Cardano (ADA) Soared 38% - What's Happening?

Posted 18 January, 2022

Cryptocurrency Cardano (ADA) jumped 10% on Monday, above $1.56, ahead of the launch of DEX on the project network.

The growth of Cardano took place against the backdrop of a decline in bitcoin (-3%) and the entire crypto market (-3.2%).

Over the past seven days, ADA has grown by 38%, ranking fifth in terms of capitalization.

 

BTC

 

The growth of the altcoin may be associated with the upcoming launch of the first decentralized crypto exchange SundaeSwap in the Cardano network, which was announced on January 20, writes RBC. The platform will also allow users to earn cryptocurrency through profitable farming.

In early September last year, the Alonzo hard fork took place in the Cardano network, which added the ability to create smart contracts and decentralized applications (dApps) to the blockchain.

In anticipation of the release of the update, the price of the altcoin has updated its historical high above $3. Later, in 4 months, the token fell almost three times in price, recently testing semi-annual lows around $1.06.

The first meta-universe in the Cardano Pavia network has achieved success, writes happycoin.club. The Pavia gaming application, launched on the Cardano network on January 15, became the first metaverse project on this blockchain.

ADA supporters believe that Pavia will become a competitor to such metaverse protocols as The Sandbox and Decentraland.

Cardano developers last week announced plans for 2022 to help increase the development and launch of decentralized applications (dApps) on the network, writes beincrypto.

The creator of Ethereum held a poll on Twitter to determine the best alternative and competitor to ETH, writes cryptor. Cardano was one of the options proposed by Buterin for voting. Twitter users voted for ADA the majority of their votes.

According to data provided by Messari, Cardano outperforms Ethereum in terms of transaction volume over the past 24 hours.

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