Cardano outperforms rivals Bitcoin and Ether | Crypto

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Cardano’s ADA token is up 30% in the past seven days, according to CoinGecko.

By Joanna Ossinger Bloomberg

Posted on Jan 17, 2022Jan 17, 2022

Cardano’s ADA token surged over the past week even as Bitcoin and Ether traded sideways amid promising developments on its blockchain.

ADA is up 30% in the past seven days, according to CoinGecko prices, while Bitcoin, Ether, Solana, and XRP are up less than 5%. This comes as data from Messari shows Cardano’s 24-hour trading volume stands at $5.31 billion, compared to $5.59 billion for Ethereum. But Cardano’s gas fees — payments made by users to offset the computing power needed to process transactions — were around $75,400, compared to Cardano’s $44 million over that time.

“You could quite easily argue that the NFT market has found a lightweight way to transact, and that’s the Cardano blockchain,” said Hayden Hughes, managing director of Alpha Impact, a social media platform for investors. crypto traders. “Many have argued that it is only a matter of time before gas charges and congestion clog the Cardano blockchain, resulting in high gas charges, but despite the 5.31 billion dollars of daily activity, we haven’t seen that yet.”

Just started Lark it’s only January https://t.co/ToJ923QOAk

— Charles Hoskinson (@IOHK_Charles) January 17, 2022

Cardano has had its ups and downs over the past few months. For a time, it was the third-largest cryptocurrency, dominated only by Bitcoin and Ether, and was approaching $100 billion in market value amid optimism about adding contract capabilities clever. However, it fell afterwards and is around 50% lower than its early September high, even with the recent rally. While Cardano has an enthusiastic fan base, it also has detractors. Mike Novogratz, the CEO of Galaxy Digital, posted on Twitter in August that “I’ve spoken to twenty of the smartest people I know in space, and none of them have seen Cardano having traction with the developers.”

“ADA critics say there’s too much talk and not enough action,” said Antoni Trenchev, Nexo’s managing partner. “Cardano’s position as Ethereum’s nemesis has been usurped somewhat in 2021 by the rise of rival blockchains Solana and Avalanche,” he said, but “there is clearly a Cardano community passionate about wanting to succeed, otherwise it wouldn’t be one of the top five cryptos.”

Recent developments on Cardano, especially in decentralized finance, non-fungible tokens and the metaverse, as well as progress in scaling, are likely contributing to optimism around the blockchain, according to Vijay Ayyar, Head of Asia-Pacific at Luno Pte.

Trenchev agreed, citing the metaverse and decentralized exchanges as reasons for the excitement.

“The planned launch of the first DEX – decentralized exchange – on the Cardano blockchain comes after it has already established a presence in NFTs,” Trenchev said. “To top it off, Cardano is diverting attention away from Decentraland and The Sandbox with news from Cardano’s first metaverse (Pavia.io).”

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