Bitcoin: Golden Cross that looks more like Death Cross. Cardano: Ready for Smart Contracts


Looking at the Bitcoin chart and all the cryptocurrency dedicated media outlets, it seems like "Death Cross" gets way more publicity than "Golden Cross". As Bitcoin correction from $52k, most crypto journalists have forgotten that Bitcoin's 50 DMA is about to cross its 200 DMA, the difference being ~$250. I guess there is a reason why the Golden Cross is not mentioned anywhere - it is more like a death cross this time and Bitcoin seems to be headed lower, with bears proving to be more powerful till now.


During the weekend, Bitcoin fell below 200 DMA. In fact, during the last 5 days, Bitcoin has tried to go above the 200 DMA but has only managed to close below it, at least in the last 3 days. The correction in US equities is probably over as S&P closed at 50 DMA on Friday and is now in the green. Hopefully, with risk-on in other markets, Bitcoin's ongoing correction will not extend for more days.

ADA HODLers must be excited as their favorite blockchain is now smart contract ready Link. After all the reviews and research and a much-debated market capitalization, Cardano has achieved this feat. The price of the cryptocurrency had already been priced in this news and now one has to wait for actual dApps to be built on Cardano.

ADA's market cap is so lofty that criticism is bound to follow after this news.


The above criticism is about the inability of Cardano's blockchain to process DeFi transactions or the processing of concurrent transactions. Maybe it can't but DeFi is not the only buzzword in town. The other big buzzword is NFT. The market already has an NFT dedicated blockchain - EOS, whose much-acclaimed Voice dApp, quickly moved from making the perfect social media platform to focussing on NFTs.

My opinion is that Cardano will eventually get there. In fact, Cardano's Twitter account was busy setting expectations right after the Alonso hard-fork - that led to smart contract functionality on the blockchain. The team claims to be research and peer-review based so things will be slow. Whether it will rule the DeFi or NFT space, only time will tell. It of course needs to stay relevant in any area that is garnering user interest or is seeing development.

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