- ADA holds around $0.70 on Friday, continuing to trade within a 5% range over the past ten days.
- Cardano’s Lace wallet has now added support for Bitcoin trading, enhancing adoption potential for ADA.
- Trading volumes dropped by 83 million ADA on Friday, indicating weak momentum for a near-term breakout.
The price of Cardano (ADA) remained steady, staying above $0.70 on Friday, as it continued its range-bound trading pattern within a narrow 5% margin over the last ten days. This extended period of price stability suggests that ADA investors are carefully evaluating the market effects of recent developments within the Cardano ecosystem.
Cardano’s Lace wallet embraces multichain with Bitcoin integration
Input | Output (IO), the research and development firm for Cardano, has revealed that its Web3 non-custodial wallet, Lace, will soon support Bitcoin. This initiative marks the start of Lace’s evolution into a multichain platform, enabling users to securely store, manage, and transact with BTC through an intuitive interface.
“The future of blockchain is multichain, and with Lace, we’re ensuring users have everything they need in one powerful, user-friendly wallet.
Building on the strong foundation we’ve created with Cardano, we recognized Bitcoin as the next logical step. And this is just the beginning.”
– Brandon Wolf, GM at Lace.
This expansion aligns with the increasing interest in Bitcoin’s evolving decentralized finance (DeFi) ecosystem, as advancements like Layer 2 solutions and Bitcoin-native smart contracts gain momentum.
Implications of Bitcoin support for Cardano holders
With Bitcoin integration now operational, Cardano holders and Lace users will access new features that could elevate ADA’s standing in the cryptocurrency space:
- Secure BTC management – Users can handle and transact Bitcoin within a trusted Web3 wallet.
- DeFi and Layer 2 readiness – Lace users can set themselves up for the forthcoming Bitcoin scaling solutions and decentralized applications.
- Streamlined multichain experience – The integration simplifies asset management across various blockchain networks.
- Broadened use cases for ADA – Cardano is poised to foster interoperability with other blockchain networks, potentially advancing ADA’s adoption.
Bitcoin is merely the first milestone in Lace’s multichain approach, with IO confirming plans to integrate more chains and assets moving forward.
This could establish Lace as a central hub for seamless Web3 interactions, enhancing long-term value for Cardano and its surrounding ecosystem.
Cardano price outlook: 80M ADA trading volume drop indicates waning momentum
Cardano’s price maintained stability near the $0.70 level on Friday, continuing its ten-day range-bound trading pattern within a tight 5% margin.
Investors shifted funds to lower-cap altcoins as significant market developments this week increased risk appetite.
As a result, Cardano’s lackluster price movements coincided with mild declines in other major layer-1 altcoins like Ethereum, XRP, and Solana on Friday.
Moreover, despite the positive narrative surrounding the Lace wallet’s launch, ADA’s trading volume fell by 83 million ADA on Friday, indicating a slowdown in market activity.
The drop in demand, approximating $80 million, implies that traders are remaining cautious and waiting for a stronger catalyst before making larger commitments.
For Cardano’s price to undergo a significant breakout, it must surpass the $0.75 resistance level with increasing volume.
Otherwise, the ten-day consolidation could persist, with the $0.65 support level serving as a crucial price floor in the upcoming trading sessions.