Cardano Transaction Volumes Could ‘Absolutely Explode’

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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices moves sharply upward over the last few days with Bitcoin ($BTC) gaining 5.5% and Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, moving up 9.61%.
In comparison, the stock market’s benchmark index, the S&P 500, moved down 0.16% over the same period, while gold moved up 1.31%. Year-to-date, BTC is down 49.7%, while Ethereum is down 52.8%, compared to the S&P 500’s 13.2% drop and to gold’s 0.8% drop.
Notably, amid the market downturn, cryptocurrency exchange competition has been heating up, with CryptoCompare data showing Binance has remained the market leader in cryptocurrency exchanges, towering over every competitor, even amid sudden volume surges on exchanges like DigiFinex.
Competing for second place are various Top-Tier exchanges, including Coinbase, FTX, OKX (formerly OKEx), and Crypto.com.

Source: CryptoCompare
Source: CryptoCompare
Bitcoin Surges Above $24,000 for the First Time in 8 Weeks
According to data by TradingView, on Binance, the $BTC price broke above the $24,000 level at 8:32 a.m. UTC on August 8, and currently (i.e. as of 9:34 a.m. UTC on August 8) $BTC is trading around $24,157, up 5.02% in the past 24-hour period.
One thing that might have helped to drive Bitcoin’s latest price rally is the recent partnership announcement between BlackRock and Coinbase. Shares of the Nasdaq-listed cryptocurrency trading platform Coinbase ($COIN) jumped as much as 45% after the platform announced a partnership with BlackRock to allow its institutional clients to buy Bitcoin.
The partnership will see the company’s Prime offering become available to clients of BlackRock’s portfolio management platform for institutional investor Aladdin, short for “Asset, Liability, Debt and Derivative Investment Network”
The Nasdaq-listed cryptocurrency exchange will provide cryptocurrency trading, custody, prime brokerage, and reporting capabilities. BlackRock is notably the world’s largest asset manager with over $10 trillion in assets under management.
Cardano: ‘ADA Whale’ Explains Why ‘Transaction Volumes’ Are Going to ‘Absolutely Explode’
A popular Cardano ($ADA) influencer has recently explained he expects transaction volumes on the cryptocurrency’s blockchain to “absolutely explode” over a number of factors that are coming to the network, partly thanks to new upgrades.
In a tweet, the pseudonymous Cardano influencer known as ADA whale shared with its nearly 100,000 followers that the arrival of popular borrowing and lending platforms will help transaction volumes surge as $ADA users start lending and borrowing tokens. For now, users are just earning yield by staking or liquidity mining.
ADA whale
Ppl forget that today’s transaction volumes on Cardano are before arrival of borrow/lending, synthetics, stable coins, yield aggregators, world class trading platforms, identity solutions, NFT book stores with strong industry backing, music streaming etc. Gonna absolutely explode
Moreover, the whale predicted synthetic assets, which are blockchain representations of real-world assets such as stocks, will also help boost transaction volumes, as will stablecoins. While there are Cardano-native stablecoins, leading issuers like Tether do not yet issue their fully collateralized stablecoins on Cardano, despite supporting numerous blockchains including Ethereum, TRON, Solana, Algorand, and Bitcoin Cash.
The influencer also pointed to yield aggregators and world-class trading platforms as potential catalysts for Cardano’s transaction volumes to “absolutely explode,” as well as identity solutions, non-fungible token bookstores, music streaming platforms, and more.
Ethereum Could Unexpectedly Rise to Near $5,000, Analyst Says
A popular cryptocurrency analyst has suggested that Ethereum, the second-largest cryptocurrency by market capitalization, could unexpectedly surge toward $5,000 as we get closer to the upcoming Merge upgrade.
The pseudonymous analyst known on social media by Kaleo has recently told its over 500,000 followers on the microblogging platform that if Bitcoin is to run to $32,000 and Ethereum manages to retest its previous all-time high against the cryptocurrency so one ETH is worth 0.15 BTC, then “you’re looking at an ETH price of $4800.”
K A L E O
If anything has a chance of making it back to the highs from here it’s ETH.

Say BTC runs up to $32K or so and ETH/BTC manages to retest the previous ATH of 0.15 pre merge, you’re looking at an ETH price of $4800.
The analyst added that while he does not expect Ethereum to go past that point by a lot, the “hype of the flippening narrative will be the only thing you see on the timeline if ETH gets anywhere close to those levels. When we’re there, we’re most likely at peak euphoria and you should definitely consider taking profit.”
Former Developer Advocate at Ripple on XRP Ledger: ‘It Just Works. Has Done for Nearly a Decade’
Matt Hamilton, a former Principal Developer Advocate at major fintech firm Ripple, has said that the XRP Ledger, whose native token is $XRP, “just works” and has been running for nearly a decade now.
Hamilton’s words came during an exchange with another user on the microblogging platform Twitter who defended Bitcoin and its layer-2 scaling solution, the Lightning Network, over the XRP Ledger. The user noted that Bitcoin adoption is rendering “useless” the payments network built on the XRP Ledger and questioned the cryptocurrency’s use case, while Hamilton noted XRP’s use cases are peer-to-peer payments as it was created as a “better Bitcoin.”
Matt Hamilton
@JoeNakamoto @GazLarking @RyanMay02103594 If you say so.

Even by your own admission it only works 95% of the time.

Why do you think the XRP Ledger is so popular and XRP still in top 5? Because *it works*. No drama. No big issues that need fixing. It just works. Boring as hell. And that is *good*.
What Else is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, remained steady at 30, maintaining a state of “fear.” The index has risen from 6 when BTC dropped below $18,000.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile risen to $69.62 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 12.68 % of the TVL with little over $8.83 billion on its protocol.
Other Top Stories
In Chile, People Are Turning to $USDT and $USDC to Hedge Against Inflation and Peso Devaluation | Cryptoglobe
Bitcoin Dev: Maxis Should Explain Why $BTC Is ‘Great’ Instead of ‘Attacking’ Altcoins | Cryptoglobe
Gucci Becomes First Major Brand To Accept ApeCoin ($APE) via BitPay Partnership | Cryptoglobe
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