Cardano Price Beats Cryptocurrency Rivals Bitcoin, Ether, Solana

Cardano price has risen over the past week even as Bitcoin and Ether traded sideways.

Cardano’s ADA price has risen in the past week, even as Bitcoin and Ether traded sideways, amid some promising developments on its blockchain. Cardano price is up 30% in the past seven days, according to CoinGecko prices, while Bitcoin, Ether, Solana and XRP are up less than 5%. That’s because data from Messari shows Cardano’s 24-hour transaction volume at $5.31 billion, compared to Ethereum’s $5.59 billion. But Cardano’s gas costs — payments made by users to compensate for the computational energy needed to process transactions — totaled about $75,400, compared to the latter’s $44 million in that period.

“You could fairly easily argue that the NFT market has found a gas-light way to transact, and that is the Cardano blockchain,” said Hayden Hughes, chief executive officer of Alpha Impact, a social media platform for crypto traders. “Many have argued that it is only a matter of time before gas tariffs and congestion clog the Cardano blockchain, leading to high gas tariffs, but despite the $5.31 billion daily activity, we have not yet seen this.”

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Cardano has had ups and downs in recent months. For a time, it was the third-largest cryptocurrency, topped only by Bitcoin and Ether, and nearly $100 billion in market value amid optimism about the addition of smart contract capabilities. However, it declined thereafter and is about 50% below the record set in early September, even with the recent rally. While Cardano has an avid fan base, it also has detractors. Mike Novogratz, the CEO of Galaxy Digital, posted on Twitter in August: “I spoke to 20 of the smartest people I know in the space, and none of them saw Cardano gripping developers.”

“ADA’s critics say there’s too much talking and too little being done,” said Antoni Trenchev, Nexo’s managing partner. “Cardano’s position as Ethereum’s nemesis was somewhat usurped in 2021 by the rise of rival blockchains Solana and Avalanche,” he said, but “it is clear there is a passionate Cardano community eager to succeed, otherwise not be a top-five crypto.”

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According to Vijay Ayyar, head of Asia-Pacific at Luno Pte, recent developments on Cardano, including decentralized finance, non-fungible tokens and the metaverse, as well as advances in scalability, are adding to the optimism surrounding the blockchain.

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

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

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.