Today’s crypto market shows a mixed picture for top cryptocurrencies. Bitcoin’s price remained stable, while Ethereum (ETH), XRP, and Cardano (ADA) saw gains.
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Cryptocurrency prices saw some ups and downs today. Bitcoin (BTC) held steady above $52,000, showing little movement. However, Ethereum (ETH) continued its upward trend, breaking past the $2,800 mark for the first time in two years. Alongside Ethereum, other major altcoins like XRP and Cardano (ADA) also experienced notable gains during this period.

Bitcoin Holds Above $52,000 Mark
Bitcoin’s price maintained its position above the $52,000 level, a milestone achieved after two years. However, at the time of writing on Friday, February 16, the Bitcoin price saw a slight decrease of 0.04%, settling at $52,261.91. Despite this, its trading volume experienced a notable decline of 17.09% to $35.80 billion over the last 24 hours. Nonetheless, Bitcoin boasted a market cap of $1.02 trillion.
Altcoin Movement
Turning to altcoins, Ethereum (ETH) witnessed a gain of 1.74%, reaching $2,844.20, with a market valuation of $341.79 billion. However, its trading volume dropped by 6.36% to $22.29 billion. Binance Coin (BNB) surged by 5.96%, hitting $361.37 in value, with a remarkable 24-hour trade volume spike of 60.69% to $1.71 billion.
Solana (SOL) traded above $110 despite a pullback, experiencing a 2.85% decrease to settle at $113.41. Additionally, SOL witnessed an 8.89% plunge in trade volume to $2.34 billion in the last 24 hours. On the other hand, XRP surpassed the $0.57 level, recording a gain of 4.36% to settle at $0.577, while its trading volume surged by 26.45% to $1.83 billion.

Meanwhile, Cardano (ADA) observed a hike of 4.81% to $0.6095, accompanied by a 24.19% surge in its 24-hour trading volume, settling at $776.44 million.
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Meme Coin Market Impact
As the top cryptocurrencies showed mixed price actions, meme coins were also affected. Dogecoin (DOGE) witnessed a decline of 0.50% to $0.08644, while its competitor, Shiba Inu (SHIB), registered a 1.09% gain in value, trading at $0.000009961.
Pepe Coin Records Decline
Pepe Coin (PEPE), a prominent meme cryptocurrency, experienced a decline in price today. At the time of reporting, the price of Pepe Coin dropped by 3.77% to $0.000001236. Its market valuation stood at $520.67 million, accompanied by a significant decrease in 24-hour trade volume, plummeting by 38.01% to $140.44 million.
VeChain Emerges as Top Gainer
VeChain (VET) saw a remarkable surge, emerging as the top gainer in today’s cryptocurrency market. The price of VeChain skyrocketed by 31.09% to $0.04949. Additionally, its trade volume experienced a substantial increase, soaring by an astounding 529.36% to $841.09 million. VeChain continued to achieve new highs amid the ongoing rally.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Cardano’s ecosystem is steadily gaining momentum, evident in several crucial metrics that indicate its growing presence within the DeFi sector.

Cardano is actively positioning itself as a strong contender among the top ten cryptocurrency chains based on total value locked (TVL). Its notable month-to-month growth reflects a rising interest among investors in exploring alternatives to established platforms like Ethereum and Solana.
Ethereum maintains its lead with a TVL of $24.154 billion, with only a slight 0.25% decrease in the past day. Tron and BSC follow closely behind. Notably, Solana has surged with a remarkable 32.68% increase in the last month, indicating a renewed sense of confidence among investors.
Cardano, while currently ranking 11th, exhibits promising growth with an impressive one-month change of 53.22%. Its total value locked has now reached $245.45 million. This significant increase hints at the potential for a reshuffling in the DeFi hierarchy. It’s worth noting that Bitcoin now trails behind Cardano, with a TVL of $238.75 million.
Key Protocols in the Cardano Ecosystem
The growing TVL in the Cardano ecosystem is supported by key players. Indigo takes the lead with a TVL of $57.26 million, closely followed by Minswap at $55.58 million.
These protocols have demonstrated substantial increases in both one-day and one-month metrics, underscoring the dynamic activity within the Cardano network.
Notable mentions also go to Liqwid and Optim Finance in the lending sector, as well as Djed Stablecoin, which has experienced a noteworthy 43.93% surge over the past month.
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User @SmaugPool, who identifies as a Cardano builder and developer, has introduced a proposal to reduce the current Cardano treasury tax from 20% to its initial rate of 5%. The proposal’s fate lies in the hands of the Cardano community, pending a vote. Currently, the effective treasury tax hovers at nearly 33%.

According to the developer’s estimates, the treasury accumulates approximately 30 million ADA per month, leading to a total of approximately 1.39 billion ADA as of November 7th.

ADA in Cardano Treasury | Source: Smaug Pool on X
Cardano Treasury: Funding Ecosystem and Community Projects
The Cardano treasury serves as a critical funding source for the development and maintenance of the wider Cardano ecosystem, while also supporting community-driven initiatives through programs like Project Catalyst. Overseeing the treasury is the Cardano Foundation, a non-profit entity.
In late October, Earn Coin Pool, a stake pool operator (SPO) within the Cardano network, put forth a Protocol Change Proposal (PCP) to reduce the treasury rate by 25%, bringing it down to 5%. PCPs allow for the adjustment of various Cardano network parameters, including the treasury rate, but they require approval due to the blockchain’s public nature.
The primary objective of this PCP is to lower the treasury tax rate to 5% or potentially even lower. Simultaneously, the proposal aims to gain insight into the factors influencing the “tau” parameter and the frequency of its adjustments.
This proposal could incentivize more SPOs to participate. Cardano, a proof-of-stake blockchain, relies on SPOs to validate and secure the network.
Stake Pool Operators and Cardano’s Treasury
Stake Pool Operators (SPOs) play a pivotal role by utilizing specialized software to validate transactions and append them to the blockchain. They are rewarded for their efforts in ADA, which can come from the pool’s fixed fee, typically set at 340 ADA, and an additional variable fee representing a percentage of the block rewards the pool earns.
With more than 3,100 SPOs in the Cardano network, they are randomly assigned to validate transaction blocks and receive corresponding block rewards. Notably, Cardano’s inclusive nature allows anyone to become an SPO, as there are no stringent minimum stake requirements.
Currently, the Cardano treasury tax stands at 20%, channeling 20% of transaction fees into the treasury, while the remaining 80% is distributed among SPOs involved in transaction validation during a given epoch.
As of Epoch 446, the Cardano treasury holds over 1.39 billion ADA, and this number continues to grow as the network processes additional transactions. From Epoch 431 to 443, the treasury consistently added 5 million ADA each epoch.

Source: ADAUSDT on Binance, TradingView
At the time of writing, ADA remains sturdy, trading near its July 2023 highs but below the $0.40 mark. While the uptrend persists, the true impact of a potential reduction in the treasury rate, pending community approval, on ADA’s demand and on-chain transactions remains to be seen.
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In the last quarter, Cardano’s Total Value Locked (TVL) experienced a remarkable surge, skyrocketing by 166% to reach unprecedented levels. This surge was driven by increased activity from both new and established protocols within the Cardano ecosystem.
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Alongside this surge in TVL, the price of ADA surpassed the 50-day Exponential Moving Average (EMA), signaling strong bullish momentum in the market.

Cardano’s TVL Soars to All-Time Highs
Cardano’s Total Value Locked (TVL) surged by a staggering 166% during the fourth quarter of [insert year], reaching a record-breaking $449 million on December 14th. This remarkable growth, highlighted in the latest Messari report, reflects a substantial 693.4% increase year-over-year, underlining ADA’s burgeoning presence in the decentralized finance (DeFi) market.

Source – Messari
The surge in TVL mirrors Cardano’s expanding DeFi ecosystem, with both new protocols like Indigo and established ones such as Minswap contributing to its impressive growth trajectory. Notably, Minswap emerged as the most popular ADA decentralized application (dApp) throughout the quarter, emphasizing the ecosystem’s robustness.
Cardano’s ascent in TVL rankings is evident, with the blockchain network climbing from 34th position early in the year to secure the 11th rank. This significant rise underscores the growing confidence and adoption of Cardano’s DeFi offerings.
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Additionally, Cardano’s stablecoin value witnessed a substantial 37% quarter-on-quarter increase and an impressive 647% surge year-over-year. Among the stablecoins, iUSD emerged as a dominant player, further solidifying Cardano’s position in the market.
Cardano (ADA) Surges Alongside Bitcoin Revival
Cardano (ADA) has surged in price, riding the coattails of Bitcoin’s recent revival. At the time of writing, ADA is trading at $0.58, marking a 7% increase on the daily chart and a notable 15% rise on the weekly chart.

ADA 1D Chart: Source – Coinmarketcap
This impressive price action has propelled Cardano above the 50-day Exponential Moving Average (EMA), signaling stable bullish momentum. Moreover, this breakthrough suggests a potential continuation of the uptrend for ADA’s price.
Amidst this upward movement, the crucial support level around $0.50 remains pivotal for ADA’s current position. This support level has proven to be a strong rebound area, providing solid backing for the altcoin’s upward momentum.
Looking ahead, Cardano is expected to maintain this support level, bolstering its bullish trajectory as it aims to breach the resistance at $0.60.
Cardano (ADA) Primed for Continued Upswing
Cardano (ADA) remains positioned for further upward movement, supported by indicators signaling an ongoing upward trajectory. The altcoin appears poised to surpass the $0.60 barrier in the near future, indicating potential gains in upcoming trading sessions. Analysts echo this sentiment, foreseeing additional uptrends for ADA, underscoring growing confidence in its short-term outlook.
However, it’s essential for enthusiasts to exercise caution amidst market unpredictability. Cardano’s bullish momentum hinges on maintaining a close above the 50 Exponential Moving Average (EMA). A breach below this EMA could trigger price consolidation or retracement for ADA.
Nevertheless, Cardano exhibits a bullish stance, buoyed by optimistic investor sentiment. The Fear and Greed index reflects market greed, registering at 74. Furthermore, ADA’s recent performance underscores this optimism, with numerous green candles and a nearly 9% increase in the past month.
The expanding Total Value Locked (TVL) and anticipation of forthcoming developments, including smart token standards and a new stablecoin, are poised to enhance Cardano’s ecosystem and DeFi capabilities. These developments are expected to attract more users, fostering stable long-term growth for Cardano.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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