Cardano (ADA) Dodges Broader Market Correction With Another 8% Gains

It’s been a pretty good start to the week for the Cardano (ADA)! Despite the broader market correction, the cryptocurrency continues to move north with another 8% gain.

As of press time, Cardano’s ADA is trading at a price of $1.60 with a market cap of $53.4 billion. With the recent price rally, Cardano has also managed to make a spot in the top-five crypto-list. Besides, the Cardano blockchain has also witnessed higher transaction volumes than Ethereum. On-chain data provider Santiment explains:

Cardano is one of the few large cap #crypto assets seeing nice gains kicking off the new week. In fact, $ADA is the only top 100 asset that gained double digit percentages (+11%) the past 24 hours. Crowd overselling and #FUD appears to be the culprit.

Cardano for NFTs and Metaverse

The Cardano blockchain could be the next steering ahead to further growth in the NFT and the Metaverse space. Speaking to Bloomberg, Hayden Hughes, chief executive officer of Alpha Impact, a social-media platform for crypto traders said:

“One could quite easily argue that the NFT market has found a gas-light way to transact, and that is the Cardano blockchain. Many have argued that it’s only a matter of time before gas fees and congestion clog up the Cardano blockchain, leading to high gas fees, but despite the $5.31 billion in daily activity we have not yet seen this.”

However, some of the Cardano critics argue that there’s too much talk but no action in Cardano. This is owing to the constant delays in the future upgrades for Cardano. However, the Cardano network is all set for the Sundae Swap upgrade ahead of this week on Thursday, January 20.

Another major upgrade is that the Cardano blockchain is launching its first metaverse-focused project Pavia. As per the press release, the Pavia is somewhat similar to Decentraland but built on the Proof-of-Stake blockchain technology. The press release adds:

In total pavia.io has some 100,000 Land parcels, each being minted as a unique NFT with coordinates. At the time of writing the project has sold some 60% of these Land parcels from October thru November 2021. A final is scheduled for Q1 2022.

The Pavia Metaverse project has got its native in-game cryptocurrency $PAVIA.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.