One of the hottest altcoins for this month is featured in our latest cryptocurrency news for its relatively good performance in the slowdown which occurred over the past two days. As we can see, Cardano loses steam and ADA is standing still while being down by 17.7% this week alone.
Presently, the main strength for Cardano stems from its position as an alternative smart contracting platform. This is what makes ADA’s value proposition strong – but is still rather research driven as analysts claim. Behind the decision are apparently views to build a reliable network that is transparent, scalable and whose products are verifiable.
Despite the delays in development and despite the fact that Cardano loses steam as we speak, the cryptocurrency system keeps on developing which shows signs of stability to many investors. As a reminder, in 2018 we saw a lot of projects folding because of dropping asset prices – but ADA is not one of them.
The founder of the cryptocurrency and system behind it, Charles Hoskinson, believes that because of the insistence on quality and research makes him distinct. Therefore, despite the recent sell-offs, the deal with AlgoZ could attract some institutional backing. Meanwhile, as Cardano loses steam, ADA is down on a weekly level.
Additionally, what made Cardano hot in the coming altcoin news was its partnership with the trading algorithm AlgoZ – in which the developers will benefit from the knowledge base for liquidity purposes. As featured on many sites, the AlgoZ solutions spread across five continents and are used by exchanges and several crypto projects.
“Our collaboration with Cardano, one of the most inspiring projects in the crypto-asset scene, is expected to increase the liquidity of the token and its accessibility,” is what AlgoZ noted on LinkedIn.
At the time of writing, ADA is down by more than 15% from last week’s close. Even though buyers stand a chance as Cardano loses steam, the massive liquidation on the market is slowing down the bulls. This is what many best cryptocurrency news sites are reporting at this time.
If ADA closes below 6 cents, prices may drop to 3.5 cents or the all-time lows of 2.5 cents which are still a possibility if the bear trend continues. On the bright side, we can see Cardano aiming past 9.5 cents with a new potential bullish run.
IOHK Established Cardano Research Center At Wyoming University
"This is a very applied laboratory, where instead of doing peer theory, we're actually building real-life things and writing real software that will enter production very quickly.’’Hoskinson attended a ceremony that marked the opening of the research lab at UW’s main campus in Laramie back on Friday. The butterfly logo of IOHK will be added to the research lab and can be found at the center for IOHK’s future work with the traceability platform of BeefChain. As part of the collaboration, IOHK provided a $500,000 donation to ADA in order to fund the research and development into the new blockchain applications including new tools for traceability and supply chain management. Wyoming is expected to match the dollar value of the grant which means that UW will get $1 million worth of initial funding for the new blockchain facility according to the university spokesperson. The university will also contribute more funds as per the UW acting president Neal Theobald:
"The University of Wyoming is proud to be at the forefront of blockchain research and education, and we are grateful for this significant financial contribution from IOHK. This support will help us continue to move forward in a very exciting and promising field of innovation and discovery."Wyoming is a very attractive destination for the US-based crypto companies that want to take the crypto-friendly legislation of the state that formally recognized digital assets and provides financial services to companies:
"Our hope is to have a very substantial presence in Wyoming and write a lot of very good software there.’’
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