Forex Analysis & Reviews: 18.01.2022 - Cardano's protracted growth...

18.01.2022 05:31 PM

Cardano's protracted growth sees position as Bitcoin alternative

Cardano's ADA token has been rising in price over the past seven days thanks to several interesting innovations in its blockchain. The rise took place even though Bitcoin and Ethereum took a sideways position.

CoinGecko reports that ADA has risen by 30% over the past seven days, and this is against the backdrop of minimal growth in Bitcoin, Ethereum, Solana, and XRP, whose combined increase was no more than 5%.

The data confidently shows that the volume of Cardano transactions per day is about $5.30 billion. This is comparable to Ethereum transaction volumes of $5.59 billion.

However, at the same time, Cardano's gas fees (payments made by users to offset the computing energy needed to process transactions) were around $75,400, compared to the latter's $44 million over the same period.

"One could quite easily argue that the NFT market has found a gas-light way to transact, and that is the Cardano blockchain," said Hayden Hughes, CEO of crypto trading social network Alpha Impact.

"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."

Difficult path to the top

Cardano has been quite volatile in recent months.

For a time, the token ranked third among all cryptocurrencies in the world, behind only Bitcoin and Ethereum, and its combined market value was approaching $100 billion amid optimism about the addition of smart contract capabilities.

But the hype from the news subsided and the token corrected 50% below its September record.

Despite this deep correction, the token managed to win a lot of loyal fans, as well as enemies. The latter includes Mike Novogratz, CEO of Galaxy Digital, who tweeted six months ago that "I spoke to twenty of the smartest people I know in the space, and zero of them saw Cardano having traction with devs."

Probably, the attitude towards this digital asset is largely determined by the support of other altcoins and bitcoin. This is confirmed by the words of Antoni Trenchev: "ADA's critics say there's too much talk and not enough action. Cardano's position as Ethereum's nemesis was somewhat usurped in 2021 by the rise of rival blockchains Solana and Avalanche... clearly, there's a passionate Cardano community eager for it to succeed, otherwise it wouldn't be a top-five crypto."

The Cardano project is really actively developing at the moment. Its blockchain system includes decentralized finance (DeFi), non-fungible tokens (NFTs), and its own metaverse that unites its adherents into a single community. Such progress in scaling benefits the token by improving its prospects, according to Asian markets expert Vijay Ayyar.

Trenchev also spoke more than once about the interesting future of the token thanks to such a developed infrastructure.

"The planned launch of the first DEX – decentralized exchange – on the Cardano blockchain comes after it's already established a presence in NFTs," Trenchev shares. "To top it off, Cardano is stealing some attention away from Decentraland and The Sandbox with news of the first Cardano metaverse," he says, referring to his victory in the information field, which is the main advantage of the token's competitiveness. It looks like we will see growth in the near future.

The success of Cardano confirms that one of the basic rules of organizing an all-in-one service structure continues to apply even in times of globalization. The token has great potential and is a strong competitor to "fiat" altcoins.

你今天已经点赞上这篇文章了

*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。

If you have any content questions, please contact editorial-board@instaforex.com

Crypto-currencies

Egor Danilov,
Analytical expert of InstaForex
© 2007-2025

该作者的更多文章

电子邮件订阅

EURUSD

Euro vs US Dollar

选择时间框架

分钟

小时

天

周

开始交易

通过InstaForex赚取加密货币汇率变动的收益。

下载MetaTrader 4并开启您的第一笔交易。

Difficult path to the top

推荐文章

比特幣保持在有利於增長的範圍內

2025年5月21日星期三，比特幣加密貨幣對的日內價格走勢技術分析。

比特幣：賭注3,000,000美元還是痛苦的回調？市場的下一步會是什麼

比特幣和以太坊保持看漲勢頭

2025年5月27日BTC/USD分析

5月27日加密貨幣市場交易建議

比特幣持穩在107,000美元以上

5月26日加密貨幣市場交易建議

比特幣。5月23日。智慧資金系統分析

TRUMP 官員：加密社群、抗議與政治

Difficult path to the top

推荐文章

比特幣保持在有利於增長的範圍內

2025年5月21日星期三，比特幣加密貨幣對的日內價格走勢技術分析。

比特幣：賭注3,000,000美元還是痛苦的回調？市場的下一步會是什麼

比特幣和以太坊保持看漲勢頭

2025年5月27日BTC/USD分析

5月27日加密貨幣市場交易建議

比特幣持穩在107,000美元以上

5月26日加密貨幣市場交易建議

比特幣。5月23日。智慧資金系統分析

TRUMP 官員：加密社群、抗議與政治

Dear visitor,