Cardano (ADA) & Ethereum (ETH) Soar

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Cardano (ADA) & Ethereum (ETH) – The cryptocurrency market is continuing to climb today and is currently sitting just over $430 billion. Today, we’re taking a look at two cryptocurrencies that are soaring on the market today.

Source: CoinMarketCap

Despite a few regulations being implemented in Iran and the SEC planning further crypto crackdown; panic selling seems to have subsided – finally.

Cardano (ADA)

Source: CoinMarketCap

Cardano is making a major price run-up today, as most coins are surging on the market. It remains unclear as to why specifically ADA is rallying, but it very well may be that it’s riding off the other coins runups.

At press time, ADA is trading at $0.317 a coin, up 10.76%, in 24 hours time. For the week, ADA is up 25.2% and for the month, Cardano is up 60.9%.

The team behind Cardano is steady at work, as the full product is years from completion. Charles Hoskinson Cardano’s founder just tweeted a screenshot of their current progress.

While projects are always upgrading and improving, these new third-generation blockchain projects are lofty and will take some time to develop. Coins like ADA, EOS, and TRON are all long-term holds.

>> Cardano vs. EOS

Ethereum (ETH)

Today, it was announced that MyEtherWallet.com was hacked and 215 ETH was stolen within three hours. MyEtherWallet’s official Twitter responded to the matter by saying:

“Google Domain Name System registration servers were hijacked earlier today at roughly 12 PM UTC so that MEW users were redirected to a phishing site. This redirecting of DNS servers is a decade-old hacking technique that aims to undermine the Internet’s routing system. This can happen to any org and is not due to lack of security on the MEW platform, but due to criminal hackers finding vulnerabilities in public-facing DNS servers. Your security and privacy is ALWAYS a priority. We do not store any of your personal details, including keys. The Majority of those affected were using Google DNS servers…. Make sure there is a green bar SSL certificate that says “MyEtherWallet Inc [US].”

Surprisingly, Ethereum is doing fairly well on the market today. Usually, when these sorts of things arise investors lose confidence and panic sell. This doesn’t seem to the case today, as ETH is continuing to climb in price.

Last Friday, Ethereum core developers issued a proposal to move Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The resulting consensus model would be a PoW/PoS hybrid of sorts. There has been a long-standing battle between the Ethereum developers and the miners. The switch from PoW to PoS has been on the Ethereum roadmap since the launch of the protocol. In the ‘Motivation’ section of the proposal the devs said:

“Transitioning the Ethereum network from PoW to PoS has been on the roadmap and in the Yellow Paper since the launch of the protocol. Although effective in coming to a decentralized consensus, PoW consumes an incredible amount of energy, has no economic finality, and has no effective strategy in resisting cartels. Excessive energy consumption, issues with equal access to mining hardware, mining pool centralization, and an emerging market of ASICs each provide a distinct motivation to make the transition as soon as possible.”

This is a positive step for Ethereum, and this announcement has definitely aided investor confidence in the cryptocurrency and its underlying project.

At press time, ETH is trading at $707.08 a coin, up 10.39%, in 24 hours. For the week, ETH is up 40% and for the month, it is up 34.3%.

Feautred Image: WeKnow

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