reconnect with the project’s roots and reaffirm their commitment to its ongoing development and success.

Cardano Founder Calls for a ‘WiFi Moment’

Recently, the Cardano founder stated that the digital asset industry requires a “WiFi or Bluetooth moment” in an interview. Emphasizing the need to build specific standards, Hoskinson doubled down on the significance of facilitating more interoperability. Doing this will enable a seamless flow of information, bridging the gap between digital currency and traditional financial institutions.

Cardano
Did Cardano's Founder Code Its Genesis? Hoskinson Breaks Silence 2

What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just Bitcoin to Litecoin to Ethereum to Cardano ー but also your regular bank account.

Altcoin Potential: Analyst Forecasts 3x Surge Following Bitcoin Halving

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Crypto analyst Michaël van de Poppe provides valuable insights into the current state of the crypto market, focusing mostly on altcoins’ behavior. Bitcoin has performed amazingly well this year as it hit new record prices; however, according to van de Poppe, retail traders have generally shown less interest in alternative coins.

What makes this observation particularly intriguing is the fact that many altcoins are still lingering at levels that historically suggest undervaluation. Despite this potential for substantial growth, there seems to be a general lack of enthusiasm or engagement from investors. Van de Poppe emphasized the significance of recognizing this unique opportunity, as favourable market conditions seldom arise.

Furthermore, the analyst drew attention to the overall sentiment surrounding the total alternative coins market capitalization, highlighting a palpable eagerness to continue the current trend. This sentiment hints at a collective anticipation among market participants for further upward momentum in altcoin prices.

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However, van de Poppe also cautioned that such bullish momentum might not be immediate. He suggested the possibility of a corrective phase or a period of consolidation before witnessing a significant surge towards new all-time highs in the alternative coins market. This insightful analysis underscores the importance of patience and strategic decision-making in navigating the complexities of cryptocurrency investing.

Analyzing Altcoins Historical Trends

According to insights shared by crypto analyst Mags, historical patterns indicate that during the previous market cycle, the true altcoin rally commenced following the occurrence of the Bitcoin halving event. Notably, during this period, the altcoin market capitalization experienced a remarkable surge of 21x its initial value within a relatively short span of time.

The next Bitcoin halving is just around the corner, and the analyst suggests that this may be a good time to buy altcoins if history repeats itself in the same manner. Such anticipation stems from historical patterns when the altcoin market grew significantly after major events like Bitcoin halvings.

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The analyst predicts that altcoins will surge 3x of their present capitalization on post-halving. In the case of fulfillment of such an approach, it would result in a total market cap of $4 trillion for altcoins.

In addition, Mags advises investors to use strategic planning so that they can buy at low prices during bearish markets. By adhering to this principle, an investor could withstand marketplace effects and make the most out of advantageous entry points which will ultimately improve long-term investment results.

Related Reading | Ethereum’s Hot New Feature Sparks Fee Frenzy

Dogecoin (DOGE) Experiences Bullish Surge: Analyst Set Sights on $0.30

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Dogecoin (DOGE) has shown impressive strength and garnered significant attention in a substantial price rally. In the last week, DOGE has recorded incredible gains of more than 32%. At the time of writing, DOGE is priced at $0.214940, with a 24-hour trading volume of $10.59 billion and a market capitalization of $30.88 billion. In the past 24 hours alone, the value of DOGE has risen by 3.60%.

DOGE 1D graph coinmarketcap 12
Source: CoinMarketcap

Dogecoin (DOGE) Potential to Reach $0.30

Renowned crypto analyst Rekt Capital has offered an optimistic assessment regarding the trajectory of Dogecoin’s price. His analysis reveals that Dogecoin has passed the bottom of its macro downtrend, indicating a significant market sentiment change. This marks the transition into a new macro uptrend, implying that DOGE can perform better in the future.

Rekt Capital highlights a key zone in DOGE’s price action: around $0.20, an important level historically considered to be a support area. The analyst opines that a monthly close higher than this crucial level would be a major milestone for DOGE. Such development would indicate renewed confidence within the market and retesting of a major support zone.

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Moreover, if this level is broken, according to Rekt Capital’s analysis, it might trigger a further increase in price. By regaining this historical support, there could be more impetus for Dogecoin, leading to the price moving past around towards approximately $0.30 and beyond.

Dogecoin’s Technical Breakout and Potential Target

Another cryptocurrency analyst has unveiled an intriguing technical pattern on DOGE’s charts. Before the recent surge in the price of DOGE, the analyst had noted a potential inverse head and shoulders pattern. It is important to note that this pattern usually suggests a reversal, which means moving from bearish to bullish market sentiments.

The analyst points out their accurate forecast, showing that their observation about an inverse head and shoulders pattern was indeed farsighted. Consequently, there is now a breakout on Dogecoin’s USD and BTC pairing charts. This breakout indicates strong upward momentum for the price of Dogecoin.

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Additionally, the crypto analyst says that if Bitcoin (BTC) maintains its existing strength, it will support Dogecoin’s bullish trend further. In cryptocurrency marketplaces like Bitcoin plays an important role, and its stability or strength is often associated with other digital currencies’ fortunes.

The analyst’s target is the “golden pocket” around $0.28 for Dogecoin. The term “Golden Pocket” is derived from Fibonacci retracement levels based on Fibonacci sequences and refers to a key level of technical support or resistance.

Overall, the analyst’s observation of the inverse head and shoulders pattern and the breakout on the USD and BTC charts suggests a favorable outlook for Dogecoin’s price. As the golden pocket indicates, if Bitcoin continues to hold its ground, DOGE could reach the target level of around $0.28.

Related Reading | Ethereum ETF Approval Still Viable, Says BlackRock’s Fink 

Google’s Latest Feature Reveals Bitcoin & Altcoin Balances

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Google’s latest feature will now let crypto users explore wallet balances across various blockchain networks, including Bitcoin [BTC], Arbitrum [ARB], Avalanche [AVAX], Optimism [OP], Polygon [MATIC], and Fantom [FTX]. This functionality enables users to view their token wallet at a glance, with real-time updates. However, the last update timestamp would highlight the balance at the time of the last external transaction, and the updates are not instantaneous, as stated in its search results.

Balances show only the native token for each network. The last updated timestamp shows the balance as of the last external transaction. Updates are not instantaneous.

Still, the latest move by the search engine giant will be one step further than its previous support for Ethereum wallet balance searches and the recent addition of Ethereum Name Service [ENS] domain searches.

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Google's Latest Feature Reveals Bitcoin & Altcoin Balances 9

“It’s an open blockchain, tons of people use Google, so why not be able to see the balance of a wallet directly in Google search results? Lots of people will enjoy that.” wrote a user.

In response to the initiative, crypto proponents believed that this would democratize access to financial information and provide users with greater insight into their digital assets. Others highlighted the newfound accessibility and transparency facilitated by the search engine’s feature.

Google’s Updated Ads Policy and the Bitcoin ETF Buzz

In Jan, Google revised its crypto and related ads policy in December 2023, allowing the promotion of certain cryptocurrency products on prominent search engines in the United States, following the approval of the spot Bitcoin ETF on January 10. Even though Google’s reference to permissible products merely stated “cryptocurrency coin trusts,” market observers were buoyant about the potential windfall for Bitcoin ETFs, underscoring Google’s massive transaction processing capacity in searches close to 9 billion daily searches, as per recent data from DemandSage.

As reported by TronWeekly, the anticipation for the approval of spot Bitcoin ETFs by the US SEC reached a fever pitch, as evidenced by the surge in Google searches related to this topic. In the week before the approval, Google searches for spot Bitcoin ETFs hit an all-time high. Additionally, a separate study analyzed over five years, revealed that retail investors in the United States are particularly interested in utilizing BTC through potential spot ETFs.

Fetch.ai (FET) Predicted to Reach $20 by the Year’s End: Analyst Says

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Fetch.ai (FET) has shown resilience and experienced significant increases in its value over the last few weeks. Over the past year, the token has demonstrated remarkable growth, with gains reaching an impressive 830%.

In just last month alone, the token increased by 178%, displaying strong bullish momentum in its price movement. Nonetheless, despite these amazing hikes, the token shows readiness for more substantial advances in the months ahead.

At the time of writing, Fetch.ai (FET) is trading at $3.23 with a market capitalization of $2.22 billion and accompanied by a solid 24-hour trading volume totaling $2.16 billion. The previous day saw its value increase by 3.05%.

FET 1D graph coinmarketcap 2
Source: CoinMarketcap

This impressive performance points towards an increasing interest and faith in the token which implies better days ahead of it in the cryptocurrency market. Investors, as well as analysts, look forward to more growth with the possibility of earning bigger returns soon.

Fetch.ai FET Potential to Reach $20

Crypto analyst ProfessorAstrones has expressed a bullish outlook on the trajectory of FET’s price, indicating a positive sentiment towards the cryptocurrency. In an X post, he confidently asserts his stance, seemingly addressing skeptics by rhetorically questioning their absence beneath his posts.

ProfessorAstrones pinpoints the rise of a “bull flag” – a technical pattern that suggests that there may be more upward movement left, indicating that according to his calculations, the token’s price follows bullish trends.

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Moreover, the analyst concludes his statement by expressing that he expects the token to reach $20 before year-end in an optimistic tone, implying a significant change from its current level.

Furthermore, another crypto analyst, Sensei, predicts confidently that in three months, the token will be valued at $20, thus making us confident with our buying choice. This bold prediction reinforces the notion that investors stand to make substantial profits in the future close by.

Related Reading | Ethereum Co-Founder Vitalik Proposes Anti-Correlation Penalties To Boost Decentralization

Bitcoin Faces Hurdles at $70,000: Analyst Predicts ATH Retest

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Bitcoin (BTC) experienced a significant retracement of 15.4%, retreating from its recent peak at $73.7k and settling down at $60.8k on March 20 before bouncing back to $70k. At the time of writing, Bitcoin is worth $69,091, with a 24-hour trading volume of $87.95 billion and a market capitalization of $1.36 trillion. Over the last day, the BTC price has decreased by 1.97%.

BTC 1D graph coinmarketcap 15
Source: CoinMarketcap

Bitcoin Hits $70K Resistance; Analysts Eye ATH Retest

According to crypto analyst Michaël van de Poppe, Bitcoin is currently facing a hurdle at around $70,000 level, which is causing quick, volatile swings in its short-term price fluctuations.

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However, despite facing this challenge, Michael van de Poppe maintains an optimistic outlook, stating that if BTC can hold above $67k, there could be chances of retracing its ATHs going forward. In addition to his analysis, the peak of bullish momentum may be an indication that Bitcoin’s all-time high (ATH) is next on the cards, according to van de Poppe.

Also, Ali Martinez pointed out a critical hurdle at the level of $70K for Bitcoin (BTC). The most substantial resistance zone exists within a range of $70,180 to $70,600, where there are a number of addresses holding between 292,000 and 397,000 Bitcoin (BTC).

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Martinez suggests that if Bitcoin manages to surpass this barrier, it could pave the way for further upward movement, potentially leading to new all-time highs. This observation underscores the significance of the $70,000 threshold and the substantial amount of Bitcoin held within this range by various addresses.

Another Cryptocurrency analyst, Rekt Capital, has shared some perspective about where Bitcoin is heading. Currently, BTC is within a certain range that can be identified by black lines drawn on this chart. Interestingly, there are early signs suggesting the likelihood of BTC making a Lower High (red line).

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Therefore, the recent price action demonstrates that there is already a Lower High seen in the upper wicks. However, attention must now be paid to whether Lower Highs will also be confirmed in the candle-bodied highs. This would further suggest that the Pre-Halving Retrace phase may not yet have finished.

Given that it’s still mid-week, there’s still room for fluctuations since this situation can change especially when it comes to a probable Lower High. This aspect should, therefore, be watched closely by participants and observers alike in the coming days.

Related Reading | Ethereum Co-Founder Vitalik Proposes Anti-Correlation Penalties To Boost Decentralization

VSFG Teams Up with Value Partners in Bid for Hong Kong’s First Bitcoin ETF

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Hong Kong is getting re­ady for its first Bitcoin exchange-traded fund (ETF). Asse­t manager Value Partners has joine­d forces with VSFG, a virtual asset manager. Toge­ther, they have applie­d to the Securities and Future­s Commission (SFC) to launch a Bitcoin ETF. This move comes after Harve­st Global Investments and Venture­ Smart Financial Holdings also showed interest in launching such products.

In December 2023, Hong Kong re­gulators said they were ope­n to considering Bitcoin ETF applications. This happened shortly afte­r the U.S. approved seve­ral spot Bitcoin ETFs. Hong Kong wants to be a hub for crypto innovations. The city aims to attract more institutional inve­stors to the digital asset market. This policy change­ signals an important shift in Hong Kong’s financial sector.

Competition Heats Up for First Spot Bitcoin ETF

Value­ Partners and VSFG are the late­st names in the competition to launch Hong Kong’s first spot Bitcoin ETF. Harve­st Global Investments, a major Chinese­ asset manager, filed the­ first application in January. Media reports suggest around 10 financial firms are­ preparing to enter this race­. The high-interest come­s from Hong Kong’s plans to relax crypto regulations.

The SFC is e­xpected to allow “in-kind creations and re­demptions” for spot Bitcoin ETFs in Q2 2024. This would make it easie­r to launch and manage such ETFs. A Bloomberg Intellige­nce report highlighted this upcoming change­. Streamlining the process would make­ Bitcoin ETFs more appealing to traditional and crypto investors alike­.

Value Partners and VSFG: A Strategic Alliance

Value Partne­rs brings years of experie­nce managing assets in Hong Kong. VSFG contributes re­gulatory approval and crypto expertise. Toge­ther, they aim for the first Bitcoin ETF spot. This unique­ combination could give them an edge­ in the competitive race­. Hong Kong wants to lead crypto innovation in Asia. As more finance firms join, compe­tition will intensify. But it opens investing chance­s and cryptocurrency legitimacy.

Hong Kong embracing spot Bitcoin ETFs shows ambition. It wants to be­ Asia’s crypto hub. With established finance playe­rs joining, competition will be tough. But this unlocks fresh inve­sting opportunities. It could also further validate cryptocurre­ncy regionally.

Related Reading | Ethereum Co-Founder Vitalik Proposes Anti-Correlation Penalties To Boost Decentralization

Polkadot (DOT) Long-term Potential to Hit $24: Analyst Says

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Polkadot (DOT) is gearing up for a big move, as indicated by its steady upward trend in recent weeks. At the time of writing, Polkadot is trading at $9.45, boasting a 24-hour trading volume of $716.28 million and a market capitalization of $9.33 billion. Even though it has dipped slightly 2.46% in the last 24 hours, its overall momentum suggests that it is about to make a significant move.

DOT 1D graph coinmarketcap 1
Source: CoinMarketcap

Crypto analyst CryptoGuerrilla has expressed a bullish outlook on the trajectory of DOT’s price, indicating that its next significant macro target could reach around the $24 mark. According to his analysis based on a weekly chart denoting longer-term projections, this target might not materialize within weeks, but the analyst expects it to take place over a longer period.

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According to short-term technical analysis, Polkadot is within an up-trending channel, which indicates the rise in investors’ confidence and suggests a continuous upward move. In addition, it has broken above the resistance at the $9.40 level, indicating a potential for further gains. Furthermore, an anticipated support zone is around $9.40 if market conditions turn bearish. Overall, DOT has favourable technical indications from the medium to long-term perspective.

DOTUSDT 2024 03 28 10 49 00
Source: Tradingview.com

Polkadot (DOT) Short-term Price Forecast

Changelly, a reputable platform known for its insightful cryptocurrency analysis, has recently released a comprehensive forecast for Polkadot’s price trajectory. This forecast stands out for its optimism, projecting a substantial 12.18% surge in Polkadot’s value. This surge will propel Polkadot’s price to $10.59 by March 29.

Looking into Changelly’s technical analysis, it can be witnessed that the bullish sentiment is at an impressive 93%, which suggests a strong agreement on the upward trend of DOT among traders and investors. In addition, this is supported by the Fear & Greed Index with a reading of 83, indicating extreme greed among market participants.

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Polkadot (DOT) Long-term Potential to Hit $24: Analyst Says 20

Polkadot’s potential trajectory has been further augmented by cryptocurrency experts who have studied historical price data and trends. By looking at these fluctuations, they expect that the average price of Polkadot will be about $10.26 by March 2024. Nevertheless, their projections also envisage various prices within this range, starting from $9.93 as well as $10.59 as an upper limit. 

Related Reading |  SEC & CFTC Divide Puts Ethereum’s Status In Jeopardy 

Bitcoin’s (BTC) Bullish Surge: A Tale of Transactions and Trends

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Bitcoin has temporarily halted its bullish momentum in the market after a remarkable uptrend spanning two weeks. Correcting and consolidating above $60k, BTC retraced by 15.4% from their recent all-time high of $73.7k on March 13, briefly dipping to a local low of $60.8k on March 20 before rebounding back to $70k.

Data from Santiment revealed the third-largest Bitcoin transaction in the past two weeks, totaling 15,411.92 BTC. However, this transaction paled compared to two massive transactions on March 22, amounting to 87,051.03 BTC and 78,317.03 BTC, during a price dip to $63,000. The surge in on-chain transaction volume on that day suggested that significant stakeholders engaging in dip buying contributed to the market’s recovery.

Analyzing the nature of wallets involved in Bitcoin transactions can be challenging, but these recent transactions seemed to align with a broader trend of wallet accumulation observed since the previous weekend.

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Another metric drawing attention is the Mean Dollar Invested Age indicator, highlighted in pink. A decreasing trend in this indicator implies that the average age of investments is decreasing as dormant wallets bring older coins back into circulation, a characteristic often seen in cryptocurrency market bull runs.

Bitcoin’s Profit Dynamics & Supply Trends

Glassnode’s report highlighted a striking similarity in price performance between the current cycle and the previous one since the ATH in April 2021, indicating that the market is in a comparable position to December 2020 relative to the 2018-2021 cycle.

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Bitcoin's (BTC) Bullish Surge: A Tale of Transactions and Trends 26

Further analysis delves into metrics such as MVRV and the AVIV Ratio, which reached levels one standard deviation above their long-term means. Historically, such levels have been associated with resistance points where investors start to capitalize on profits.

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Bitcoin's (BTC) Bullish Surge: A Tale of Transactions and Trends 27

During the recent market fluctuations, around 2.0 million BTC transitioned from ‘in-profit’ to ‘in-loss’ status, suggesting a considerable volume of coins exchanged at a higher cost. However, as the market rebounded to $66,500, approximately 1.0 million coins returned to ‘in-profit’ status. This pattern indicates significant supply clusters formed during pullbacks, accelerating on-chain coin volumes in recent months.

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Bitcoin's (BTC) Bullish Surge: A Tale of Transactions and Trends 28

Also, increased profit-taking activities are reflected by the market’s behavior as more than $2.6 billion of realized profit was locked using on-chain spending while BTC reached its ATHs. Importantly, about 40% of the profit-taking activity was from long-term holders cashing out of GBTC Trust with the rest being attributed to short-term traders who took advantage of market momentum.

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Bitcoin's (BTC) Bullish Surge: A Tale of Transactions and Trends 29

Additionally, this suggests that there has been an increasing influence of long-term holders during times of sell-side supply pressure. For instance, supply clusters over time and coin age appear similar to previous bull markets in Bitcoin, indicating a wealth transfer event with long-term holders distributing their supplies for profits amidst rising demand.

Nonetheless, recent moves in the market show a subtle interplay between short-term trading actions and long-term investment strategies. Similar patterns have been seen before during other Bitcoin cycles; these point out the evolving dynamics within cryptocurrency markets.

Related Reading | Ethereum Co-Founder Vitalik Proposes Anti-Correlation Penalties To Boost Decentralization 

Coinbase Leads On-Chain Ops: Move Funds On L2 Base

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Coinbase is moving both corporate and customer USDC balances on its L2 network, Base, to manage and secure user funds with lower fees and faster settlement times, VP Max Branzburg recently announced. This transition will not impact the Coinbase user experience, Branzburg reassured users. Furthermore, he expressed excitement about advancing their operations on-chain. He encouraged other firms to embrace similar approaches.

If you’re curious about how Coinbase manages and secures your funds, you can learn more here. We always store your assets 1:1. We will never repurpose your funds. We do not lend or take any action with your assets, unless you specifically instruct us to.

CEO Brian Armstrong lauded the move, emphasizing that the crypto industry needs to bridge the gap to traditional finances [tradfi] to facilitate the flow of fiat into crypto. “For that, I think Coinbase is providing the most trusted infrastructure globally, including now for derivatives,” he said.

Coinbase is moving its business on-chain. Eventually, all crypto exchanges will move on-chain Then banks Every asset is a future token. Every bank is a future chain Ethereum is the world’s settlement layer.

The reaction has been mixed. Some expressed concerns about whether a centralized player holding customer assets can truly be considered decentralized or not, or if it is safe against hacks or exploits.

Meanwhile, since the launch of EIP-4844, commonly called proto-danksharding, Ethereum layer-2 solutions like Base have posted a 5x increase in demand, driving fees back up. Gas fees skyrocketed by a staggering 2000% on March 20, reaching an average of $2 during periods of intense network congestion.

Coinbase L2 Team Plans To Hike Gas Fees By 50%

Although fees swiftly returned to their usual $0.2 level as activity levels subsided, they surged once more over the weekend, reaching $1.9—an 1100% increase. To reduce fees and scale, Base Contributors is set to increase the gas target by 50% [to 3.75 mgas/s] soon and then to 5 mgas/s following an observation period, targeting early next week.

Following Ethereum’s Dencun upgrade, Base’s TVL metrics reach unprecedented levels. As reported by TronWeekly, the total value locked hit a new all-time high of $2.16 billion. The current total locked-up volume of the Ethereum Layer 2 network is over $36 billion.