Cardano Dan's Newsletter - Issue #113
The Past
Quote of the Day
“One cannot and must not try to erase the past merely because it does not fit the present.”
— Golda Meir
I see a lot of people trying to erase the past (or change the narrative about it) because it doesn’t fit the current culture or narrative.
This is dangerous stuff. History is full of great stories. It’s also full of mistakes. You can learn from both and talk about both without needing to change or erase the past. I hope that people will stand up and against this very dangerous cultural movement in a respectful and articulate way.
As it relates to blockchain, I think that Cardano is attempting this in the way it develops a new generation of blockchain. Learning from the successes of Bitcoin and Ethereum and being honest about the failures. NOT; however, trying to erase Bitcoin and Ethereum or cast them as entirely evil or bad things. Because without them, we wouldn’t be where we are today.
Key Takeaways from the Past Week
Monday - Be Good
Monday we talked about being so good at something that you can’t be ignored. Cardano has done just that and it’s drawn a lot of hate from its critics as it approaches the Alonzo hard fork tomorrow.
Wednesday - Doesn’t Matter
Mid-week we discussed that all of the hate doesn’t matter if you don’t care about it. We also took note of the big Bitcoin news with it officially becoming legal tender in El Salvador.
Friday - See Everything
Friday’s newsletter touched on the idea that, while it’s important to see everything, you should only try to correct a small amount of things while overlooking the rest. I also shared some news about the Icons NFT drop on Sunday to celebrate the beginning of the smart contracts era on Cardano!
Technical Analysis
Cardano ADA has had quite a week so far leading up to smart contracts! We’ve seen a sizable drop to $2.00 and then a sizable bounce back to $2.80 today.
To be honest, I wasn’t expecting a bounce like that until after the hard fork tomorrow.
A lot of people are expecting another drop after the hard fork tomorrow pointing to July 2020 and what happened with Shelley. I personally am not expecting that.
There MAY be a 1-3 weeks of sideways activity. But, I personally expect the reality of smart contracts and the steady release of news and Dapps to increase activity on Cardano and demand for ADA and I expect Cardano ADA to perform quite well from now until the end of the bull market.
ADA continues to establish May highs as support and once that is fully established, it will be time for the next significant move higher.
Looking at the crypto majors performance since March 2020 lows.
Here are the thoughts about this chart that I shared on twitter earlier today.
Finally, looking at the market cap ratios against Bitcoin and Ethereum… ADA is bouncing back this week after a red week against the other majors last week. I expect ADA to break into “discovery” in these pairs before the end of the bull market.
That’s it for the weekly recap. Hope you all have a great rest of your weekend!
Before You Go
Comments are turned on for this post. I’d love to hear your thoughts, questions, feedback, and reflections below.
This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies
Look forward to your letters each day Dan, always insightful.
I saw something about Cardano having "Concurrency issues."
I don't even know what that means,
but it sounded like it could be an issue for ADA going forward.
Could you please address this if you can for newcomers like me please.
Late Sat night newsletter, Cardano Dan never sleeps lol !! Can’t wait for tomorrow and Alonzo !! Might not be able to sleep tonight with this excitement for tomorrow!!