The Cardano price has jumped by 6.5% in the past 24 hours, rising to $0.398991 after Charles Hoskinson publicly reached out to OpenAI founder Sam Altman about a possible partnership.
ADA is now up by 14.5% in the past fortnight and by 56% in the last 30 days, with the altcoin also having gained by 62% since the beginning of the year.
While there is no indication whatsoever that Altman will actually take Hoskinson up on his offer, the latter underlines the growth in Cardano’s stature over the past year or so.
And such growth is likely to continue translating into a rising Cardano price, which could have a big end to 2023.
Cardano Price Prediction as Hoskinson Reaches Out to Sam Altman – Will This Partnership Boost ADA’s Value?
ADA’s indicators look very promising at the moment, suggesting further gains to come in the very near future.
For instance, its relative strength index (purple) has just risen above 70, indicative of considerable buying pressure and also consistent with more price rises.
Source: TradingView
It’s also bullish that the altcoin’s 30-day average (yellow) continues to climb steadily above its 200-day (blue), with the indicator having more space to continue rising.
That said, ADA’s 24-hour trading volume remains relatively modest at $300 million, up from around $130 million in the middle of October.
This is noteworthy, as is the fact that whale alerts rarely flag big ADA transactions, despite doing so fairly regularly for ETH, XRP, SOL and other altcoins.
This would suggest that ADA has yet to become a big trading vehicle for large investors, something which could be taken as a bearish sign.
Still, ADA’s fundamentals remain promising, and point to a higher price for the coin.
Such a higher price would also follow if Sam Altman ever takes Charles Hoskinson up on the latter’s offer to work on decentralized large language models for Cardano.
Sam @sama since you have some free time now. If you are interested in doing a decentralized LLM, then hit me up. Would be a fun Cardano Partnerchain
— Charles Hoskinson (@IOHK_Charles) November 18, 2023
Hoskinson was taking advantage of the fact that OpenAI had removed Altman as its CEO, with the Cardano founder potentially hoping that Altman could now devote some of his newfound time to blockchain-related work.
Yet Altman has now joined Microsoft, making it clear that Hoskinson’s tweet was more of an attention grab than an offer with a realistic chance of success.
Nonetheless, Cardano’s progress in recent months (e.g. its TVL has risen by over 400% since January) is likely to continue supporting ADA’s price, which could reach $0.50 by the end of the year.
New Altcoin With Pre-Listing Momentum
While the Cardano price could certainly see some notable gains over the coming weeks, it isn’t the only altcoin worth watching at the moment.
There are also a variety of promising new alts in the market, including various presale tokens which, judging by how much money they’ve raised, could go on to have big exchange listings.
The best example of such a coin is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $4.1 million in its presale.
Uncover the captivating journey of #BitcoinMining!
Starting from PCs to embracing cloud mining, the sector has witnessed an incredible transformation.#BitcoinMinetrix focuses on openness and inclusivity, ensuring safer and more effective mining practices for everyone. pic.twitter.com/4Yp9DyCaN0
— Bitcoinminetrix (@bitcoinminetrix) November 18, 2023
This figure makes Bitcoin Minetrix’s one of the biggest presales happening right now, with investors clearly excited by its aims of making Bitcoin mining more accessible for regular retail traders.
How its platform works is simple: users stake its native token, BTCMTX, which provides them with mining credits.
In turn, users can then spend these credits to pay for Bitcoin mining to take place on their behalf.
If they do this enough, they’ll earn newly mined BTC in return, while also earning staking rewards in BTCMTX.
Opting for #BitcoinMinetrix for mining convenience!
With cloud mining, wave goodbye to concerns about selling equipment.#BTCMTX manages upgrades, letting users concentrate on their $BTC journey, free from the hassles of obsolete hardware. pic.twitter.com/vLUiv1LJrk
— Bitcoinminetrix (@bitcoinminetrix) November 20, 2023
Such a system will likely make Bitcoin Minetrix a highly profitable token, which perhaps explains why investors are flocking to its sale.
New buyers can join it at the official Bitcoin Minetrix website, where 1 BTCMTX currently costs $0.0117.
The sale will raise this price to $0.0119 by its final stage, which will end with the token listing on exchanges, where it could carry its current momentum into a big rally.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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