Cardano Outperforms Competitors Bitcoin & Ethereum.

Cardano Outperforms Competitors Bitcoin & Ethereum.

2022-01-19 | Selina Mathew

Cardano Outperforms Competitors Bitcoin & Ethereum.

Cardano (ADA) token has risen in value in the last week, despite the fact that Bitcoin, as well as Ether, have traded flat, thanks to some hopeful developments on its network.

As per CoinGecko prices, ADA has gained 30% in the last seven days, whereas Bitcoin, Ether, Solana, as well as XRP, have gained below 5%. This comes as Messari stats indicate Cardano's 24-hour transaction volume at $5.31 billion, contrasted to $5.59 billion for Ethereum. However, Cardano's gas fees – payments submitted by consumers to reimburse for the computational energy necessary to execute transactions – were about $75,400 over that same period, opposed to the latter's $44 million.

In previous months, Cardano has seen highs and lows. For a while, it was the third-largest cryptocurrency, after just Bitcoin as well as Ethereum, and its market value approached $100 billion due to expectations over the adoption of smart contract functionality. Nevertheless, it fell after that and is now roughly 50% lower than its early-September high, despite the latest rebound. Although Cardano has a strong fan following, it’s also got, naysayers.

As per Vijay Ayyar, CEO of Asia-Pacific at Luno Pte, current Cardano breakthroughs in decentralized finance, non-fungible tokens, and the metaverse, and also efforts on scaling, are probably adding to the blockchain's confidence.

Trenchev concurred, citing the metaverse as well as decentralized exchanges as grounds for his excitement.

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