Cardano flips Ethereum in transaction volume as ADA price recovers swiftly

  • Cardano’s on-chain activity exploded on Friday, momentarily dominating Ethereum. 
  • Cardano was recently recognized as the “Best DeFi Project of the year” at the AIBC summit. 
  • Cardano founder Charles Hoskinson revealed his idea of the metaverse in a recent interview. 
  • Analysts expect Cardano price to recover from the drop below $2.

Cardano, the sixth-largest cryptocurrency, momentarily flipped Ethereum in daily transaction volume earlier on Friday. The altcoin price has plunged over 11% in the past week. 

Analysts are bullish on Cardano as it flips Ethereum

Cardano’s on-chain activity has exploded, with the daily transaction volume flipping the second-largest cryptocurrency momentarily on Friday. The altcoin was recently recognized as the best DeFi project at the AIBC gaming summit. 

Charles Hoskinson, the founder of Cardano, revealed his plans for Cardano and his idea of the metaverse. In a recent interview, Hoskinson said, 

You can either overlay digital attributes onto the physical world, such as when you look at a building like a restaurant, it shows you on your augmented reality glasses what time it opens and closes, or you can completely immerse yourself in the digital world and have a virtual reality experience.

Proponents expect Hoskinson’s idea for the metaverse to boost Cardano’s native token utility. 

Cardano has attracted massive institutional inflows, a total of $16.4 million over the past week based on data from CoinShares. Hoskinson believes that the 2022 roadmap for the Cardano network is coming together as network performance is optimized. 

Analysts are bullish on ADA as the launch of Hydra inches closer. Pseudonymous cryptocurrency analyst @Koolaid_crypto believes that Cardano price is at a prime spot for a bounce. 

FXStreet analysts have evaluated the ADA price trend and predicted a massive pump after a 9-week losing streak. ADA prices plunged when the overall crypto market capitalization dropped over the last week. Analysts expect ADA to recover from the drop and enter the second leg of the bull run. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!