Cardano (ADA) Dodges Broader Market Correction With Another 8% Gains
It’s been a pretty good start to the week for the Cardano (ADA)! Despite the broader market correction, the cryptocurrency continues to move north with another 8% gain.
As of press time, Cardano’s ADA is trading at a price of $1.60 with a market cap of $53.4 billion. With the recent price rally, Cardano has also managed to make a spot in the top-five crypto-list. Besides, the Cardano blockchain has also witnessed higher transaction volumes than Ethereum. On-chain data provider Santiment explains:
Cardano is one of the few large cap #crypto assets seeing nice gains kicking off the new week. In fact, $ADA is the only top 100 asset that gained double digit percentages (+11%) the past 24 hours. Crowd overselling and #FUD appears to be the culprit.
Cardano for NFTs and Metaverse
The Cardano blockchain could be the next steering ahead to further growth in the NFT and the Metaverse space. Speaking to Bloomberg, Hayden Hughes, chief executive officer of Alpha Impact, a social-media platform for crypto traders said:
“One could quite easily argue that the NFT market has found a gas-light way to transact, and that is the Cardano blockchain. Many have argued that it’s only a matter of time before gas fees and congestion clog up the Cardano blockchain, leading to high gas fees, but despite the $5.31 billion in daily activity we have not yet seen this.”
However, some of the Cardano critics argue that there’s too much talk but no action in Cardano. This is owing to the constant delays in the future upgrades for Cardano. However, the Cardano network is all set for the Sundae Swap upgrade ahead of this week on Thursday, January 20.
Another major upgrade is that the Cardano blockchain is launching its first metaverse-focused project Pavia. As per the press release, the Pavia is somewhat similar to Decentraland but built on the Proof-of-Stake blockchain technology. The press release adds:
In total pavia.io has some 100,000 Land parcels, each being minted as a unique NFT with coordinates. At the time of writing the project has sold some 60% of these Land parcels from October thru November 2021. A final is scheduled for Q1 2022.
The Pavia Metaverse project has got its native in-game cryptocurrency $PAVIA.
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
