Indeed, Cardano started the week with the correct leg. The alternative coin has extended its northward move with an additional 8% gain. That comes even as the overall crypto industry sustains corrections.
While publishing this analysis, ADA has its price hovering at $1.60, with its market capitalization rising to $53.4 billion. The latest upside rally also saw Cardano reclaiming space in the top5 cryptocurrency list. Moreover, the Cardano network has recorded more transaction volumes than the leading altcoin, Ethereum.
On-chain data analytic platform Santiment commented on Cardano, explaining the alt is among the large-cap cryptocurrency noting substantial growths as the week started. Furthermore, ADA was the only asset in the top 100 to register double-digit gains (+11%) within the last 24 hours. Santiment believes FUB and Crowd overselling are the culprits.
Cardano for Metaverse and NFTs
Cardano ecosystem might be the next driver in the growing Metaverse and NFT industry. Alpha Impact CEO Hayden Hughes told Bloomberg that individuals might argue NFT space secured a lucrative transaction atmosphere in ADA blockchain. With that, some players believe Cardano blockchain will encounter clog up in congestion and gas fees, translating to increased transactional charges. Hughes stated that the narrative didn’t emerge regardless of the daily activity amounting to $5.31 billion.
Meanwhile, ADA critics say the platform has too much talk without action in the Cardano blockchain. That is because of the delays in Cardano’s future upgrades. Nevertheless, the crypto platform is prepared for Sundae Swap updates later this week, 20 January.
Another vital upgrade on Cardano is launching Pavia, ADA’s first project focused on metaverse. The press release reveals Pavia resembles Decentraland but uses PoS technology. It detailed that pavia.io boasts 100,000 Land parcels, and players can mint parcels as a distinct NFT with coordinates. While writing this article, it has sold about 60% of the land parcels, and the project scheduled the final sale for 2022 Q1. Meanwhile, Pavia Metaverse has $PAVIA as its native in-house crypto.
The anticipated platform upgrades in Cardano might see ADA rallying high. For now, market players eye the Sundae Swap update on 20 January. Stay tuned for what the upgrade’s impact on the $ADA price.