ADA investors waiting for “Midnight” miracles may want to read this

Cardano had a lot going on irrespective of the ongoing FUD in the crypto market. The platform’s team continued building despite the market condition and launched a new confidentiality blockchain. The same was announced by Charles Hoskinson via Twitter.

The Cardano co-founder stated that Cardano would be launching a new product titled Midnight. It would be a data protection-based blockchain that would safeguard sensitive commercial and personal data.

The continuous developments and launches from the development team may have a positive impact on the platform’s perception. In lieu of this launch, the platform’s social mentions increased by 18% over the last week, according to LunarCrush.

Furthermore, Cardano’s weighted sentiment also witnessed a massive spike. As can be seen from the image below, the weighted sentiment for Cardano was overwhelmingly positive over the last week. This could be because Cardano had little exposure to FTX, as ADA was the only major cryptocurrency that wasn’t listed on the FTX exchange.

The positive sentiment may have also affected the state of Cardano’s NFTs. According to data provided by opencnft, the volume of NFTs being traded increased by 57.98% in the past 30 days. Additionally, the number of NFTs sold grew by 37% during the same period.

Blue chip NFTs on the Cardano network also performed well. As indicated by the image below, all blue chip NFTs, apart from The Ape Society, showed growth in terms of floor price and volume.

However, despite the growing interest in Cardano, network activity continued to decline.

From the image below, it can be seen that the number of daily active addresses on the network declined significantly over the past week. Its velocity depreciated as well, indicating that the frequency with which ADA was being transferred from one wallet to another had declined.

Moreover, according to data provided by Messari, Cardano’s volatility grew by 188% over October. Thus investing in ADA could prove to be riskier than usual especially now.

At press time, Cardano was trading at $0.324 and its price had depreciated by 1.11% in the last 24 hours. Its volume, however, appreciated at the same time and grew by 1.44% during the same time period.

Cardano Price Today October 22: ADA Surges Despite Volatility

The Cardano price continues to remain extremely volatile as the macroeconomic conditions tank the crypto market.

The crypto market is in an extremely volatile stage. With reports highlighting that the US Federal Reserve will move forward with another 75 bps interest rate hike, the crypto market has been struggling. The Cardano (ADA) price has continued to show extreme volatility. The Cardano price today is trading at Rs. 28.64 after increasing close to 2% in the last 24 hours. However, it has fallen 0.60% in the last hour, bringing its losses for the week to 5.6%.

The Shiba Inu price also continues to trade in the red. It has fallen 0.28% in the last 24 hours and is trading at Rs. 0.00082.

The Bitcoin price continues to remain sluggish in the $18K-$19K range. It has increased 0.32% in the last day and is trading at Rs. 1581650. However, experts fear that Bitcoin can repeat the November 2018 50% crash.

Ethereum continues to be under the $1.3k mark. After falling 0.24% in the last hour, ETH is currently trading at Rs. 1,06,973. XRP surged by over 2% in the last 24 hours on the back of a big win in its case vs the SEC.

Avalanche is one of the biggest winners in the crypto market in the last 24 hours. It surged by over 3% yesterday and is trading at Rs. 1286.

The macroeconomic outlook is driving the crypto price movement. The Cardano price today continues to remain extremely volatile as the US Federal Reserve turns increasingly hawkish. Inflation levels continue to soar and the Fed is becoming increasingly restrictive. The CME Fed Watch tool currently shows a 95% likelihood of another 75 bps hike.

However, as the global economy weakens, Fed officials are becoming more careful of doing too much. Fed officials are likely to discuss a pause in the hikes and maybe even a pivot. The threat of recession will worry the Fed too.

The politico-economic crisis in the UK and the dire economy in China are also hurting the market.

The Federal Open Market Committee will meet on the 2nd of November. The Fed will announce its decision at the end of the meet.