• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Sensei Inu Logo

Cardano’s ADA Explodes 19% as Bitcoin Stagnates, NFT Craze Booms

Yashu Gola by Yashu Gola
3 years ago
in Cardano
Reading Time: 2 mins read

Cardano’s ADA was among the best performers in the cryptocurrency market this week as traders assessed its bullish prospects against a stagnating top rival Bitcoin and an ongoing craze for non-fungible tokens, or NFTs.

The blockchain asset jumped to the third rank after undergoing a 19 percent price rally. As of 1057 GMT, the ADA/USD exchange rate was roughly $1.24. The pair opened the week at $0.95, according to data fetched by Binance.

ADA’s latest move uphill pushed its year-to-date gains up by approximately 600 percent. Meanwhile, its year-on-year returns surged to a massive 4,656 percent, beating Bitcoin, Ethereum, gold, and even the global stock market in the period that saw a massive injection of fiat money by local governments and central banks all across the world.

But…

…the nature of the Cardano token’s rally was more speculative in nature. Nic Carter, the co-founder of research company Coin Metrics, expressed his disbelief with the ADA’s rally, stating that Cardano has not launched a single project on its blockchain that could attest to its popularity.

“I am truly mystified as to why it is enjoying a resurgence in popularity.,” Mr. Carter noted.

Many analysts believe that Cardano majorly cashed on its blockchain rival Ethereum’s limitations. Lately, the second-largest blockchain network has turned too costly for its users, including developers operating billions of dollars worth of decentralized finance projects atop its public layer. In some instances, users ended up paying a transaction fee of $30 to send just $5.

Cardano, ADAUSD, ADABTC, cryptocurrency, ADAUSDT
Cardano rebounds after falling 38.5 percent from its all-time high of $1.54. Source: ADAUSD on TradingView.com

Cardano projected itself as a viable alternative. In retrospect, the project enables users to build smart contracts, decentralized applications, and protocols atop its blockchain. It projects itself as a more scalable and secure version of Ethereum via its underlying proof-of-stake algorithm that makes it simpler for users to conduct transactions cheaper and faster.

Ethereum operates on an energy-intensive proof-of-work protocol. However, the blockchain is scheduled to switch to proof-of-stake by the end of this year.

Overall, the growing rivalry helped Cardano’s ADA to surge exponentially in the recent months.

Uncertain Bitcoin, NFT Craze

More tailwinds for the ongoing Cardano price boom came from a stagnating Bitcoin and an ongoing craze for NFT.

Bitcoin underwent a sharp correction after establishing its record high above $61,000 during the weekend session. Part of its correction appeared on higher profit-taking sentiment. Meanwhile, global market uncertainty led by the suspense over the outcome of the Federal Reserve’s two-day policy meeting further kept Bitcoin from extending its short-term bullish bias.

Cardano, ADAUSD, ADABTC, cryptocurrency, ADAUSDT
Cardano rebounds up to 32 percent against Bitcoin. Source: ADABTC on TradingView.com

ADA jumped about 20 percent against bitcoin in the last 24 hours, showing that traders decided to park their funds in the Cardano market on the latter’s near-term bullishness. That could be due to Cardano’s “Mary” update, which enabled users to create their unique tokens, including NFTs. These are digital files that represent ownership of a certain asset.

It has become the latest crypto craze. In one instance, a creator sold his JPEG file for about $69 million. So it appears, Cardano benefited from its involvement in the NFT space.

Tags: adabtcadausdADAUSDTCardanocryptocurrency
Tweet123Share196ShareSend
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Cardano

The Most Impressive Highlights From The Cardano Development Report

2 days ago
Cardano ADA ADAUSDT

Cardano Sees Spike In Development Activity, Can The Price Of ADA Follow?

1 week ago
Cardano ADA

Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

2 weeks ago
Cardano

Cardano Whales Sell 1.02 Billion ADA, More Pain Ahead?

3 weeks ago
cardano

Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market

4 weeks ago
Cardano

Cardano HODLing: Long-Term Holders See 170% Rise In Past Year

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • The Next Bull Run Is Approaching, Follow The Smart Money...

    5 hours ago
  • Index CFDs: Experts Have Conducted A Comprehensive Study In...

    8 hours ago
  • Unbelievable: Tradecurve (TCRV) Skyrockets, Leaving...

    10 hours ago
  • Microsoft’s AI Reveals the Holy Trinity of Profit...

    10 hours ago
  • Investing in Trading 212: Is the Risk Worth the Reward?

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.