The eleventh-largest cryptocurrency on CoinMarketCap, Cardano [ADA] exhibited a uniform price during the first part of the January 20. A gradual decline in its valuation was noted later in the day followed by a steady surge during the first half of the next day. Cardano developer, Charles Hoskinson, hosted his latest impromptu AMA session last week, disclosing the launch of a revamped Daedalus wallet structure in its 1.5 version, which would aid the coin’s scaling up the process.
At the time of writing, ADA held a market cap of $1.110 billion. The coin was priced at $0.043 and the volume of coins traded accounted for over $16.5 million, with a decline of 0.89%.
The uptrend registered by the coin during the one-hour period tallied from $0.045 to $0.046 and a downtrend from $0.046 to $0.043. The first resistance was marked at $0.044 and the immediate support at $0.042.
The Bollinger Bands indicator exhibits a contraction in the graph, depicting a decline in price volatility of the market.
The Awesome Indicator depicts a bearish pattern in the coin’s price, with the lines turning green.
The Klinger Oscillator shows a bearish market trend for the coin.
The one-day ADA graph shows an uptrend from $0.030 to $0.041 in its price, accompanied by a whopping downtrend from $0.077 to $0.046. The coin has faced an immediate resistance at $0.05 and support at $0.037.
The Parabolic SAR indicator traces a bearish market pattern for the coin, with the series of dotted line aligned above the candles.
The MACD indicator for the same time period also forecasts a bearish pattern, with the MACD line below the signal line.
The Chaikin Money Flow graph lies below the zero-line, which depicts that the price of the coin is following a bearish trend with money flowing out of the market.
As indicated by the indicators MACD, CMF and Parabolic SAR on the one-day chart and the AI and Klinger Oscillator on the one-hour chart, the future of ADA still lies in the bear’s realm.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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