It’s not a very good day for cryptocurrencies. This follows news that Binance had been hacked and 7000 BTC stolen. This has dampened the market mood, but not as much as previous crypto exchange hacks. That’s because, Binance has funds insurance that it popularly calls #SAFU. Cz_Binance has also come out to assure investors that their funds are safe. Binance’s moves have inspired market confidence and given Bitcoin a significant level of support, even though it’s still a red day. Altcoins seem to have taken a bigger hit from all this, and that includes Cardano (ADA). At the time of writing, Cardano (ADA) is trading at $0.064 and is down by 3.40%.
However, considering that the market hasn’t tanked already, there is good reason to believe that the worst is over. This gives altcoins, especially those with positive news, a chance to rally big soon. One altcoin with so much potential is Cardano (ADA). Lately, Cardano’s momentum has been dampened by lack of information on Shelley and the new roadmap. There was lots of expectations that the new roadmap, and Shelley would be released during the Cardano summit. When this failed to materialize, and there was no clear communication from the IOHK, there was some level of disquiet, causing the price to drop.
This is now about to change. Yesterday, the IOHK made a press release on their blog, and one of the issues they touched on is the new roadmap. Part of it read as follows;
“We are working on a redesign of the Cardano roadmap website that will do a better job describing our upcoming release phases, with themes and detailed functional components for each. You can expect to see it live in 2-4 weeks, with more content added over time. Aligned with the keynote speech from CEO Charles Hoskinson at the recent IOHK Summit, the new roadmap site will provide a clear definition of delivery phases, how they fit together, and what we’ll deliver when. Regarding delivery status, Cardano has had an ethos of openness and transparency since the beginning.”
This has inspired some level of confidence in the community with regards to many of the things that they have been fearful of lately. Chances are that, those who panic sold Cardano (ADA) after the summit will start to return, now that there is clarity on its development roadmap. When this is combined with the fact that the market is showing strength amidst a major exchange hack, Cardano could see a huge surge in value if bulls take control from this point.
Cardano also seems to be gaining positive traction in terms of web traffic. For instance, research shows that between February and April, Cardano.org had more web traffic than Tron and EOS. This is an indicator that investors are interested in Cardano (ADA) and in a bullish market, it can draw in lots of investors. It is definitely a good time to be looking into Cardano (ADA). The future is bright.