Cardano Update: ADA Price Analysis November 12

Cardano Achieves Milestone as Partner Chain Midnight Advances, But ADA Faces Market Pressure

Cardano has marked another significant milestone, while its privacy-focused partner chain, Midnight, continues its development. However, the native token ADA is experiencing considerable suppression amidst a broader market downturn, with recent whale activity suggesting a potential for further price declines.

Epoch 666 Concludes Amidst Community Interest

Earlier this month, the commencement of Cardano’s epoch 666 garnered attention from several X users due to its biblical connotations. In the Book of Revelation, the number is associated with the “number of the beast,” leading some community members to view this particular milestone with a degree of amusement and significance in the project’s history.

From a technical perspective, however, this was a standard operational procedure. Cardano structures its operations into five-day periods known as epochs, each comprising 432,000 one-second slots. These epochs are crucial for organizing activities such as transaction processing, rewards distribution, and staking. Upon completion, the blockchain transitions seamlessly to the next epoch.

Latest data confirms that epoch 666 was successfully concluded on November 10. The network is currently progressing through epoch 667, which is anticipated to end on November 15.

Midnight Network Bolsters Privacy Features

Midnight, Cardano’s privacy-focused partner chain designed to enable users to maintain the confidentiality of sensitive data without compromising security or compliance, has also been a recent focal point.

X user ALLINCRYPTO reported that the Midnight network has undergone a major mainnet upgrade, introducing robust new privacy features to the Cardano ecosystem. “The Ledger 9 upgrade enables private asset transfers and more advanced smart contracts, while the network has already surpassed 1.7 million transactions,” the user stated.

Midnight officially launched in March of this year, with its utility token being NIGHT. In contrast to the broader market trend, NIGHT’s price has shown resilience, increasing by 11% over the past two weeks and currently trading around $0.045. Notably, Cardano founder Charles Hoskinson has previously suggested that NIGHT has the potential to “absolutely” surpass ADA in value.

Hoskinson elaborated, “If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano. I don’t see a reality where Midnight grows in spite of Cardano stagnating. I think there’s a rising tide effect.”

ADA Struggles Amidst Market Sell-off

Unlike NIGHT, Cardano’s native token, ADA, has been adversely impacted by the widespread decline in the cryptocurrency market. As of press time, ADA is valued at approximately $0.176, representing a 28% decrease over the last month.

Compounding these pressures, whale activity has been noted, with wallets holding between 10 and 100 million ADA reportedly offloading 50 million coins between November 4 and November 10. Such significant selling can flood the market with excess supply, inevitably driving down prices if demand does not keep pace. Furthermore, this behavior often signals a loss of confidence among major holders, potentially triggering panic selling among retail investors.