Even as Bitcoin and Ethereum traded sideways last week, the Cardano ADA token surged due to several potential showdowns on its blockchain.
According to CoinGecko, Cardano has gained 30% in the last seven days, while Bitcoin, Ether, Solana, and XRP have gained less than 5%. Cardano’s 24-hour transaction volume is $5.31 billion, compared to $5.59 billion for Ethereum.
DeFi and NFT developments could fuel growth
In recent months, Cordano has had its ups and downs. It was once the third-largest crypto, trailing only Bitcoin and Ethereum in terms of market capitalization, with a market worth reaching $100 billion due to expectations of introducing smart contract features.
Despite the current rally, Cordano has slumped approximately 50% below his early September high.
“Recent Cardano advancements, like as decentralized financing, non-fungible tokens, and the metaverse, as well as scaling progress, are likely to lead to confidence all around blockchain,” says Vijay Ayyar, Luno Pte’s head of Asia-Pacific.
“The first DEX — a decentralized exchange — on the Cordano blockchain is expected to launch after it has established itself in the NFT.” “To top it off, Cordano uses the announcement of the first Cardano metaverse to draw attention away from Decentraland and The Sandbox,” adds Antoni Trenchev, Managing Partner of Nexo.