Cardano Is Neck-To-Neck With Ethereum In Transaction Volumes: Can The Brewing DeFi, NFT, Metaverse Buzz Finally Send The Coin To The Stratosphere?

Cardano ADA/USD shot up 8% at $1.57 over 24 hours leading up to the early hours of Tuesday. 

What’s Moving? The Charles Hoskinson-created cryptocurrency has soared 35.72% over a seven-day trailing period.

Cardano rose 10% against its perceived rival Ethereum ETH/USD and gained 8.9% against the apex cryptocurrency Bitcoin BTC/USD. 

Over a 30-day period, ADA has spiked 20.95%, while over the last 90 days, it has fallen 25.1%. 

Since 2022 began, ADA has risen 14.2%. It touched an all-time high of $3.10 in September. At press time, ADA traded 58.5% below that level.

See Also: How To Buy Cardano (ADA)

Why Is It Moving? Cardano broke away from other major coins that traded in the red at press time as the global cryptocurrency market cap fell 2.1% to $2 trillion.

ADA was the second-most mentioned coin on Twitter, according to Cointrendz data. It attracted 4,239 tweets at press time, while the most-discussed name Bitcoin attracted 10,949 tweets.

Cardano attracted high interest from retail traders as it trended on the list maintained by Stocktwits. The cryptocurrency was also noted as trending on CoinMarketCap.

On Tuesday, Cardano was the number two blockchain in terms of 24-hour transaction volumes, a fact noted by cryptocurrency investor Lark Davis. Davis’ tweet was acknowledged by Hoskinson in a tongue-in-cheek reply.

Hoskinson also responded to another tweet that touched on the fact that in the preceding 24 hours Cardano had similar or higher transaction volume compared to Ethereum. The tweet by Ed n’ Altcoins handle noted that the fees on Cardano totaled $66,000 to process over $4 billion in transaction volume but on Ethereum it amounted to $44 billion.

Input Output, a company associated with Cardano, put out a number of tweets on Monday that detailed emerging projects on the network. This included AcronSwap — a decentralized exchange, World Of Pirates — a collectible chess card game, and ccvault.io — a Cardano light wallet for Chrome-based web browsers.

Vijay Ayyar, head of Asia-Pacific at cryptocurrency firm Luno Pte, attributed developments in decentralized finance, non fungible tokens, and the metaverse along with progress on scaling as reasons for optimism surrounding Cardano, according to a Bloomberg report. 

Ayyar’s comments were echoed by Antoni Trenchev, managing partner of Nexo, a digital assets institution.

“The planned launch of the first DEX -- decentralized exchange -- on the Cardano blockchain comes after it’s already established a presence in NFTs,” said Trenchev. 

He said, “To top it off, Cardano is stealing some attention away from Decentraland and The Sandbox with news of the first Cardano metaverse (Pavia.io),” reported Bloomberg.

Read Next: Here's What Elon Musk Has To Say About Dogecoin's Joke Origins