- Cardano’s on-chain activity exploded on Friday, momentarily dominating Ethereum.
- Cardano was recently recognized as the “Best DeFi Project of the year” at the AIBC summit.
- Cardano founder Charles Hoskinson revealed his idea of the metaverse in a recent interview.
- Analysts expect Cardano price to recover from the drop below $2.
Cardano, the sixth-largest cryptocurrency, momentarily flipped Ethereum in daily transaction volume earlier on Friday. The altcoin price has plunged over 11% in the past week.
Analysts are bullish on Cardano as it flips Ethereum
Cardano’s on-chain activity has exploded, with the daily transaction volume flipping the second-largest cryptocurrency momentarily on Friday. The altcoin was recently recognized as the best DeFi project at the AIBC gaming summit.
Charles Hoskinson, the founder of Cardano, revealed his plans for Cardano and his idea of the metaverse. In a recent interview, Hoskinson said,
You can either overlay digital attributes onto the physical world, such as when you look at a building like a restaurant, it shows you on your augmented reality glasses what time it opens and closes, or you can completely immerse yourself in the digital world and have a virtual reality experience.
Proponents expect Hoskinson’s idea for the metaverse to boost Cardano’s native token utility.
Cardano has attracted massive institutional inflows, a total of $16.4 million over the past week based on data from CoinShares. Hoskinson believes that the 2022 roadmap for the Cardano network is coming together as network performance is optimized.
Analysts are bullish on ADA as the launch of Hydra inches closer. Pseudonymous cryptocurrency analyst @Koolaid_crypto believes that Cardano price is at a prime spot for a bounce.
$ADA retesting the fib golden pocket inside this bull flag. A primed spot for a bounce.#ADA #ADAusdt #Cardano pic.twitter.com/o1KBfWNDBF
— Crypto Koolaid (@Koolaid_crypto) November 19, 2021
FXStreet analysts have evaluated the ADA price trend and predicted a massive pump after a 9-week losing streak. ADA prices plunged when the overall crypto market capitalization dropped over the last week. Analysts expect ADA to recover from the drop and enter the second leg of the bull run.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.