Cardano flips Ethereum in transaction volume as ADA price recovers swiftly

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.