Cardano’s fundamental value is continuously increasing thanks to the implementation of ADA staking in one of the largest wallets in the industry.
Market reaction to the Fed’s 50bp rate hike was expected; despite slowing the pace of rate hikes, US inflation is still significantly above the regulator’s target and additional monetary policy tightening is needed, heralding a few more months of depression in both the cryptocurrency as in trading. markets.
Cardano Stake Enabled in Trust Wallet
Recently, one of the largest and most popular wallets in the cryptocurrency industry, Trust, announced the enablement of ADA staking directly within the app. While the news may seem irrelevant during Cardano’s devastating performance in the market, it is a significant contribution to the fundamental value of ADA and may help it in the long run.
— Trust – Crypto Wallet (@TrustWallet) December 13, 2022
While staking does create some asset selling pressure going forward, it is a good tool to relieve existing stress on a cryptocurrency and support a possible relief rally that can occur if the market goes into recovery mode.
XRP is struggling
Despite the strong rally, which drew a lot of attention to XRP in November, the price of one of the most notable competitors to Ethereum and Bitcoin fell back to the price range we witnessed in the summer.
The lack of bullish fundamental signals that will XRP More attractiveness among investors creates conditions in which no entity is ready to provide support for an asset that has a bleak future ahead, considering the lack of positivity coming from Ripple’s case against the SEC and the general depressed state of the cryptocurrency market. .
Recently, the network has been experiencing a surge of massive transactions that caused a dispute in the community, as some users assumed that the foundations managing XRP had been selling their holdings while the cryptocurrency was trading on the local top. However, the on-chain data showed that those transactions had nothing to do with selling activities and were simply internal operations of some centralized cryptocurrency exchanges.
However, XRP is still showing anemic performance in the market, moving at the continuous range-bound for the past 20 days.
Ethereum hits a speed bump
After the strong performance we witnessed two days ago, Ethereal it quickly fell back into the long-forgotten $1,200 price range, which has been bullying investors for the past few months. Despite expecting a 50bp rate hike from the Fed, the market got a cold shower during Jerome Powell’s press conference, when he reassured reporters about the Fed’s inflation target, which still stands around 2%.
Given the speech, Ethereum and other digital assets quickly reversed from yesterday’s high as investors realized that US monetary policy easing won’t happen until the middle of next year in the best of circumstances. cases.
Ethereum is currently trading at $1,287 and could go higher for the foreseeable future, considering the recovery in network activity that should drive the rate of ETH consumption. At press time, Ether supply remains inflationary, despite the most recent drop in issuance. As of today, the issuance compensation stands at 0.93x, while the consumption rate experienced a 10% increase in the last four days and currently stands at 1.11 ETH/min.