BTC has managed to revive above 23,000 dollars after dropping that level below the beginning of the week due to long investors who witnessed their position change. However, the benchmark digital asset remains highly volatile, with bearish and bullish markets struggling to control the 23,000 dollar value point.
According to the Binance chart o the BTC/IUSDT trade, it indicates no transparent advantage, so that it would make for a crazy exchange session, particularly with the United States Federal Reserve announcement on the interest rate agreement today.
Any hawkish behavior witnessed in the Federal post-meeting gathering could destroy risk-on sentiment and push BTC lower, although the opposite is also correct. On the other hand, if a pause on further rate increases is announced, traders can push risk assets like BTC to higher levels. However, after last month’s impressive rally, BTC/USDT is currently showing indications of normalization.
Investor Deep Dive
In addition, Ethereum has also begun to change hands in a post –January come-down and is at the moment changing hands at 1,570 dollars on the ETH/USDT trade. When differentiating the performance between Bitcoin and Ethereum, Ethereum did not perform well throughout last month, although the BTC/ETH pair has been sustaining significant losses recently.
The CoinDesk Market Index, which monitors non-bitcoin digital assets, maintained its position at 1,077 overnight, showing menial value action in the crypto ecosystem. Exchange assets comprise DYDX, the native asset of dYdX, which surged 23% overnight and nearly 70% week-on-week, according to the publication of its inaugural annual report.
Mid-tier blockchain protocol MATIC remains the toughest weekly player, followed by AVA. The Worldwide virtual digital asset market capitalization currently stands at 1.4 trillion dollars, while the speculated total price locked across all decentralized finance networks has continued at a steady 47.5 billion.
ADA Upgrade to Change ETH Killer Narrative
The number one goal of most Layer 1 Blockchain networks is to replace the ETH as the major protocol for smart contracts, so many are upgrading to achieve this. Concerning ADA, the network expects a new upgrade that will probably shift the ETH killer narrative once activated.
According to @Soorajksaju2, a Blockchain educator and Twitter user, the Ouroboros upgrade will look to disclose issues of costless virtual reality and the enormous problem of the network while coming up with strategies that will mitigate the threat of long-range assaults in an open, decentralized ecosystem.
These upgrades will purposely position ADA as a highly convincing proof of investment network whose safety is more diligently aligned with that of the BTC blockchain. None of the current ETH killers, including AVA, DOT, or SOL, has these features.
The fact that ADA will upgrade to advanced safety while still upholding its energy functionality as a PoS protocol will develop it into a highly valuable network among its peers.
The protocol has continued to be a high performer, finishing last month with many new milestones in what seems to be the traders’ recognition of its brighter future. In addition, the most collateralized virtual digital asset on ADA was introduced in the past few weeks.
Finally, the network’s Sidechain Toolkit arrived at the protocol, pitching the blockchain as one of the most unpredictable in this blockchain ecosystem. The introduction of the Ouroboros Genesis upgrade will help supplement both these rolled-out features and products and bootstrap those that still need to be actualized on ADA.
