|

Cardano flips Ethereum in transaction volume as ADA price recovers swiftly

  • 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. 

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.

Top Crypto Losers: Pump.fun, Pudgy Penguins, and Hyperliquid extend bearish streak

Pump.fun, Pudgy Penguins, and Hyperliquid lose ground in an extended bearish streak, recording double-digit losses this week. The surprise drop in the November US CPI to 2.7%, beating expectations of 3.1%, fueled a rally in the stock market.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

Bitcoin, Ethereum and XRP saw increased volatility following the US CPI report for November. The US headline inflation dropped to 2.7% while core CPI fell to 2.6%, its lowest level since March 2021.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.