Cardano (ADA) Outperforms BNB in Trading Volume, Alex Becker Drops New Bullish Projections

Cardano's ADA is making steady gains after a week of market downturn. The token's 24h trade volume has surpassed BNB for the 3rd

Crypto traders and analysts are closely watching the price movements of Cardano's ADA token, especially after a week of market downturn. According to CoinGecko, the token's 24h trade volume has surpassed BNB for the 3rd time in a row. This reflects increased market activity and interest in the altcoin compared to BNB during this specific timeframe.

After shifting his stance, crypto analyst Alex Becker surprised everyone with his bullish projections for the token. A controversial figure, Becker has earlier expressed negative views about the asset, sparking controversies in the ADA community. Now, in his latest analysis, he is rolling with a strong bullish sentiment.

"We're looking at phenomenally insane gains on Cardano. I would be stocking up on $ADA right now," Becker stated in the video podcast as he continues to roll with the bulls.

Price-wise, the token has easily found support at the $0.60 level and is currently trading at $0.65. However, it is facing a strong resistance level at $1.9; unless the asset clears the formidable "selling wall" at $1.9, the path is relatively clear of major obstacles.

"New ATH is inbound here! Short term we target $1 first," wrote the analyst on X.

According to Deep Value on X, once the initial resistances are overcome, some suggest $ADA could reach as high as $20.

Doubling down on the bullish wave, CEO of the Cardano Foundation, Frederik Gregaard, at a summit, described the blockchain as technologically advanced stating, "It is built different!" Shedding light on its high throughput, low latency, and reliability, Gregaard also noted that the network infrastructure is scalable and efficient enough to handle the transaction volume and demands of major payment processors like Visa and Mastercard.

"Visa and Mastercard could easily run on Cardano. 90+ million transactions in a single day, permissionless, public, and powerful."

Gregaard recently revealed that the team is working with NASA on track and trace, data provenance, and satellite data. "$ADA can do Merkle Patricia Tries (MPTs); we put the entire Bitcoin protocol on the blockchain. Every single Bitcoin TX is automatically recorded," he told an interviewer on March 15.input: A new report from Chainalysis highlights how cryptocurrency is increasingly being used for illicit activity, despite the total value of transactions remaining relatively stable. The report, titled 'The State of Cryptocurrency 8.8, 2023 Mid-Year Report,' dives deep into the evolving landscape of digital assets.

While the report does not specify the exact amount of cryptocurrency stolen by ransomware in 2022, it does note that ransomware gangs prefer to receive ransom payments in Monero due to its privacy-enhancing features. This aligns with previous reports from cybersecurity firm Emsisoft, which estimated that ransomware gangs stole about $365 million in 2022.

The report further reveals that the cryptocurrency market is becoming increasingly centralized, with a few large exchanges handling the majority of trading volume. This contrasts with the early days of Bitcoin, where the network was designed to be decentralized with no central authority.

In terms of illicit activity, Chainalysis found that the total value of transactions linked to crime fell by 15 percent in 2022 compared to the previous year. However, the incidence of illicit activity increased in 2022, with a 17 percent rise in the number of criminal transactions.

The report also highlights the growing use of cryptocurrency for phishing scams and other types of fraud. These scams are becoming increasingly sophisticated, and they are targeting a wider range of victims.

Despite the increase in illicit activity, the report concludes that cryptocurrency remains a valuable tool for a variety of legitimate purposes. The technology is still in its early stages of development, and it has the potential to revolutionize the financial industry.output: Cryptocurrency is increasingly being used for illicit activity, according to a new report from Chainalysis. The report, which is titled 'The State of Cryptocurrency 8.8, 2023 Mid-Year Report' and is summarizing the first half of 2023, also found that the total value of transactions remained relatively stable despite the shift in activity.

The report found that the cryptocurrency market is becoming increasingly centralized, with a few large exchanges handling the majority of trading volume. This is in contrast to the early days of Bitcoin, which was created with the goal of being a decentralized network with no central authority.

According to the report, the top five cryptocurrency exchanges accounted for 90 percent of the spot trading volume across 75 exchanges in December 2017. However, by December 2022, the top five exchanges accounted for nearly 99 percent of the spot trading volume across 185 exchanges.

The report also found that the total value of transactions linked to crime fell by 15 percent in 202