In this article we will see the latest most relevant crypto news coming from the top-level blockchain ecosystems Polkadot, Avalanche and Cardano.
Let’s then take a look at the graphical situation of the respective crypto DOT; AVAX and ADA.
Some of these have achieved excellent performance in the market in the last week thanks to a generally positive outlook for the altcoin landscape.
Which of the 3 cryptos will be the next to experience a bullish rally?
Let’s see everything in detail below.
Summary
The most important news for Polkadot, Avalanche, and Cardano
Starting from the most relevant news for the Polkadot blockchain platform’s interoperability, we can see how the project team has summed up all the progress made during 2023 by their cryptographic ecosystem.
An annual report has been prepared to take stock of all the improvements made to our decentralized infrastructure and, more generally, to our community.
Among the most important things to note are:
- the launch of the Cross-Consensus Message Format v3 (XCM) protocol, which brings new advanced features such as sophisticated programmability and improved connectivity with external networks.
- the introduction of the OpenGov governance system, which made it possible to simplify the decision-making process of the community’s choices, removing separate bodies such as the Council and the Technical Committee. For this entity, the Treasury recorded a positive influx of 1.825 million DOT
- the launch of the USDC crypto in its native version on the Polkadot Asset Hub parachain, effectively improving the functionality of the stablecoin for the ecosystem.
- the expansion of the Polkadot parachain structure, now reaching 50.
As for Avalanche, another L1 blockchain that competes among the most important infrastructures in the cryptographic sector, we see how also in this case the project development team wanted to celebrate all the goals achieved in 2023.
The last year for Avalanche has been a period full of important milestones in the world of digitization of global resources and their on-chain transportation.
Many subnets have been created (Spruce, Evergreen) that allow TradFi institutions to fully leverage the power of tokenization, opening the doors to unprecedented scenarios of technological development.
With a wide range of implementations, customizations, and specific blockchain tools, institutions can pursue their own digital asset strategies on private and authorized chains, while maintaining the ability to interoperate with other subnets.
It is also worth mentioning the Avalanche initiative Vista, aimed at demonstrating the value of tokenization of off-chain assets, with a fund of 50 million dollars allocated for the purchase of tokenized assets minted on the cryptographic network.
It is considered appropriate to mention the launch of a new digital product “Republic Note” with which users can participate in the distribution of profits generated by Republic’s portfolio with over 760 private assets to stablecoin holders on Avalanche.
Finally, speaking of Cardano, we cannot fail to mention the latest update of the Cardano Ballot governance system, which will be enhanced with new features in 2024.
In the last 12 months, Cardano Ballot has evolved significantly into a modular and open-source repository with independent backend services that can be paired with custom user interfaces, thus enabling a customized blockchain-based voting solution.
The voting based on Cardano Ballot staking requires participants to have staked ADA before a predefined snapshot of the Cardano blockchain
.This snapshot determines the weighted amount of each participant’s vote within a specific Cardano Ballot event.
This year the Ballot supported the voting for the Cardano Summit 2023 Awards with the first-ever Hydra Tally, through which the project team expressed their desire to explore Hydra after last year’s Summit.
In 2024 as part of the improvement, Cardano Ballot will no longer require ADA stakers’ addresses to identify users.
Instead, if they wish, users will have the possibility to use wallets of digital identity mobile to interact with the Ballot. This functionality will provide an innovative solution and a reference implementation for identity management on the Cardano network.
Analysis of DOT, AVAX, and ADA crypto prices
On the price front, let’s take a look at how the 3 crypto DOT; AVAX and ADA, belonging to the respective projects Polkadot, Avalanche and Cardano, have been performing lately.
The last month has been extremely positive for all 3 cryptographic resources, with DOT growing by 67%, AVAX by 110%, and ADA by 73%.
In the last week of trading, we see different trends: DOT increased its price by 15.8%, AVAX had a correction of 9.1%, and ADA had a small increase of 7.3%
Overall, the outlook for the altcoin sector is positive, with decreasing BTC dominance and increasing total marketcap driving this cryptographic sector.
In the coming months, unless there are significant price corrections for the king of the crypto market, we can expect a general growth of all altcoins.
Going into more detail, we see how DOT managed to return to a bullish trend, with prices finally above the 50-week EMA after about a year of trading below that average.
According to DOT forecasts, the crypto is expected to continue its bullish trend, which could easily reach the $10 mark and continue its upward climb.
After two years of downtrend/sideways, we can expect a very significant pump coming for this coin.
Watch out for the $7 threshold as if it breaks downwards, it could trigger a temporary reversal of the bullish trend.
As for AVAX, the situation seems to be very positive, with prices reaching a level that had not been touched since May 2022.
With the last bullish leg up, AVAX has already recovered much of the lost ground during last year’s bear market, and now this week it is correcting its trajectory to potentially prepare for another positive push.
The trading volumes of the last few weeks have accompanied the bullish movements, giving greater importance to the structure that has been created.
Given the growth of this cryptographic ecosystem and its very inviting price action, we can believe that new all-time highs will be reached in the coming year, as long as BTC doesn’t throw a wrench in the works.
Below $30, the scenario could become more complicated for AVAX, allowing for bearish hypotheses to emerge.
Finally, discussing the ADA situation, we can see a chart similar to that of DOT, where after a long period of trading at low levels, we finally see the crypto break the 50-weekly average with a strong and decisive upward movement.
For ADA, there is now a highway ahead ready to be traveled, with the next target at $1 that would open the doors to a phase of hype for the crypto.
If the level of 0.40 is broken downwards, we will see the invalidation of the bullish scenario for ADA.
Although the overall picture is very encouraging in this case as well, it is important to remember not to lose clarity and not to fall into FOMO.
In this case, just like with Avalanche and Polkadot coins, a strong correction could occur at any moment.
Entering “all in” during a phase of strong optimism often turns out to be a very bad choice: it is much better to calmly evaluate the overall situation of Bitcoin and consider entering in stages.
Always do your research and carefully evaluate the risks of the cryptocurrency market.
