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Cardano outperforms rivals Bitcoin and Ether | Crypto

Cardano's ADA token has risen 30 percent in the last seven days, according to CoinGecko.

By Bloomberg

Cardano's ADA token has risen in the past week, although Bitcoin and Ether traded sideways, amid some promising developments on their blockchain.

ADA has risen 30% in the last seven days according to prices from CoinGecko, while Bitcoin, Ether, Solana and XRP have risen less than 5%. This comes as data from Messari shows Cardano's 24-hour transaction volume at $ 5.31 billion compared to Ethereum's $ 5.59 billion. But Cardano's gas charges - payments made by users to compensate for the computing power required to process transactions - were about $ 75,400 compared to the latter's $ 44 million in that period.

"One could quite easily argue that the NFT market has found an easy way to trade, and that's the Cardano blockchain," said Hayden Hughes, CEO of Alpha Impact, a social media platform for crypto traders. "Many have argued that it's only a matter of time before gas taxes and congestion clog the Cardano blockchain, leading to high gas charges, but despite the $ 5.31 billion in daily activity, we have not yet seen this."

Cardano has had its ups and downs in recent months. For a period, it was the third-largest cryptocurrency, topped only by Bitcoin and Ether, approaching $ 100 billion in market value amid optimism about the addition of smart contract features. However, it fell after that and is about 50% below the record in early September, even with the latest rally. Although Cardano has an enthusiastic fan base, it also has critics. Mike Novogratz, CEO of Galaxy Digital, wrote on Twitter in August that "I talked to twenty of the smartest people I know in space, and none of them saw Cardano have traction with developers."

"ADA critics say there is too much talk and not enough action," said Antoni Trenchev, managing partner at Nexo. "Cardano's position as Ethereum's nemesis was somewhat robbed in 2021 by the rise of rival blockchains Solana and Avalanche," he said, but "it is clear that there is a passionate Cardano community eager to succeed, otherwise it would not be a top-five crypto. "

Recent developments at Cardano, including in decentralized financing, non-fungible tokens and metavers, as well as advances in scaling, are likely to contribute to blockchain optimism, according to Vijay Ayyar, head of Asia-Pacific at Luno Pte.

Trenchev agreed, citing the metaverse and decentralized exchanges as reasons for the enthusiasm.

"The planned launch of the first DEX - decentralized exchange - on the Cardano blockchain comes after it has already established a presence in NFTs," Trenchev said. "Overall, Cardano is stealing some attention away from Decentraland and The Sandbox with news of the first Cardano metaverse (Pavia.io)."

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